Mid-Morning Market Update: Markets Go Red, Tesla Projects First-Ever Quarterly Profit
Following the market opening Monday, the Dow traded down 0.12 percent to 14,560.99 while the NASDAQ dropped 0.29 percent to 3,258.18. The S&P also declined, falling 0.28 percent to 1,564.86.
Tesla Motors (NASDAQ: TSLA) said that it projects to report its first quarterly profit.
The company said sales of its Model S cars exceeded its estimates.
Equities Trading UP
Tesla Motors (NASDAQ: TSLA) shot up 13.33 percent to $42.94 after the company said sales of its Model S cars exceeded its estimates.
Shares of American Greetings (NYSE: AM) got a boost, shooting up 12.30 percent to $18.08 after the company agreed to be taken private by Weiss family.
Forrester Research (NASDAQ: FORR) was also up, gaining 9 percent to $34.50 after the company announced its plans to commence tender offer to repurchase up to $130 million of its common stock.
Equities Trading DOWN
DFC Global (NASDAQ: DLLR) shares tumbled 9.86 percent to $15.00 after the company cut its FY13 earnings view.
Panasonic (NYSE: PC) was also down, falling 7.91 percent to $6.75 after weekend rumors the company's Avionics unit is being investigated related to bribery changes.
Shares of Republic Airways Holdings (NASDAQ: RJET) were down 6.67 percent to $10.77.
In commodity news, oil traded down 0.92 percent to $96.34, while gold traded up 0.15 percent to $1,598.10.
Silver traded down 1.14 percent Monday to $28.00, while copper fell 1.06 percent to $3.37.
European shares were closed Monday for the Easter Monday holiday.
The final reading of Markit's manufacturing PMI fell to 54.6 in March, versus the flash reading of 54.9 and versus the February reading of 54.3.
Construction spending rose 1.20% in February, beating economists' estimates of 1.00% growth.
The ISM manufacturing index dropped to 51.3% in March, versus 54.2% in February.
The Treasury is set to auction 4-week, 3-month, and 6-month bills.
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