Market Overview

Mid-Morning Market Update: Markets Open Lower; Facebook Acquires Onavo

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Following the market opening Monday, the Dow traded down 0.56 percent to 15,151.54 while the NASDAQ declined 0.52 percent to 3,772.24. The S&P also fell, dropping 0.54 percent to 1,694.05.

Top Headline
Facebook (NASDAQ: FB) has acquired mobile tech startup Onavo for an undisclosed sum.

Onavo was founded in 2010 and has around 40 employees. It will become Facebook's first office in Israel.

Equities Trading UP
Antares Pharma (NASDAQ: ATRS) shot up 9.93 percent to $4.98 after the company announced the FDA approval of OTREXUP injection.

Shares of Benefitfocus (NASDAQ: BNFT) got a boost, shooting up 4.85 percent to $43.89 after Goldman Sachs initiated coverage on the stock with a Buy rating.

Aratana Therapeutics (NASDAQ: PETX) was also up, gaining 6.81 percent to $25.09 after the company agreed to acquire Vet Therapeutics.

Equities Trading DOWN
Shares of Expedia (NASDAQ: EXPE) were down 6.96 percent to $48.13 after Deutsche Bank downgraded the stock from Buy to Hold and lowered target price from $66 to $51.

Fair Isaac (NYSE: FICO) shares tumbled 5.32 percent to $54.28 after the company lowered its FY13 outlook.

Ariad Pharmaceuticals (NASDAQ: ARIA) was down, falling 5.40 percent to $4.0299 after Argus downgraded the stock from Hold to Sell.

Commodities
In commodity news, oil traded down 0.53 percent to $101.48, while gold traded up 1.26 percent to $1,284.20.

Silver traded up 1.30 percent Monday to $21.54, while copper rose 0.93 percent to $3.30.

Eurozone
European shares were mostly lower today. The Spanish Ibex Index fell 0.46 percent, while Italy's FTSE MIB Index dropped 0.51 percent. Meanwhile, the German DAX fell 0.27 percent and the French CAC 40 declined 0.22 percent while U.K. shares gained 0.03 percent.

Economics
Federal Reserve Chairman Ben Bernanke is expected to speak at 8:00 p.m. ET.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s

 

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