Market Overview

Mid-Morning Market Update: Markets Rise, Firearm Stocks Take a Beating

Mid-Morning Market Update: Markets Rise, Firearm Stocks Take a Beating

Following the market opening Monday, the Dow traded up 0.44 percent to 13,293.92 while the NASDAQ rose 0.85 percent to 3,036.21. The S&P also rose, increasing 0.63 percent to 1,439.42.

Top Headline Linked to invigorated firearm reform talks, gun stocks continued to take a beating in early trading Tuesday, with Smith & Wesson (NASDAQ: SWHC) falling almost 9 percent in early trading while Sturm Ruger (NYSE: RGR) fell just under 5.5 percent.

Equities Trading UP Arbitron (NYSE: ARB) traded up 23.58 percent to $47.01 following news that Nielsen would purchase the company.

Shares of Tronox (NYSE: TROX) were also up, gaining 9.47 percent to $19.01 as the company continued its impressive rally from the past few days.

Magnum Hunter Resources (NYSE: MHR) was up as well, rising 9.95 percent to $4.14 following an initiation at a Buy rating yesterday from UBS.

Equities Trading DOWN Rubicon Minerals (NYSE: RBY) fell 8.96 percent to $2.44 after the company announced a coming lawsuit from Wabauskang First Nation.

Galena Biopharma (NASDAQ: GALE) were also down, falling 17.11 percent to $1.55 after the company priced a large secondary offering this morning.

Shares of Cabela's (NYSE: CAB) traded down as well, dropping 3.06 percent to $39.95, pushed down on the continuing heat that firearm makers and retailers have been facing since Friday.

Commodities In commodity news, oil traded up 0.22 percent to $87.39, while gold traded up 1.69 percent to $1,725.80.

Silver traded up 0.02 percent Tuesday to $32.23.

Eurozone In the Euro zone, markets rose slightly this morning as markets across the globe boosted from optimism over a deal on the U.S. fiscal cliff. U.K. inflation was reported this morning, and unexpectedly stayed put, remaining at its highest level since May.

Economics In economic news Tuesday morning, the current account balance was released, coming in at -10.7.50 billion, below the anticipated -103.5 billion, but above the prior report of -117.4 billion.

Later today at 2:15, FOMC member Fisher is expected to speak. Stay tuned to Benzinga for up to the minute coverage on the event.


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