Mid-Afternoon Market Update: Zynga Surges on News of New Executive; Markets Back Off of Highs
Toward the end of trading Monday, the Dow traded up 0.79 percent to 15,026.42 while the NASDAQ surged 1.17 percent to 3,442.79. The S&P rose, gaining 0.86 percent to 1,620.34.
Shares of B2Gold (NYSE: BTG) were also up, gaining 18.78 percent to $2.53, possibly linked to the day's strong rally in gold prices.
Zynga (NASDAQ: ZNGA) was up as well, rising sharply in the afternoon, gaining 11.69 percent to $3.11 after word got out that a key Microsoft (NYSE: MSFT) executive would be leaving the company to join Zynga, possibly as its new CEO.
Equities Trading DOWN
Shares of InterDigital (NASDAQ: IDCC) were down 9.90 percent to $40.25 after the company lost 1st round of case against ZTE, Huawei, and Nokia.
News (NASDAQ: FOXA) was down, falling 10.10 percent to $29.30 after the company separated its business into two companies.
Fleetmatics Group PLC (NYSE: FLTX) shares tumbled 3.85 percent to $31.95 after the company filed to sell 7 million ordinary shares for holders.
In commodity news, oil traded up 1.07 percent to $96.12, while gold traded up 2.26 percent to $1,251.30.
Silver traded fell 0.42 percent Monday to $19.59, while copper rose 3.29 percent to $3.16.
European shares were higher following better than expected manufacturing data as markets await the European Central Bank's and the Bank of England's much anticipated interest rate decisions on Thursday. The eurozone's manufacturing PMI unexpectedly showed less contraction than expected in June, rising to 48.8 from 48.7 in May on expectations of a flat reading. The eurozone's unemployment rate dropped in May to 12.1 percent, below the expected 12.3 percent.
The Spanish Ibex Index rose 1.93 percent and the Italian FTSE MIB Index surged 1.41 percent. Meanwhile, the German DAX gained 0.26 percent and the French CAC 40 climbed 0.76 percent while U.K. shares rose 1.03 percent.
The final reading of the Markit manufacturing PMI declined to 51.9 in June, versus the flash reading of 52.2 and compared to May's reading of 52.3.
The ISM manufacturing index rose to 50.90 in June, versus a prior reading of 49.00. However, economists were expecting a reading of 50.50.
Construction spending rose 0.5% to $874.9 billion in May, versus a revised 0.1% increase in April. However, economists were projecting construction spending to gain 0.6% in May.
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