Market Overview

Mid-Morning Market Update: Markets Drop; Comcast To Acquire Time Warner Cable For $45.2B

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Following the market opening Thursday, the Dow traded down 0.36 percent to 15,906.11 while the NASDAQ declined 0.06 percent to 4,198.75. The S&P also fell, dropping 0.24 percent to 1,814.88.

Leading and Lagging Sectors
Utilities stocks were the only gainers in Thursday's trading, with Delta Natural Gas Company (NASDAQ: DGAS) leading advancers. Utilities stocks rose 0.1 percent, while the S&P index tumbled 0.24 percent.

Shares of Calpine (NYSE: CPN) surged around 2 percent after the company reported strong quarterly results and lifted its 2014 outlook. In trading on Thursday, Telecommunications Services shares were relative laggards, down on the day by 0.84 percent.

Top decliners in the sector included Internet Initiative Japan (NASDAQ: IIJI), off 6.8 percent, and Allot Communications (NASDAQ: ALLT), down 3.8 percent. Comcast (NASDAQ: CMCSA) also declined around 3.1 percent after the company agreed to acquire Time Warner Cable (NYSE: TWC) for $45.2 billion in stock.

Top Headline
Comcast (NASDAQ: CMCSA) agreed to acquire Time Warner Cable (NYSE: TWC) for $45.2 billion in stock. Comcast will pay $158.82 per share to buy Time Warner Cable. The deal is expected to close by the end of the year.

Equities Trading UP
Orbitz Worldwide (NYSE: OWW) shot up 11.43 percent to $7.70 after reporting strong Q4 earnings. Shares of Time Warner Cable (NYSE: TWC) got a boost, shooting up 7.82 percent to $145.89 after Comcast (NASDAQ: CMCSA) agreed to acquire Time Warner Cable for $45.2 billion in stock.

Skechers USA (NYSE: SKX) was also up, gaining 13.08 percent to $33.90 after the company reported better-than-expected Q4 profit.

Equities Trading DOWN
Shares of Angie's List (NASDAQ: ANGI) were down 17.31 percent to $14.14 after the company reported downbeat Q4 earnings and issued a weak Q1 revenue forecast.

Itron (NASDAQ: ITRI) shares tumbled 15.92 percent to $32.95 after the company reported Q4 results and authorized a $50 million buyback plan. Analysts at JP Morgan downgraded the stock from Neutral to Underweight and cut the price target from $41 to $30.

The Medicines Company (NASDAQ: MDCO) was down, falling 14.32 percent to $28.36 after the company reported that the FDA CRDAC voted to recommend against approval of Cangrelor. Analysts at Credit Suisse downgraded the stock from Outperform to Neutral and lowered the target price from $45 to $35.

Commodities
In commodity news, oil traded down 0.26 percent to $100.11, while gold traded down 0.18 percent to $1,292.70.

Silver traded down 0.64 percent Thursday to $20.21, while copper fell 1.04 percent to $3.22.

Eurozone
European shares were lower today.

The Spanish Ibex Index fell 0.94 percent, while Italy's FTSE MIB Index tumbled 1.27 percent.

Meanwhile, the German DAX declined 0.32 percent and the French CAC 40 slipped 0.50 percent while U.K. shares fell 0.84 percent.

Economics
U.S. initial jobless claims climbed 8,000 to 339,000 in the week ended February 7. However, economists were expecting claims to drop to 330,000.

U.S. retail sales dropped 0.4% in January, versus economists' expectations for a 0.1% fall.

U.S. business inventories rose 0.50% in December, versus economists' expectations for a 0.40% growth.

The Treasury is set to auction 3-and 6-month bills.

The Treasury will also auction 30-year bonds.

Data on money supply will be released at 4:30 p.m. ET.

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

 

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