Mid-Afternoon Market Update: Marvel Takes a Beating on Court Ruling, Research in Motion Heads Skyward
Toward the end of trading Wednesday, the Dow traded down 0.07 percent to 13,130.18 while the NASDAQ fell 0.55 percent to 2,995.14. The S&P also fell, decreasing 0.32 percent to 1,422.02.
Redbook sales were reported this morning, and came in well above the previous report. Following the news, J.C. Penney (NYSE: JCP) gained as much at 4.6 percent, while most other retailers fell.
Equities Trading UP
Research in Motion (NASDAQ: RIMM) posted a strong gain in early trading Wednesday, rising 11.69 percent to $11.85 after the company received some attention in a few Seeking Alpha articles.
Shares of Mankind (NASDAQ: MNKD) rallied midway through trading, rising 6.14 percent to $2.34 after the CEO purchased 40 million shares of the company.
Rite Aid was also up, gaining 7.63 percent to $1.41, continuing its strong rally from its earnings on Thursday.
Equities Trading DOWN
Marvell Technology (NASDAQ: MRVL) lead the pack on the downside in the afternoon, falling 9.81 percent to $7.44 after a judge ruled against Marvell in its patent case against Carnegie Melon, ordering the company to pay $1.17 billion in damages.
Michael Kors (NYSE: KORS) dropped as well, falling 6.57 percent to $50.05, possibly falling on technicals.
Shares of Coach (NYSE: COH) were also down, dropping 5.51 percent to $54.35 as reports that holiday sales may have been poor emerged from Fox Business this morning.
In commodity news, oil traded up 2.69 percent to $90.99, while gold traded up 0.09 percent to $1,661.90.
Silver traded up 0.17 percent Wednesday to $30.06.
European markets were closed today in observance of boxing day.
In economic news Wednesday morning, Redbook sales came in at 2.4 percent, well above the prior reading of -0.2 percent, while the S&P/CS home price index was reported at 4.31 percent, above the anticipated 4 percent and the previous figure of 3.0 percent.
The Richmond fed manufacturing index was also out, coming in at 5.0, well below the anticipated 8.0 and the prior release of 9.0.
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