Market Overview

Mid-Afternoon Market Update: SolarCity Hangs on to Gains, Rigel Pharma Continues to Hurt

Mid-Afternoon Market Update: SolarCity Hangs on to Gains, Rigel Pharma Continues to Hurt
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Toward the end of trading Thursday, the Dow traded down 0.71 percent to 13,151.63 while the NASDAQ fell 0.97 percent to 2,984.68. The S&P also fell, decreasing 0.81 percent to 1,416.98.

Top Headline
Clearwire (NASDAQ: CLWR) saw over a 14 percent gain this morning as Sprint made a bid for the company of $2.90 perc share. Now its just a matter of whether or not the board will accept the offer.

Equities Trading UP
Best Buy (NYSE: BBY) saw a big boost Thursday, rising 15.60 percent to $14.08 following a report this morning that Richard Schulze would be offering between $5 billion and $6 billion for the company.

Shares of SollarCity (NASDAQ: SCTY) saw a lot of attention following their IPO this morning, trading up 47.50 percent to $12.09.

NII Holdings (NASDAQ: NIHD) was also up, gaining 10.82 percent to $5.94 on a strong technical rally.

Equities Trading DOWN
Rigel Pharmaceuticals (NASDAQ: RIGL) fell 34.58 percent to $5.52 Thursday following a wave of analyst ratings yesterday.

Harbinger Group (NYSE: HRG) was also down, falling 26.60 percent to $7.50 after the company priced its 20 million share secondary offering at $7.50 per share.

Shares of Allot Communications (NASDAQ: ALLT) were down as well, dropping 11.94 percent to $17.70 following a downgrade at Wunderlich Securities this morning.

In commodity news, oil traded down 0.90 percent to $85.99, while gold traded down 1.30 percent to $1,694.30.

Silver traded down 1.29 percent Thursday to $32.42.

European markets were largely down this morning amid talks concerning the effectiveness of a European banking union, lead downwards by the German DAX.

Thursday morning was another big day for economic releases, with initial jobless claims coming in at 343 thousand, below the expected 369 thousand and the prior figure of 372 thousand, while continuing claims were reported at 3.198 million, slightly below the anticipated 3.21 million and the previous report of 3.221 million.

PPI year over year was reported as well, coming in at 1.50 percent, below the expected 1.80 percent and the prior report of 2.30 percent, while PPI month over month was reported at -0.8 percent, below the anticipated -0.50 percent and the prior release of -0.20 percent.

Core CPI year over year came in at 2.2 percent, matching the street estimates, and slightly higher than the previous 2.1 percent, while core CPI month over month was reported at 0.1 percent, again equal to consensus while beating the prior figure of -0.20 percent.

Advance retail sales were also reported, coming in at 0.3 percent, slightly below the anticipated 0.5 percent, but beating the prior report of -0.30 percent. Advance retail sales excluding autos came in flat at 0.00 percent, equal to estimates and the prior report, while advance retail sales excluding autos and gas came in above the expected 0.40 percent at 0.70 percent, well above the prior figure of -0.1 percent.

Finally, business inventories were reported at 0.4 percent, equal to consensus but lower than last month's reading of 0.70 percent.

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


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