Market Overview

Mid-Day Market Update: Markets Continue to Rally; Groupon Still Falling

Mid-Day Market Update: Markets Continue to Rally; Groupon Still Falling
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Following the market opening Friday, the Dow traded up 0.07 percent to 12,819.81 while the NASDAQ rose 0.44 percent to 2,908.40. The S&P also rose, increasing 0.29 percent to 1,381.47.

Top Headline J.C. Penney (NYSE: JCP) took a beating in early trading after the company posted a much wider than expected quarterly loss. Following the report, retail analyst Brian Sozzi gave a live interview on the Benzinga Squawk chat room in Thinkorswim, which lead the stock to fall another 2.5 percent.

Equities Trading UP Isis Pharmaceuticals (NASDAQ: ISIS) traded up 15.25 percent to $8.84 despite Jefferies & Compny reiterating its Underperform rating and an earnings miss Wednesday.

Shares of Westport Innovations (NASDAQ: WPRT) also saw a rise, steadily increasing 10.69 percent since the open to $26.09 despite an earnings miss midway through trading Thursday.

Lions Gate Entertainment (NYSE: LGF) continued its rally, rising 13.60 percent to $16.58 following a big earnings beat after the close Thursday.

Equities Trading DOWN Groupon (NASDAQ: GRPN) continued its fall midway through trading, down 27.32 percent to $2.85after the company posted poor earnings after the close Thursday.

Molycorp (NYSE: MCP) also fell, dropping 5.65 percent to $8.19 following an SEC investigation over its company disclosures.

Shares Enerplus Corporation (NYSE: ERF) were also down, falling 12.45 percent to $13.14 following a poor earnings report before the market opening Friday.

Commodities In commodity news, oil traded down 0.79 percent to $85.76, while gold traded up 0.38 percent to $1,737.00..

Silver traded up 0.91 percent Friday to $32.57.

Eurozone European markets fell overnight over fears that Greece may not receive its bailout and default on its T-bills due to mature in mid-November.

As a side note, the euro hit its two month low versus the dollar Friday morning.

Economics In economic news, the import price index month over month came in at 0.5 percent, above the expected 0 percent, but below the prior figure of 1.1 percent.

The Michigan consumer sentiment index came in at 84.9, above the expected 82.9 and the previous report of 82.6.

Wholesale inventories were also reported, coming in at 1.1 percent, well above the expected 0.4 percent and the prior report of 0.8 percent.

Posted-In: Earnings News Commodities Events Global Econ #s Economics Hot


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