Market Overview

Mid-Day Market Update: Markets Rising, Gun Stocks Feel the Heat

Mid-Day Market Update: Markets Rising, Gun Stocks Feel the Heat

Midway through trading Tuesday, the Dow traded up 0.88 percent to 13,351.61 while the NASDAQ rose 1.38 percent to 3,052.24. The S&P also rose, increasing 1.06 percent to 1,445.49.

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 23.53 percent to $46.99 following news that Nielsen would purchase the company.

Shares of Boyd Gaming (NYSE: BYD) were also up, gaining 11.22 percent to $6.74 after the company was cleared to offer online poker in New Jersey.

Magnum Hunter Resources (NYSE: MHR) was up as well, rising 9.28 percent to $4.12 following an initiation at a Buy rating yesterday from UBS.

Equities Trading DOWN
Rubicon Minerals (NYSE: RBY) fell 7.84 percent to $2.47 after the company announced a coming lawsuit from Wabauskang First Nation.

Galena Biopharma (NASDAQ: GALE) were also down, falling 17.65 percent to $1.54 after the company priced a large secondary offering this morning.

Shares of Cabela's (NYSE: CAB) traded down as well, dropping 3.43 percent to $39.80, pushed down on the continuing heat that firearm makers and retailers have been facing since Friday.

In commodity news, oil traded up 0.85 percent to $87.94, while gold traded down 1.18 percent to $1,677.00.

Silver traded up 0.64 percent Tuesday to $31.57.

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.

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.

The University of Michigan consumer sentiment was also reported, coming in at 84.90, above the expected 83.0 and the prior report of 82.60.

The NAHB housing market index came in at 47.0, in line with expectations but edging slightly above the last release of 46.0.

The Redbook month over month figures were also reported, coming in at -0.2 percent, in line with last month's report.

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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