Mid-Day Market Update: Markets Up Slightly, MGM Rallies on Debt Upgrade
Midway through trading Thursday, the Dow traded up 0.06 percent to 13,042.67 while the NASDAQ rose 0.44 percent to 2,986.64. The S&P also rose, increasing 0.13 percent to 1,411.12.
Lululemon (NASDAQ: LULU) released its third-quarter earnings report this morning, and the results looked good. Despite this, the company posted downbeat fourth-quarter guidance leading traders to drop the stock in early trading. Following this, shares saw an almost 6 percent jump, and have fallen since then.
Equities Trading UP
Epoch Investment Partners (NASDAQ: EPHC) gained 26.47 percent to $27.71 following the announcement of its merger with TD Bank Group.
Shares of Akami Technologies (NASDAQ: AKAM) were up as well, gaining 9.30 percent to $38.80 after the company announced a strategic alliance with AT&T.
MGM Resorts (NYSE: MGM) gained 8.73 percent to $10.84 mid way through trading following an upgrade to their debt from B- to B+.
Equities Trading DOWN
Vera Bradley (NASDAQ: VRA) fell 12.25 percent to $23.00 after the company's earnings report post market on Wednesday.
KBW (NYSE: KBW) spiked down after the open this morning, falling 1.90 percent to $14.95 due to the stock passing its ex dividend date after the market opening today.
Shares of UTI Worldwide (NASDAQ: UTIW) lost 9.01 percent to $12.77 after posting an earnings miss before the market opening Thursday morning.
In commodity news, oil traded down 2.31 percent to $85.85, while gold traded up 0.28 percent to $1,697.30.
Silver traded up 0.12 percent Thursday to $33.01.
In European headlines this morning, the ECB predicted a bleak 2013 after it decided to leave rates unchanged.
European markets responded well to the decision despite its implication that the EU had officially fallen into recession, and rose across the board.
In economic news Thursday morning, Initial jobless claims were reported at 370 thousand, below the predicted 380 thousand, but below the prior report of 395 thousand.
Continuing claims were also reported, coming in at 3.205 million, lower than the expected 3.275 million and the previous figure of 3.305 million.
Challenger job cuts were reported as well, coming in at 34.4 percent, far above the prior report of 11.60 percent.
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