Mid-Afternoon Market Update: Markets Turn Back, SunPower Continues Huge Rally

Toward the end of trading Thursday, the Dow traded down 0.27 percent to 13,376.20 while the NASDAQ fell 0.52 percent to 3,096.10. The S&P also fell, decreasing 0.26 percent to 1,458.24. Top Headline
Many retailers reported December same store sales this morning, with notable beats from Macy's M and The Gap GPS. On the red side, Bebe BEBE and Fred's FRED both posted big misses. Equities Trading UP
SunPower Corporation SPWR saw a 43.88 percent rally to $8.82 after Warren Buffett's Midamerican Energy Holdings purchased its Antelope Valley Solar projects for an undisclosed sum. Shares of Sonus Networks SONS was also up, gaining 7.69 percent to $2.10 on speculation that the company would replace Acme Packet's gateway equipment at Verizon Wireless. Herbalife HLF posted another strong gain Thursday, rising 10.06 percent to $35.44 as the stock continued to recover from the attack by activist investor Bill Ackman. Equities Trading DOWN
Allot Communications ALLT was among the day's top losers, falling 24.45 percent to $13.81 after the company was downgraded to Hold from Buy at Wunderlich Securities. Mellanox Technologies MLNX was also having a rough morning, falling 17.11 percent to $50.72 after the company cut its sales forecast after the close Wednesday. Shares of Family Dollar FDO got hit as well, dropping 12.70 percent to $55.91 after the company issued poor guidance in its earnings report Thursday morning. Commodities
In commodity news, oil traded down 0.32 percent to $92.82, while gold traded down 1.33 percent to $1,666.40. Silver traded down 0.65 percent Thursday to $30.36. Euro zone
European markets fell this morning as traders lost confidence in the fiscal cliff deal that has been criticized as just “kicking the can down the road”. Economics
In economic news Thursday, initial jobless claims came in at 362.0 thousand, above the anticipated 360.0 thousand and the prior report of 350.0 thousand, while continuing claims were reported at 3.246 million, higher than the projected 3.21 million and the previous release of 3.206 million. ADP nonfarm employment change was released as well, coming in at 215 thousand, well above the projected 140 thousand and the previous report of 118 thousand. Finally, challenger job cuts were also reported, coming in at -22.1 percent, far below the prior reading of 34.40 percent.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceHedge FundsCommoditiesAsset SalesEcon #sEconomicsHotIntraday UpdateMarketsAnalyst RatingsMoversTechTrading IdeasGeneralConsumer DiscretionaryDepartment Stores
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!