Mid-Morning Market Update: Markets Rise, Dell Reaps Benefits of Goldman Upgrade
Following the market opening Monday, the Dow traded down 0.11 percent to 13,011.30 while the NASDAQ rose 0.27 percent to 3,018.25. The S&P also rose, increasing 0.07 percent to 1,417.21.
Shocking investors this morning was a Goldman Sachs report on Dell (NASDAQ: DELL) this morning, upgrading the company two levels from Sell to Buy. The upgrade cited a fully adjusted market price to the currently weak PC market, and caused the company to rally almost 7 percent on massive volume following the market opening.
Equities Trading UP
Deckers Outdoor (NASDAQ: DECK) was among the mornings winners, trading up 7.00 percent to $40.97 following a Sterne Agee upgrade to buy and an increase in price target from $32 to $65.
Shares of Supervalu (NYSE: SVU) rose 7.77 percent to $2.57 after Bloomberg reported that the company's talks with Cerberus had started again.
Longwei Petroleum Investment Holding (NYSE: LPH) was also up, gaining 7.32 percent to $2.64 following the expiration of the company's warrants Monday morning.
Equities Trading DOWN
Health Management Associates (NYSE: HMA) fell 5.35 percent following the market opening Monday to $7.53 after a scathing piece in 60 minutes painted the company in a bad light.
Emulex (NYSE: ELX) was also down, falling 4.76 percent to $7.00 after it was downgraded to Sell from Neutral at Goldman Sachs.
Shares of SunCoke Energy (NYSE: SXC) were down as well, dropping 8.37 percent to $14.89 following the announcement Friday that the company had elected to defer its IPO of its subsidiary.
In commodity news, oil traded up 1.25 percent to $90.02, while gold traded up 0.36 percent to $1,717.00.
Silver traded down 0.43 percent Friday to $33.64.
In the eurozone this morning, news came out saying that EUN ministers may be able to reach an ECB oversight deal by December 4th. Germany's Wolfgang Schauble was quoted saying the that Greek debate was not simple in Germany, continuing that the crisis resolution course must be step by step.
Over all, European markets were up across the board this morning following the release of manufacturing PMI's, and seemingly ignored the downgrade of the bailout funds.
In economic news Monday morning, construction spending was reported at 1.4 percent, above the expected 0.5 percent and the prior release of 0.6 percent.
Markit PMI was also reported, coming in at 52.8, slightly above the projected 52.1 and the previous report of 52.4.
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