Mid-Day Market Update: Herbalife Rallies While Quicksilver Resources Drops
Midway through trading Thursday, the Dow traded down 0.46 percent to 13,036.20 while the NASDAQ fell 0.23 percent to 2,979.24. The S&P also fell, decreasing 0.41 percent to 1,412.25.
Debates over the fiscal cliff continue as a resolution seems far in the distance. As the deadline nears, it has become apparent that markets are becoming more and more focused on the indecision by politicians as the market rallied on news that congress would meet Sunday to discuss the cliff once again.
Equities Trading UP
Barnes & Noble (NYSE: BKS) posted a strong gain early in trading, rising 8.22 percent to $15.53 after it was announced that Pearson had invested in the company's Nook unit.
Shares of Herbalife (NYSE: HLF) traded up 7.09 percent to $30.31 as traders look for a relief rally after the hit Herbalife took from the Bill Ackman short last Friday.
Liquidity Services (NASDAQ: LQDT) was up as well, gaining 4.32 percent to $40.76 following a series of sessions where the stock was roughly flat.
Equities Trading DOWN
Advanced Micro Devices (NYSE: AMD) fell 4.85 percent after the open down to $2.27 after being highlighted as a technology short to consider in a Seeking Alpha piece on Thursday.
Quicksilver Resources (NYSE: KWK) traded down 5.68 percent to $2.79 after a Seeking Alpha article came out highlighting the stock as one of 7 high-growth equities being sold by hedge funds.
Shares of Questcor (NASDAQ: QCOR) were down as well, falling 4.09 percent to $26.64, continuing its fall from Thursday as traders were worried by the Blue Cross Blue Shield denial of coverage for the company's Acthar gel.
In commodity news, oil traded down 0.30 percent to $90.60, while gold traded down 0.45 percent to $1,656.40.
Silver traded down 0.15 percent Friday to $29.96.
In the Euro zone, markets were largely down as they felt the weight of the ever nearing fiscal cliff and a weak French GDP release.
In economic news Friday, Chicago PMI came in at 51.6, above the expected 51.0 and the prior figure of 50.40.
Pending home sales were also released, coming in at
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