Mid-Morning Market Update: Markets Open Lower; Facebook Acquires Onavo
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.
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 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.
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.
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.
Federal Reserve Chairman Ben Bernanke is expected to speak at 8:00 p.m. ET.
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