Mid-Afternoon Market Update: ManKind Continues to Rise as Shares of Nevsun Resources Take a Beating
Toward the end of trading Monday, the Dow traded up 0.16 percent to 14,419.13 while the NASDAQ rose 0.10 percent to 3,247.04. The S&P also rose, gaining 0.14 percent to 1,553.40.
The S&P looks set to stall at 1,552, with lower intraday support at 1,538.
The Dow also seems set to stall, stopping at 14,413 with lower support at 14,100 on its daily chart, while intra-day support looks to be set at 14,230.
The Russell looks to be stalling out as well, right around the 942.50 level as 930 acts as intraday support.
Finally, the NASDAQ seems to be set to lose momentum too, stalling at 3,250, with intraday support coming in at 3,215.
Dick's Sporting Goods (NYSE: DKS) reported downbeat fiscal fourth-quarter earnings.
For fiscal 2014, Dick's projects earnings of $2.84 to $2.86 per share on adjusted same-store sales growth of 2% to 3%. However, analysts expected a profit of $2.92 per share.
Dick's quarterly profit surged to $129.7 million, or $1.03 per share, from $111.1 million, or $0.88 per share, in the year-ago period. However, analysts were expecting a profit of $1.06 per share. Its revenue rose 12% to $1.81 billion, versus analysts' estimates of $1.86 billion.
Equities Trading Up
MannKind (NASDAQ: MNKD) has been on the rise throughout the day, gaining 11.77 percent to $3.42 as the stock continues its rise from Friday on what seems to be no material news.
Shares of Zynga (NASDAQ: ZNGA) got a boost, shooting up 11.06 percent to $3.97 after Facebook revamped its news feed tool.
Research In Motion (NASDAQ: BBRY) was also up, gaining 13.48 percent to $14.81 after the company announced its plans to launch new Z10 smartphone in U.S. on March 22 with AT&T.
Equities Trading Down
Dick's Sporting Goods (NYSE: DKS) shares tumbled 10.85 percent to $45.11 after the company reported downbeat Q4 results.
Blucora (NASDAQ: BCOR) was also down, falling 7.03 percent to $15.33 after the company announced proposed offering of $150,000,000 of convertible senior notes.
Shares of Nevsun Resources (NYSE: NSU) dropped 11.20 percent at the market open to $3.49 after the company was reportedly removed from Market Vectors Global Juniors Gold ETF.
In commodity news, oil traded up 0.02 percent to $91.97, while gold traded up 0.20 percent to $1,579.70.
Silver traded up 0.04 percent Monday to $28.94, while COMEX copper rose 0.30 percent to $352.00.
European shares were mostly lower following Fitch's late-day downgrade of Italy to BBB+ on Friday. Italy's economy shrank slightly more than expected in the fourth quarter, with GDP contracting 2.8 percent from the same period a year ago, slightly worse than the forecasted rate of 2.7 percent.
Germany's trade balance was reported as in line with forecasts overnight, however exports and imports both grew faster than expected, showing slight underlying strength of the German economy in the face of a broad European recession.
The Spanish Ibex Index tumbled 0.95 percent and the Italian FTSE MIB Index dropped 0.87 percent. The STOXX Europe 600 Index declined 0.17 percent, London's FTSE 100 Index rose 0.23 percent, French CAC 40 Index fell 0.19 percent and German DAX 30 index dropped 0.16 percent.
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