Mid-Morning Market Update: Markets Surge, Time Warner's Man of Steel Earns $113M
Following the market opening Monday, the Dow traded up 1.06 percent to 15,229.23 while the NASDAQ surged 1.03 percent to 3,458.72. The S&P also rose, gaining 0.91 percent to 1,641.49.
Time Warner's (NYSE: TWX) Man of Steel, the relaunch of the Superman movie series, became the second-most successful movie of the year after the film made $113 million in its first weekend, behind only Iron Man 3.
Shares of Weyerhaeuser Co (NYSE: WY) got a boost, shooting up 3.27 percent to $29.22 after the company announced a public offering of 28,000,000 of its common shares. The company also announced its plans to buy Longview Timber LLC from affiliates of Brookfield Asset Management (NYSE: BAM).
Netflix (NASDAQ: NFLX) was also up, gaining 5.10 percent to $224.91 after the company signed a multi-year deal with DreamWorks Animation.
Equities Trading DOWN
Terex (NYSE: TEX) was down, falling 13.09 percent to $27.58 after the company lowered its FY13 earnings view.
Shares of Rexnord (NYSE: RXN) were down 5.27 percent to $16.98 after the company launched public offering of 11 million shares of its common stock by selling stockholder.
ARM Holdings plc (NASDAQ: ARMH) shares tumbled 4.08 percent to $38.82 after Numis downgraded the stock from “hold” to “reduce.”
In commodity news, oil traded up 0.50 percent to $98.34, while gold traded down 0.10 percent to $1,386.20.
Silver traded down 0.59 percent Monday to $21.83, while copper fell 0.03 percent to $3.20.
European shares were higher today. The Spanish Ibex Index rose 1.14 percent and the Italian FTSE MIB Index gained 0.62 percent. Meanwhile, the German DAX climbed 1.36 percent and the French CAC 40 gained 1.70 percent while U.K. shares rose 0.61 percent.
The Empire State manufacturing index surged to 7.8 in June, versus negative 1.4 in the earlier month.
The NAHB builder-confidence index surged to 52 in June, versus 44 in May. However, economists were estimating the builder-sentiment index to increase to 45.
The Treasury is set to hold its weekly auction of 3- and 6-month bills.
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