Market Overview

Benzinga Mid-Day Market Update


Midway through the day Friday, Spain announced the results of its bank stress tests, boosting investor confidence, and erasing some of the losses from earlier in the day. The Dow traded down 0.33 percent to 13,441.50, while the NASDAQ was down 0.36 percent to 3,125.18. The S&P was also down, falling 0.37 percent to 1,441.81.

Research in Motion (NASDAQ: RIMM) continued its rally Friday, following an earnings beat after the bell Thursday. Shares traded up 9.03 percent to $7.79.

Questcor Pharmaceuticals (NASDAQ: QCOR) also rallied, regaining some of its lost value, trading up percent to $18.95.

Shares of Facebook (NASDAQ: FB) received a 7.87 percent boost to $21.92 after the company announced its new gift sending product after the bell yesterday.

Clearwire (NASDAQ: CLWR) remained down midway through Friday, falling 6.09 percent to $1.39 after announcing it would offer 46.4 million shares of common stock.

Yum! Brands (NYSE: YUM) was also down, falling 1.66 percent to $66.51 after a downgrade of McDonald's (NYSE: MCD) from Buy to Neutral at Janney.

Green Mountain Coffee Roasters (NASDAQ: GMCR) fell 3.17 percent to $23.97 following the release of a new, lower priced single serving coffee maker yesterday.

In economic news, personal income was reported at 0.1 percent, below the expected 0.2 percent, and equal to the prior figure of 0.1 percent, while personal spending came in exactly where it was expected at 0.5 percent, slightly above the previous figure of 0.4 percent.

The Chicago purchasing manager index was also reported, coming in at 49.7, below the expected 52.8 and the prior figure of 53.0. Following that, the University of Michigan consumer confidence index was reported at 78.3, slightly below the expected 79.0.

Posted-In: Earnings News Guidance Events Econ #s Economics Hot Intraday Update


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