Benzinga Mid-Afternoon Market Update
Towards the end of trading Thursday, the Dow traded up 0.04 percent to 13,081.92 while the NASDAQ fell 0.03 percent to 2,980.78. The S&P also rose, increasing 0.13 percent to 1,410.64.
As a heads up for the week, we have now entered the most busy period of earnings season, so watch for some serious price action.
Top Headline After the close today, both Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL) report earnings. The release will shed new light on the tablet war between the two companies, and could provide insight into whether or not Amazon is overtaking Apple in the struggle.
Equities Trading UP PSS World Medical (NASDAQ: PSSI) held onto its gains, up 32.50 percent to $28.62 after it was announced that the company would be acquired by McKesson for $1.46 billion Thursday morning.
Angie's list (NASDAQ: ANGI) remained up as well, trading up 25.41 percent to $11.40 after a slight earnings beat and an upgrade at Barrington Research this morning.
Shares of Tenneco (NYSE: TEN) rose 14.59 percent to $30.70 after the company posted a significant earnings beat Thursday morning.
Equities Trading DOWN Spirit AeroSystems (NYSE: SPR) continued its fall, dropping 30.84 percent to $14.98 after the company revealed $590M in charges in its earnings statement and a subsequent cut at Buckingham Thursday.
Crocs (NASDAQ: CROX) slowed its fall a bit, down 20.82 percent to $12.82 Stifel Nicolaus lowered its price target on the company despite its strong earnings after the close Wednesday.
Shares of The New York Times (NYSE: NYT) also continued to fall, dropping 22.72 percent to $8.23 following the company's big earnings miss Thursday morning.
Commodities In commodity news, oil traded down 0.48 percent to $88.30, while gold traded up 0.69percent to $1,717.20.
Silver traded up 0.48 percent Thursday to $32.10.
Euro Zone In the Euro zone this morning it was announced that officials were seeking to give Greece two more years to make the necessary cuts to meet its budget goals. Preliminary findings from the IMF and the Troika have shown that Greece would need between 16 and 20 billion Euros to execute this plan.
The announcement sent European markets higher, as investors gained more confidence in the commission's ability to resolve key matters, with much of the rise coming from Greek shares unsurprisingly.
Economics Thursday was particularly heavy in economic news. Durable goods orders came in at 9.9 percent, above the expected 7.5 percent, and well above the prior figure of -13.1 percent. Durable goods ex transportation came in at 2 percent, beating the expected 0.9 percent and the prior figure of 2.1 percent.
The Chicago fed national activity index came in flat at 0, above the expected -0.20 and the previous number of -1.17.
Initial jobless claims were also reported, coming in at 369 thousand, slightly below the expected 370 thousand and the prior figure of 392 thousand. Continuing claims were reported as well, coming in at 3.254 million, below the expected 3.260 million, and the previous report of 3.256 million.
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