Market Overview

Mid-Morning Market Update: Markets Rise At Start, Barnes & Noble's Leonard Riggio To Bid For Retail Assets

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Following the market opening Monday, the Dow traded up 0.27 percent to 14,039.02 while the NASDAQ rose 0.56 percent to 3,179.40. The S&P also rose, surging 0.42 percent to 1,521.92.

Index Technicals:
The S&P 500 looks poised to defend the 1,500 mark while holding a support of 1,497, with 1,531 as the new resistance. 1515 will be a key area to watch for today.

The DOW is set up today with support at 13,860 as it looks to re-test its 14,058 highs.

The NASDAQ is poised to defend its 3130 support and its daily 50 EMA at 3,122.5 as it tries to regain a breakout over its September highs of 3,197.

The RUT is set to find support at 900 while regaining its 50 EMA at 910.40. The resistance looks to be set at 932 for the session.

Top Headline
Barnes & Noble's (NYSE: BKS) Chairman Mr. Leonard Riggio plans to bid for all the retail assets of the company, excluding the Nook digital reader business.

Equities Trading UP
Zynga (NASDAQ: ZNGA) shot up 10.03 percent to $3.51 after Nevada legalized first interstate online poker.

Shares of Elan Corporation plc (NYSE: ELN)got a boost, shooting up 8.77 percent to $11.53 after Royalty Pharma proposed to buy Elan for $11 per share.

Barnes & Noble (NYSE: BKS) was also up, gaining 9.38 percent to $14.78 after the company's Chairman Mr. Leonard Riggio plans to bid for all the retail assets of the company.

Equities Trading DOWN
Affymax (NASDAQ: AFFY) shares tumbled 84.81 percent to $2.51 this morning. Affymax and Takeda Pharmaceutical Company decided to voluntarily recall all lots of OMONTYS® Injection.

Dynavax Technologies (NASDAQ: DVAX) was also down, falling 32.66 percent to $2.00 after the US FDA rejected Dynavax's HEPLISAV, an investigational adult hepatitis B vaccine.

Shares of 3D Systems (NYSE: DDD)were down 14.08 percent to $32.62 this morning, after the company reported downbeat Q4 revenue.

Commodities
In commodity news, oil traded up 1.13 percent to $94.18, while gold traded up 0.98 percent to $1,588.20.

Silver traded up 1.67 percent Monday to $28.94, while copper gained 0.65 percent to $3.56.

Eurozone
European shares were higher after exit polls from Italy's election. Moody's downgraded U.K.'s sovereign credit rating to Aa1 from AAA. The Bank of Greece sees the Greek economy contracting 4.5 percent in 2013 with growth finally returning in 2014.

The Spanish Ibex surged 1.85 percent, while the Italian MIB index jumped 2.23 percent. The STOXX Europe 600 Index rose 0.21 percent, London's FTSE 100 Index surged 1.24 percent, French CAC 40 Index rose 1.76 percent and German DAX 30 index gained 2.26 percent.

Economics
The Chicago Fed National Activity Index fell to -0.32 in January, versus 0.25 in December, missing economists' estimates of 0.02.

The Treasury is set to auction 3- and 6-month bills as well as 2-year notes. Atlanta Federal Reserve Bank President Dennis Lockhard will speak on the economic outlook in Knoxville, Tenn.

Posted-In: Earnings News Guidance Commodities Asset Sales FDA Global Econ #s

 

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