Benzinga Mid-Day Market Update
Midway through Thursday's session, the Dow was down about 0.06 percent, roughly 8.43 points. The NASDAQ fell about 0.34 percent, or 10.93 points, while the S&P traded down 0.22 percent, decreasing 3.17 points.
Questcor Pharmaceuticals (NASDAQ: QCOR) gained 12.22 percent by mid day, regaining some of its massive losses sustained yesterday following Aetna's (NYSE: AET) announcement that they would limit coverage of its Acthar Gel product.
Steelcase (NYSE: SCS) shares slowed their rally by mid day, gaining 1.52 percent percent trading around $10.03 following its earnings beat after the close on Wednesday.
Skyworks Solutions (NASDAQ: SWKS) took a hit by midday Thursday following its preliminary earnings release earlier in the morning. Shares fell 15.74 percent to around $24.84.
Shares Bed Bath & Beyond (NASDAQ: BBBY) continued to fall, down 7.95 percent, trading around $63.32 following its earnings miss Wednesday.
JC Penney (NYSE: JCP) also fell further, trading down 9.49 percent around $26.33 after Piper Jaffray reiterated its Neutral rating, stating that it was still cautious about the company's recent innovations.
CLARCOR (NYSE: CLC) dropped 8.90 percent, trading down to $45.16 as investors anticipate a poor earnings release after the market close today.
Shares of Amazon (NASDAQ: AMZN) also took a brief hit following Walmart's (NYSE: WMT) announcement that they will no longer carry Kindle products. Shares dropped sharply but have since recovered most of the loss, now trading down 0.62 percent around $260.06.
In economic reports, Initial Jobless Claims came in at 382 thousand, above the estimated 375 thousand but below the previous figure of 385 thousand. Continuing Jobless claims came in at 3.272 million, slightly below the estimated 3.3 million, and below the prior report of 3.304 million. The Markit USA PMI Preliminary figure came in at 51.5, exactly the estimated figure. The Philadelphia Fed Manufacturing Index also was reported, coming in at -1.9, much higher than the expected -4.5, and higher than the previous figure of -7.1.
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