Market Overview

Benzinga Mid-Morning Market Update


Following the market open Friday, the Dow traded up 0.25 percent to 13,359.33 while the NASDAQ rose 0.19 percent to 3,055.17. The S&P also rose, increasing 0.03 percent to 1,433.27.

In equity news, JP Morgan (NYSE: JPM) posted a $0.19 earnings beat, leading many investors to expect earnings beats from the banking sector as a whole.

Equities Trading UP NPS Pharmaceuticals (NASDAQ: NPSP) traded up 19.28 percent to $10.89 in early trading Friday after the company's bowel drug Gattex received FDA support.

Clearwire (NASDAQ: CLWR) continued its Thursday rally, trading up 0.90 percent to $2.24 Friday following a rumor that Sprint (NYSE: S) may buy the remaining portion of the company that it does not currently own.

JB Hunt Transport Services (NASDAQ: JBHT) traded up 7.32 percent to $58.80 after a handful of analysts raised their price targets on the company Friday morning.

Equities Trading DOWN Advanced Micro Devices (NYSE: AMD) traded down 8.91 percent to $2.92 Friday morning after the company lowered its guidance after the close Thursday. Despite the lowered guidance however, analysts across the board have maintained Buy and Neutral ratings, while lowering the price target.

SunTrust Banks (NYSE: STI) fell 3.68 percent to $29.08 after a downgrade from Buy to Neutral at BTIG.

Wells Fargo (NYSE: WFC) also traded down, falling 3.45 percent to $33.97 after the company posted a slight earnings beat Friday morning. The fall could be coming from investor disappointment after the company did not post an earnings beat comparable to that of JP Morgan (NYSE: JPM)

Commodities In commodity news, Oil traded up percent to $92.36, while Gold traded down 0.13 percent to $1,768.30.

Silver traded down 0.39 percent Friday Morning to $33.69.

Euro Zone It was announced today that the EU had won the Nobel Peace Prize, the committee citing that while the EU has a long way to go to solve the fiscal problems, it had greatly promoted peace in the region. The EU's Herman Van Rompuy made some comments in an emailed statement, calling for a reduction in the EU budget, and highlighting the current problems in the Euro zone.

Economics In economic news, the producer price index (PPI) month over month was reported at 1.1 percent, above the expected 0.8 percent, but below the prior figure of 1.7 percent. The PPI year over year came in at 2.1 percent, above the expected 1.8 percent and the prior figure of 2.0 percent.

The PPI ex food & energy month over month, was reported flat at 0.0 percent, below the expected and prior figure of 0.2 percent, while the PPI ex food & energy year over year came in at 2.3 percent, below the expected and prior number of 2.5 percent.

The Michigan consumer confidence sentiment was also reported, coming in at 83.1, above the expected 78, and the prior figure of 78.3.

Finally, as a reminder, later today at 2:00pm eastern time, the federal budget balance will be announced.

Posted-In: News Guidance Commodities FDA Legal Events Global Econ #s


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