Market Overview

Mid-Morning Market Update: JC Penney Falls As Cliffs Natural Resources Rallies

Mid-Morning Market Update: JC Penney Falls As Cliffs Natural Resources Rallies
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Following the market open Tuesday morning, the Dow traded up 0.07 percent to 14,623.98 while the NASDAQ rose 0.15 percent to 3,227.44. The S&P also rose, increasing 0.11 percent to 1,564.51.

Index Technicals:
The S&P 500 looks to be overtaking 1,560 with 1,570/1,575 highs acting as the next resistance.

The Dow looks to be taking 14,600 resistance with 14,700 acting as resistance above that.

The Russell looks to be hitting its 20 EMA resistance at 934.76 and 940 resistance above that.

Finally, the NASDAQ looks to break through its 3,200 resistance with 3,240 acting as resistance above that.

Top Headline
After the close Monday, J.C. Penney (NYSE: JCP) announced that its CEO, Ron Johnson, had resigned.

Following the news, shares jumped as much as ten percent, but quickly gave up the gains and went red once it was released that former CEO Mike Ullman would be taking back the helm.

Shares are currently down 11.66 percent to $14.02.

Equities Trading UP
Cliffs Natural Resources (NYSE: CLF) traded up 5.93 percent to $19.91 this morning after a group of miners have been rallying on Alcoa's (NYSE: AA) results after the close yesterday.

Shares of VirnetX Holdings (NYSE: VHC) were also up, gaining 4.00 percent to $19.76 after the European patent office granted the company a new patent.

Allied Nevada Gold (NYSE: ANV) was also up, gaining 15.18 percent to $13.58 after releasing preliminary after the close Monday.

Equities Trading DOWN
Advanced Micro Devices (NYSE: AMD) traded down sharply at the open, falling 2.82 percent to $2.52 despite news that its chips would be used in Microsoft's (NASDAQ: MSFT) new Xbox console.

Marvell Technology (NASDAQ: MRVL) was also down, falling 2.20 percent to $10.24 after news got out that David Einhorn had sold his shares of the company.

Shares of Starwood Property Trust (NYSE: STWD) were down as well, dropping 2.83 percent to $27.42 after pricing of its 26.5 million share secondary offering. The price was not disclosed.

In commodity news, oil traded down 0.33 percent to $93.05, while gold traded up 0.62 percent to $1,582.20.

Silver traded up 1.54 percent Tuesday to $27.73, while copper rose 1.07 percent to $3.40.

In the eurozone this morning, markets rose overnight as fears stemming from Portugal and Cyprus managed to blow over.

The FTSE MIB index lead the charge, gaining 1.14 percent, while the Spanish Ibex was close behind, gaining 0.92 percent.

There were no major economic releases Tuesday.

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


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