Market Overview

Mid-Afternoon Market Update: Rite Aid Posts Massive Rally, While Hewlett-Packard Takes a Hit

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Toward the end of Thursday, the Dow traded up 0.46 percent to 14,870.98 while the NASDAQ rose 0.12 percent to 3,301.44. The S&P also rose, increasing 0.42 percent to 1,594.51.

Index Technicals:
The S&P 500 looks to be hitting new resistance at 1,590 with 1,575 acting as resistance below that.

The Dow looks to have new resistance at 14,825, with 14,685 becoming support.

The Russell is set to take out its 940 resistance with 960 acting as resistance above that.

Finally, the NASDAQ looks to be breaking out through 3,270 resistance, finding new resistance at 3,300.

Top Headline
An IDC report came out yesterday reporting global PC shipments, saying they were down over 14 percent, the largest decrease ever reported. The release also highlighted a decrease of 10.9 percent in shipments from Dell (NASDAQ: DELL).

The news has caused companies like Microsoft (NASDAQ: MSFT) and Hewlett Packard (NYSE: HP) to take a hit, and sent ripples through the PC manufacturers and suppliers.

Equities Trading UP
ACADIA Pharmaceuticals (NASDAQ: ACAD) shot up 67.13 percent to $13.32 after the company announced it had received an expedited FDA review path for its lead drug

Shares of Rite Aid (NYSE: RAD) shot up 18.99 percent to $2.13 after the company crushed expectations on the bottom line in its earnings release this morning.

Zumiez (NASDAQ: ZUMZ) was also up, gaining 14.42 percent to $28.49 after the company reported higher than expected same store sales for the month of March.

Equities Trading DOWN
Fortinet (NASDAQ: FTNT) plummeted at the market opening, falling 13.50 to $18.90 after taking a series of analyst downgrades this morning.

Hewlett-Packard (NYSE: HPQ) was also down, falling 6.77 percent to $20.81 after the PC sales data was released to the public.

Shares of BlackBerry (NASDAQ: BBRY) were down as well, falling 7.22 percent to $13.63 after a report came out that returns of the company's phones were outpacing sales.

Commodities
In commodity news, oil traded down 1.28 percent to $93.43, while gold traded up 0.26 percent to $1,562.50.

Silver traded up 0.34 percent Thursday to $27.73, while copper rose 0.37 percent to $3.43.

Eurozone
European markets were higher this morning as it was reported that Cyprus had signed its memorandum of understanding with the Troika, opening the door to its much needed bailout funds.

Following the news, the French CAC rose 0.60 percent, while the German DAX was close behind, gaining 0.55 percent.

Economics
In economic news this morning, initial jobless claims came in at 346K, above the expected 340K, but below the prior release of 385K, while continuing jobless claims came in at 3.08 million, above the expected 3.07 million and the previous result of 3.06 million.

The import price index came in down -0.50 percent, equal to the prior figure.

Posted-In: Earnings News Guidance Commodities Global Econ #s Economics Hot Best of Benzinga

 

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