Market Overview

Mid-Afternoon Market Update: Copper Continues to Take a Beating, Lattice Semiconductor Rallies

Mid-Afternoon Market Update: Copper Continues to Take a Beating, Lattice Semiconductor Rallies
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Toward the end of trading Tuesday, the Dow traded down 0.17 percent to 14,428.93 while the NASDAQ dropped 0.59 percent to 3,218.50. The S&P also fell, declining 0.47 percent to 1,544.84.

Index Technicals:
The Dow looks set to find support at 14,440 and will test its 14,410 support, while encountering resistance at the 14,522 level.

The S&P 500 seems to be finding support at 1,550, with overhead resistance at 1,560.

The NASDAQ briefly loses its 3,320 support after a gap down, before rising up with 3,250 resistance overhead.

Finally, the Russell looks set to find support at 945, while hitting resistance at the 951 level.

Top Headline
Yesterday, Electronic Arts (NASDAQ: EA) reported that its CEO, John Riccitiello, is stepping down.

EA also warned that its current-quarter earnings will be at the low end of its earlier issued view. The company has appointed Larry Probst, former CEO and chairman of the board, as its executive chairman.

Equities Trading UP
AmerisourceBergen (NYSE: ABC) shot up 4.48 percent to $50.47 after Walgreen (NYSE: WAG) announced its plans to buy stake in AmerisourceBergen.

Shares of NPS Pharmaceuticals (NASDAQ: NPSP) got a boost, shooting up 9.61 percent to $9.91 after the company regained marketing worldwide rights to teduglutide and recombinant human parathyroid hormone 1-84..

Lattice Semiconductor (NASDAQ: LSCC) traded up 7.55 percent to $5.13 after the company raised its first-quarter guidance following the market close Monday.

Equities Trading DOWN
DSW (NYSE: DSW) shares tumbled 6.73 percent to $62.52 after the company issued weak forecast.

Electronic Arts (NASDAQ: EA) was also down, falling 8.66 percent to $17.08after the company reported that its CEO, John Riccitiello, is stepping down.

Shares of Walter Investment Management (NYSE: WAC) were down 18.63 percent to $33.84 after the company posted a Q4 GAAP net loss of $34.1 million.

In commodity news, oil traded down 1.42 percent to $92.77, while gold traded up 0.33 percent to $1,609.90.

Silver traded down 0.12 percent Tuesday to $28.87, while copper fell 1.01 percent to $3.39.

European shares were lower for the second consecutive day. The Spanish Ibex Index tumbled 2.27 percent and the Italian FTSE MIB Index fell 1.63 percent. The STOXX Europe 600 Index fell 0.45 percent, London's FTSE 100 Index rose 0.51 percent, French CAC 40 Index dipped 1.38 percent and German DAX 30 index dropped 0.95 percent.

US housing starts climbed 0.8% to 917,000 in February. However, economists were expecting construction starts to increase to 913,000 in February.

The ICSC/Goldman Sachs Retail Chain Store Sales Index gained 1.4% in the latest week ended Saturday.

The Johnson Redbook Retail Sales Index rose 2.9% y/y in the week ended March 16, 2013. The Treasury is set to auction 4-week bills.

Posted-In: Earnings News Guidance Commodities Management Global Econ #s Economics


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