Market Overview

Mid-Day Market Update: Markets Flat Following Obama Interview

Mid-Day Market Update: Markets Flat Following Obama Interview

Midway through trading Tuesday, the Dow traded up 0.08 percent to 12,976.39 while the NASDAQ fell 0.18 percent to 2,996.70. The S&P also fell, decreasing 0.05 percent to 1,408.77.

Top Headline
In his first interview since his re-election, President Obama will give an interview on Bloomberg television today at 12:30 PM. The topic is set to be the fiscal cliff, and his words are sure to have a significant effect on the SPY and markets as a whole.

Equities Trading UP
Big Lots (NYSE: BIG) traded up 13.02 percent to $31.69 after the company reported earnings Tuesday morning.

Shares of RealID (NYSE: RLD) were also up, gaining 6.02 percent to $10.84 following the filing of an SEC form 8k Wednesday.

Infinera (NASDAQ: INFN) gained 3.92 percent to $5.83 following a wave of investor optimism this week.

Equities Trading DOWN
Pep Boys (NYSE: PBY) traded down 14.04 percent to $9.18 following a weak third-quarter earnings report.

Globus Medical (NYSE: GMED) was also down, falling 3.79 percent to $11.68 as the company continued its fall from Monday and Friday.

Shares Geron (NASDAQ: GERN) fell 23.78 percent to $1.13 after the company announced it would be ending a study for one of its drugs yesterday.

In commodity news, oil traded down 0.49 percent to $88.65, while gold traded down 1.36 percent to $1,696.20.

Silver traded down 0.80 percent Tuesday to $32.88.

In European headlines this morning, Reuters reported a clash between France and Germany over plans that would put the ECB in an oversight position for European banks. While France fought for a strong oversight policy, Germany expressed skepticism that the ECB should be overseeing banks at all.

European markets rose Tuesday morning across the board following continued optimism over the Greek debt buyback, with the Italian MIB index leading the charge.

In economic news Tuesday morning, Redbook sales were reported at -0.3, below the prior report of 0.800.

The ISM New York Manufacturing index was also reported, coming in at 52.5, well above the previous figure of 45.90.


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