Mid-Afternoon Market Update: Markets Continue to Rally, First Solar Skyrockets

Loading...
Loading...
Toward the end of trading Tuesday, the Dow traded up 0.57 percent to 14,696.98 while the NASDAQ rose 0.69 percent to 3,244.44. The S&P also rose, increasing 0.54 percent to 1,571.51.
Index Technicals:
The S&P 500 looks to be overtaking 1,560 with 1,570/1,575 highs acting as the next resistance. The Dow looks to be taking 14,600 resistance with 14,700 acting as resistance above that. The Russell looks to be hitting its 20 EMA resistance at 934.76 and 940 resistance above that. Finally, the NASDAQ looks to break through its 3,200 resistance with 3,240 acting as resistance above that.
Top Headline
After the close Monday, J.C. Penney
JCP
announced that its CEO, Ron Johnson, had resigned. Following the news, shares jumped as much as ten percent, but quickly gave up the gains and went red once it was released that former CEO Mike Ullman would be taking back the helm. Shares are currently down 10.49 percent to $14.21.
Equities Trading UP
Cliffs Natural Resources
CLF
traded up 9.22 percent to $20.52 this morning after a group of miners have been rallying on Alcoa's
AA
results after the close yesterday. Shares of Keryx Biopharmaceuticals
KERX
was also up 11.31 percent to $8.17 on a coming opinion from a leading patent lawyer about one of Keryx's drugs. First Solar
FSLR
Loading...
Loading...
shot up midway through Tuesday afternoon, gaining 44.64 percent to $39.11 after the company raised its FY 2013 guidance.
Equities Trading DOWN
Opko Health
OPK
dropped 5.10 percent to $6.85 throughout the session Tuesday as the options market showed strong implied volatility on the stock. MGIC Investment
MTG
fell 3.85 percent to $5.24 despite announcing a new partnership with INTEGRA Software Systems this morning. Shares of Starwood Property Trust
STWD
were down as well, dropping 3.65 percent to $27.19 after pricing of its 26.5 million share secondary offering. The price was not disclosed.
Commodities
In commodity news, oil traded up 0.90 percent to $94.20, while gold traded up 0.88 percent to $1,586.40. Silver traded up 2.83 percent Tuesday to $27.92, while copper rose 2.15 percent to $3.44.
Eurozone
In the eurozone this morning, markets rose overnight as fears stemming from Portugal and Cyprus managed to blow over. The FTSE MIB index lead the charge, gaining 1.14 percent, while the Spanish Ibex was close behind, gaining 0.92 percent.
Economics
There were no major economic releases Tuesday.
Loading...
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceCommoditiesGlobalEcon #sEconomicsHotIntraday UpdateMarketsMoversTech
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...