Mid-Morning Market Update: Markets Plummet on Bad Data, Rite Aid Continues to Rally
Following the market opening Friday, the Dow traded down 0.21 percent to 14,833.98 while the NASDAQ fell 0.40 percent to 3,287.44. The S&P also fell, decreasing 0.47 percent to 1,585.51.
The performance lead many traders to question how this earnings season will pan out, with two of the top banks seemingly unable to expand revenues, and helped send markets lower this morning.
Equities Trading UP
Rite Aid (NYSE: RAD) continued its march upwards this morning, gaining 5.66 percent to $2.24 after the company raised guidance and crushed on earnings Thursday morning.
Shares of Walter Energy (NYSE: WLT) were also up, gaining 2.82 percent to $24.80 after the company reported an increase in metallurgical coal production Thursday after the close.
Ashland (NYSE: ASH) was up as well, gaining 7.56 percent to $84.79, riding a wave of gains in the coal sector.
Equities Trading DOWN
ACADIA Pharma (NASDAQ: ACAD) traded down 2.44 percent to $12.78 as traders looked to take profits following its incredible rally Thursday.
NovaGold Resources (NYSE: NG) was also down, falling 4.98 percent to $2.86 as gold and other precious metals got hammered this morning.
Shares of MannKind (NASDAQ: MNKD) were down as well, dropping 7.90 percent to $3.95 after a Seeking Alpha article stated that one of its primary drugs was likely to fail.
In commodity news, oil traded down 2.30 percent to $91.36, while gold traded down 1.98 percent to $1,533.50.
Silver traded down 2.68 percent Thursday to $26.91, while copper fell 1.54 percent to $3.38.
European markets fell this morning on reiterated fears over Cyprus and a weak industrial production report.
The fall was lead by the Italian FTSE MIB index, which was down 1.6 percent while the French CAC lost 1.08 percent.
In economic news for Friday, retail sales came in down at -0.4 percent, below the projected 0.0 percent and the prior release of 1.10 percent.
Retail sales ex autos and gas came in at -0.10 percent, missing expectations of 0.30 percent and the prior figure of 0.40 percent.
PPI year over year was also released, coming in at 1.10 percent, missing the anticipated 1.40 percent and the prior release of 1.70 percent, while Core PPI year over year came in at 1.70 percent, inline with expectations.
The University of Michigan consumer sentiment was also out, coming in at 72.30, much lower than the expected 78.60 and the prior release of 78.60.
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