Market Overview

Mid-Morning Market Update: SunPower Giving Back Some Gains, Groupon Rallies

Mid-Morning Market Update: SunPower Giving Back Some Gains, Groupon Rallies
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Following the market opening Friday, the Dow traded up 0.09 percent to 13,403.18 while the NASDAQ fell 0.09 percent to 3,097.24. The S&P also rose, increasing 0.20 percent to 1,462.02.

Top Headline
At the top of the headlines today, the U.S. unemployment numbers were released, coming in at 7.8 percent, edging slightly higher than the November report of 7.7 percent. The report showed that the economy had added 155,000 jobs, not enough to affect the overall number.

Equities Trading UP
AK Steel (NYSE: AKS) saw a 4.33 percent rally in early trading to $4.82, resuming its multi-day rally after the fiscal cliff resolution.

Shares of Groupon (NASDAQ: GRPN) were also up, gaining 3.16 percent to $5.28, also continuing a multi-day, sentiment-fueled rally.

Krispy Kreme Doughnuts (NYSE: KKD) saw a boost as well, trading up 5.85 percent to $10.68 after Longbow initiated the company with a Buy rating and a $15.00 price target.

Equities Trading DOWN
SunPower (NASDAQ: SPWR) traded down 2.76 percent to $8.82 as the company gave back some of the massive gains it has seen the past few days.

Lululemon (NASDAQ: LULU) was also down, falling 6.15 percent to $70.47 after Credit Suisse cut the company to Neutral from Outperform.

Shares of Coinstar (NASDAQ: CSTR) dropped 5.38 percent to $49.25 after the company announced that its CEO would step down in March.

In commodity news, oil traded down 0.32 percent to $92.62, while gold traded down 1.58 percent to $1,648.90.

Silver traded down 0.97 percent Friday to $29.75.

In the eurozone this morning, markets were largely down across the board as the FOMC minutes showed a possibility of less easing in the near future.

In economic news Friday, the jobs numbers for December were released, and were fairly mixed. The Unemployment rate came in at 7.8 percent, above the projected 7.7 percent, but equal to November's report.

Manufacturing payrolls came in at 25.0 thousand, above the anticipated 4.0 thousand and the prior release of 5.0 thousand.

Private sector payrolls were also reported, coming in at 168 thousand, above the projected 155 thousand, but slightly below the last report of 171 thousand.

ADP nonfarm employment was reported as well, coming in at 215 thousand, well above the projected 133 thousand and the prior release of 148 thousand.

Closing out the jobs report was nonfarm payrolls. Coming in at 155 thousand, it beat estimates of 152 thousand, but missed November's report of 161 thousand.

Posted-In: News Commodities Asset Sales Global Econ #s Economics Hot Intraday Update


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