Mid-Afternoon Market Update: Millennial Media on the Rise, Markets Remain Down

Toward the end of trading Friday, the Dow traded down 0.18 percent to 13,948.18 while the NASDAQ fell 0.31 percent to 3,188.18. The S&P also fell, decreasing 0.27 percent to 1,517.25.

For technicals on the major indices today, the S&P looks poised to bounce off its 1515 support and head to 1524 highs. The NASDAQ looks set to breakout over its September 12th highs of 3197. The Dow looks ready to test 14030 highs while holding 13940 intra-day support. The RUT looks to be making new highs over 925.

Making headlines this morning was Carl Icahn's declaration of a 13 percent stake in Herbalife

last night. Following the news, shares shot up nearly 26 percent, and have since settled, remaining up about 18 percent. Carl Icahn spoke on CNBC about his stake, defending his thesis, and frequently making attacks on short seller Bill Ackman. Who is right?

Qlik Technologies

traded up 18.23 percent to $26.91 after some solid fourth-quarter results following the close Thursday. Shares of (XOOM)

shot up 43.72 percent to $22.99 in its first day of trading this morning, marking another successful initial public offering this year. Millennial Media

rose 13.00 percent to $14.08 on continued positive trader sentiment.

LogMeIn

plummeted 29.57 percent to $16.66 after the company beat on earnings but released some very poor guidance Thursday. On Assignment

traded down 10.79 percent to $22.00 following its earnings report after the close Thursday. Shares Ruckus Wireless

dropped 13.44 percent to $19.70, riding negative sentiment stemming from the Needham downgrade on the 13th.

In commodity news, oil traded down 1.48 percent to $95.87, while gold traded down 1.82 percent to $1,605.40. Silver traded up 0.58 percent Friday to $29.77.

In the eurozone this morning markets were roughly flat ahead of the official G20 statement. The Spanish Ibex was down 0.02 percent, while on the upside the French CAC was up 0.34 percent.

In economic news this morning, industrial production came in at -0.10 percent, missing projections of 0.20 percent and the prior release of 0.30 percent. Capacity utilization rate was also released, coming in at 79.10 percent, slightly above estimates of 78.90 percent and the previous figure of 78.80 percent. The New York empire state manufacturing index came in at 10.040, crushing estimates of -2.0 and the prior release of -7.78. Total net TIC flows come in at 25.20 billion, falling below the prior figure of 27.80 billion, while net long-term TIC flows were reported at 64.20 billion, crushing the estimates of 35.0 billion and beating the prior figure of 52.30 billion. The University of Michigan consumer confidence reading came in 76.30, beating consensus estimates of 74.80 and the prior figure of 73.80.