Mid-Morning Market Update: Unemployment Reaches 7.9%, Zoetis IPO Wildly Successful
Following the market opening Friday, the Dow traded up 0.85 percent to 13,978.24 while the NASDAQ rose 0.55 percent to 3,159.75. The S&P also rose, increasing 0.64 percent to 1,507.54.
Making headlines Friday morning was the unemployment figure for the month of January. Coming in at 7.9 percent, it rose from the December report, but only slightly, giving traders mixed signals about the state of the US economic recovery.
Equities Trading UP
Zoetis (NYSE: ZTS) made its open market debut with its IPO this morning. Priced at $26 it immediately spiked into the low $30's as traders jumped on shares in the open market. The event marked the largest IPO since Facebook's disastrous debut in 2012, and brings a $15 billion market cap company to the open markets.
Shares of PMC-Sierra (NASDAQ: PMCS) traded up 14.71 percent to $6.63 Friday after the company posted a beat on both top and bottom lines this morning and impressed traders on its conference call.
Rite Aid (NYSE: RAD) was also up, gaining 5.63 percent to $1.69 after the company announced a round of debt financing on Thursday.
Equities Trading DOWN
Life Time Fitness (NYSE: LTM) traded down 19.61percent in early trading to $40.78 as the luxury gym released some weaker than expected guidance in the pre-market this morning.
Tellabs (NASDAQ: TLAB) took a hit as well, falling 7.46 to $2.11 after the company released some poor guidance this morning.
Shares of Emulex (NYSE: ELX) was also down, giving up 8.90 percent to $6.96 after the company missed analyst EPS estimates and matched on the top line this morning.
In commodity news, oil traded down 0.83 percent to $96.68, while gold traded down 0.59 percent to $1,671.80.
Silver traded down 0.40 percent Friday to $31.78.
In the Eurozone this morning, markets were higher across the board except for Spain after a round of upbeat manufacturing data. On one end of the spectrum, the Spanish Ibex was down 1.08 percent, while on the other end the French CAC rose 0.97 percent.
In economic news this morning, Nonfarm payrolls came in at 157 thousand, lower than the projected 165 thousand and the prior report of 196 thousand, while private nonfarm payrolls were reported at 166 thousand, missing expectations of 168 thousand and the revised previous report of 202 thousand.
Manufacturing payrolls came in at 4 thousand, missing expectations by a mile which were set at 10 thousand, and missing
The unemployment rate was reported at 7.9 percent, slightly higher than the previous report of 7.8 percent.
The University of Michigan consumer confidence index was also reported, coming in at 73.80, above the projected 71.50 and the prior release of 71.30.
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