Mid-Day Market Update: U.S. Stocks Pare Early Gains; GM Shares Decline On Weak December Sales
Midway through trading Friday, the Dow traded up 0.03 percent to 16,446.14 while the NASDAQ declined 0.42 percent to 4,125.73. The S&P also fell, dropping 0.13 percent to 1,829.64.
FireEye expected Q4 revenue of $55 million to $57 million, versus its earlier forecast of $52 million to $54 million.
Equities Trading UP
Shares of FireEye (NASDAQ: FEYE) got a boost, shooting up 31.61 percent to $54.13 after the company reported that it has acquired privately-held Mandiant for $1.05 billion in a cash and stock deal.
Resources Connection (NASDAQ: RECN) shot up 7.38 percent to $15.29 after the company reported upbeat FQ2 earnings.
Rite Aid (NYSE: RAD) was also up, gaining 8.13 percent to $5.45 after the company reported a 2.9% gain in its December same-store sales.
Equities Trading DOWN
Shares of IPC The Hospitalist Company (NASDAQ: IPCM) were down 2.60 percent to $56.98 after Credit Suisse downgraded the stock from Outperform to Neutral.
General Motors Company (NYSE: GM) was down, falling 2.60 percent to $39.88 after the company reported a 6.3% drop in its U.S. auto sales in December.
In commodity news, oil traded down 1.05 percent to $94.45, while gold traded up 0.82 percent to $1,235.20.
Silver traded up 0.11 percent Friday to $20.15, while copper fell 0.93 percent to $3.35.
European shares were higher today. The Spanish Ibex Index rose 0.29 percent, while Italy's FTSE MIB Index surged 1.02 percent. Meanwhile, the German DAX gained 0.43 percent and the French CAC 40 rose 0.61 percent while U.K. shares climbed 0.37 percent.
Supplies of natural gas dropped 97 billion cubic feet for the week ended December 27, the U.S. Energy Information Administration reported.
Crude supplies fell by 7 million barrels for the week ended December 27, the U.S. Energy Information Administration said. However, analysts were expecting a drop of 1.5 million barrels.
Federal Reserve Chairman Ben Bernanke is set to speak at 2:30 p.m. ET.
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