Market Overview

Mid-Morning Market Update: Markets Turn Green, Electronic Arts CEO Steps Down

Mid-Morning Market Update: Markets Turn Green, Electronic Arts CEO Steps Down
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Following the market opening Tuesday, the Dow traded up 0.30 percent to 14,495.64 while the NASDAQ gained 0.29 percent to 3,247.08. The S&P also rose, gaining 0.22 percent to 1,555.49.

Index Technicals:
The Dow looks set to find support at 14,440 and will test its 14,410 support, while encountering resistance at the 14,522 level.

The S&P 500 seems to be finding support at 1,550, with overhead resistance at 1,560.

The NASDAQ briefly loses its 3,320 support after a gap down, before rising up with 3,250 resistance overhead.

Finally, the Russell looks set to find support at 945, while hitting resistance at the 951 level.

Top Headline
Yesterday, Electronic Arts (NASDAQ: EA) reported that its CEO, John Riccitiello, is stepping down.

EA also warned that its current-quarter earnings will be at the low end of its earlier issued view. The company has appointed Larry Probst, former CEO and chairman of the board, as its executive chairman.

Equities Trading UP
AmerisourceBergen (NYSE: ABC) shot up 5.59 percent to $51.00 after Walgreen (NYSE: WAG) announced its plans to buy stake in the company.

Shares of NPS Pharmaceuticals (NASDAQ: NPSP) got a boost, shooting up 17.03 percent to $10.58 after the company re-gained marketing worldwide rights to teduglutide and recombinant human parathyroid hormone 1-84..

Lattice Semiconductor (NASDAQ: LSCC) was also up, gaining 8.18 percent to $5.16 after the company lifted its Q1 revenue forecast.

Equities Trading DOWN
DSW (NYSE: DSW) shares tumbled 9.31 percent to $60.81 after the company issued weak forecast.

Cardinal Health (NYSE: CAH) was also down, falling 6.16 percent to $43.29 after AmerisourceBergen (NYSE: ABC) signed distribution deal with Walgreen (NYSE: WAG).

Shares of Hospitality Properties Trust (NYSE: HPT) were down 5.33 percent to $25.74 after the company priced a public offering of 14,000,000 common shares at a price of $25.55 per share.

Commodities
In commodity news, oil traded up 0.05 percent to $93.79, while gold traded down 0.14 percent to $1,602.40.

Silver traded down 0.29 percent Tuesday to $28.79, while copper fell 0.06 percent to $3.43.

Eurozone
European shares were mostly lower for the second consecutive day as leaders struggle to reach an agreement on the Cyprus bailout. The Spanish Ibex Index tumbled 0.84 percent and the Italian FTSE MIB Index fell 0.13 percent. The STOXX Europe 600 Index rose 0.02 percent, London's FTSE 100 Index rose 0.20 percent, French CAC 40 Index dipped 0.58 percent and German DAX 30 index dropped 0.16 percent.

Economics
US housing starts climbed 0.8% to 917,000 in February. However, economists were expecting construction starts to increase to 913,000 in February.

The ICSC/Goldman Sachs Retail Chain Store Sales Index gained 1.4% in the latest week ended Saturday.

The Johnson Redbook Retail Sales Index rose 2.9% y/y in the week ended March 16, 2013.

The Treasury is set to auction 4-week bills.

Posted-In: Earnings News Guidance Commodities Management Global Econ #s Economics

 

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