Market Overview

Mid-Day Market Update: Markets Rise Further; BGC Partners Sees a Boost

Share:
Mid-Day Market Update: Markets Rise Further; BGC Partners Sees a Boost

Midway through trading Monday, the Dow traded up 1.32 percent to 12,755.07 while the NASDAQ rose 1.81 percent to 2,904.64. The S&P also rose, increasing 1.62 percent to 1,381.95.

Top Headline
Intel (NASDAQ: INTC) chief executive officer Paul Otellini announced that he would be retiring in May. Following the news, Intel's market opening was delayed about 10 minutes, after which it traded down a little under 2 percent.

Equities Trading UP
BGC partners (NASDAQ: BGCP) traded up 12.91 percent to $3.76 following a Raymond James Upgrade to Strong Buy.

Shares of Magnum Hunter Resources (NYSE: MHR) rose 12.50 percent to $3.87 after filing an 8-K on Friday.

Cirrus Logic (NASDAQ: CRUS) was also up, increasing 9.55 percent to $30.97, possibly linked to the Taiwan Semiconductor rally earlier in the day.

Equities Trading DOWN
Acacia Research (NASDAQ: ACTG) fell 10.07 to $21.08, possibly a correction from its Friday rally.

K12 (NYSE: LRN) was also down, falling 13.55 percent to $17.68 after the company was downgraded at Wells Fargo.

Shares of MicroStrategy (NASDAQ: MSTR) fell 6.22 percent to $86.07 following a price target cut at Roth.

Commodities
In commodity news, oil traded up 1.43 percent to $86.67, while gold traded up 1.12 percent to $1,738.10.

Silver traded up 0.76 percent Monday to $33.13.

Eurozone
European markets rose early this morning, riding hopes that a deal on the fiscal cliff would soon be reached in Washington.

A few eurozone leaders were also out with comments this morning. The Austrian finance minister stated that Greece cannot expect additional aid or a debt cut for its finances. The Dutch and German finance minister spokespeople also made statements, both indicating that they did not believe a decision on Greece would be made at Tuesday's meeting.

Economics
In economic news, existing home sales came in at 2.1 percent, well above the expected -0.2 percent and the prior report of -2.9 percent.

NAHB housing market index was also reported, coming in at 46, above the expected release and the prior report of 41.

 

Related Articles (BZSUM)

View Comments and Join the Discussion!

Posted-In: Earnings M&A News Guidance Commodities Events Global Econ #s