Market Overview

Mid-Day Market Update: Markets Rally Further, Clean Harbors Drops on CFO Controversy

Mid-Day Market Update: Markets Rally Further, Clean Harbors Drops on CFO Controversy
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Mid-way through trading Tuesday, the Dow traded up 0.80 percent to 13,990.56 while the NASDAQ rose 1.10 percent to 3,165.81. The S&P also rose, increasing 0.97 percent to 1,520.25.

Top Headline
Making headlines this morning was the Dell (NASDAQ: DELL) buyout. After months of speculation and rumour, it was finally announced that it would be taken private by Michael Dell and Silver Lake for $13.65 per share. Following the announcement, shares dropped a little over 2 percent before being halted.

Equities Trading UP
Protalix Biotherapeutics (NYSE: PLX) shot up 17.35 percent to $6.29 Tuesday after the company announced it was reviewing partnering and other opportunities, hinting at takeover talks.

Shares of BlackBerry (NASDAQ: BBRY) traded up another 6.87 percent to $16.01following a report from All Things D that cited BB10 sales were off to a better start than those of the Lumia 920.

Virgin Media (NASDAQ: VMED) was also up, gaining 17.08 percent at the market open to $45.30 after the company confirmed talks of a sale to Liberty Global.

Equities Trading DOWN
NII Holdings (NASDAQ: NIHD) took a hit throughout early trading Tuesday, falling 8.93 percent to $5.81 after it released guidance that disappointed traders.

Clean Harbors (NYSE: CLH) was down as well, falling 5.15 percent to $52.47 after news that its CFO resigned yesterday broke.

Shares of Arch Coal (NYSE: ACI) traded down 10.71 percent to $6.23 after posting a loss for the fourth-quarter this morning.

In commodity news, oil traded up 0.60 percent to $96.75, while gold traded down 0.14 percent to $1,674.00.

Silver traded up 0.14 percent Tuesday to $31.86.

European markets were mostly higher this morning, riding an upward swing from the fall in US markets Monday. Leading the rise was the Spanish Ibex, up 1.02 percent while the French CAC rose 0.55 percent.

In economic news, the ISM non-manufacturing index came in at 55.20, very slightly beating projections of 55.00 while coming in slightly below the prior report of 55.70.

The IBD economic optimism index was reported as well, coming in at 47.30, matching expectations and beating the previous release of 46.50.

Posted-In: Earnings News Guidance Commodities Global Economics Hot Intraday Update


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