Market Overview

Mid-Day Market Update: eBay Shares Rise On Cyber Monday; Cobalt International Energy Tumbles

Mid-Day Market Update: eBay Shares Rise On Cyber Monday; Cobalt International Energy Tumbles
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Midway through trading Monday, the Dow traded down 0.14 percent to 16,063.39 while the NASDAQ tumbled 0.18 percent to 4,052.40. The S&P rose, gaining 0.02 percent to 1,806.25.

Top Headline
Akamai Technologies (NASDAQ: AKAM) announced it plans to buy Prolexic Technologies, a provider of cloud-based security solutions, for about $370 million.

The transaction is expected to close in the first half of 2014. Akamai reaffirmed its Q4 earnings forecast of $0.49 to $0.53 per share on revenue of $412 million to 430 million.

Equities Trading UP
Pretium Resources (NYSE: PVG) shot up 5.89 percent to $5.75 after the company announced the results of underground exploration in Valley of the Kings.

Shares of eBay (NASDAQ: EBAY) got a boost, shooting up 2.30 percent to $51.68 on “Cyber Monday.” Analysts at SunTrust Robinson Humphrey upgraded eBay from Neutral to Buy.

Marketo (NASDAQ: MKTO) was also up, gaining 4.30 percent to $30.35 after Goldman Sachs added the stock to “Conviction Buy” list.

Equities Trading DOWN
Shares of Cobalt International Energy (NYSE: CIE) were down 16.82 percent to $18.49 after the company confirmed that it has successfully tested its earlier announced Lontra #1 Pre-salt discovery well in Block 20, offshore Angola.

Petroleo Brasileiro SA- Petrobras (NYSE: PBR) shares tumbled 10.73 percent to $14.23 after Citigroup downgraded the stock from Buy to Neutral.

U.S. Ecology (NASDAQ: ECOL) was down, falling 4.03 percent to $36.93 after the company reported that it has commenced an underwritten public offering of up to 2,600,000 shares of its common stock. The company also lifted its earnings outlook for the year ending December 31, 2013.

In commodity news, oil traded up 0.87 percent to $93.53, while gold traded down 1.88 percent to $1,226.90.

Silver traded down 2.84 percent Monday to $19.47, while copper fell 0.83 percent to $3.18.

European shares were mostly lower today. The Spanish Ibex Index tumbled 0.79 percent, while Italy's FTSE MIB Index declined 1.52 percent. Meanwhile, the German DAX dropped 0.01 percent and the French CAC 40 declined 0.22 percent while U.K. shares fell 0.83 percent.

US manufacturing PMI climbed to 54.7 in November, from the flash estimate of 54.3 and versus a reading of 51.8 in October. However, economists were expecting a reading of 54.3.

The ISM manufacturing index rose to 57.30 in November, versus a prior reading of 56.40. However, economists were expecting a reading of 55.10.

U.S. construction spending rose 0.80% in October, versus economists' expectations for a 0.40% gain.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s


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