Following the market opening Wednesday, the Dow traded up 0.40
percent to 13,159.17 while the NASDAQ fell 0.34 percent to
2,977.86. The S&P also rose, increasing 0.20 percent to
Trading resumed on the NASDAQ, NYSE, and other major US exchanges
Wednesday after having been suspended for 2 days by the effects
of hurricane Sandy.
Benzinga is happy to see the markets open again, but wanted to
stress our wish that everyone ended up safe. To those still
suffering the effects of the storm -- the 8.2 million or so
buildings without electricity -- we wish the best.
Equities Trading UP
Warnaco Group (NYSE:
) shot up 39.86 percent to $71.16 after it was announced that PVH
would acquire the company for $2.9 billion in cash.
Generic Holdings (NYSE:
) was also on the rise, trading up 19.56 percent to $33.87 after
posting a third-quarter earnings beat and significantly increased
guidance this morning.
Shares UBS AG (NYSE:
) rose as well, increasing 13.65 percent to $14.99 after the
company announced job cuts and a restructuring plan on
Equities Trading Down
Western Union (NYSE:
) plummeted 25.04 percent to $13.44 after a downgrade at D.A.
Davidson Wednesday morning.
Riverbed Technology (NASDAQ:
) also took a hit, falling 18.21 percent to $18.50 following a
pair of downgrades at Jefferies & Co and Wunderlich
Shares CBRE Group (NYSE:
) fell as well, dropping 6.19 percent to $17.12 after posting an
earnings miss Tuesday.
In commodity news, oil traded up 0.82 percent to $88.88, while
gold traded up 0.48 percent to $1,720.30.
Silver traded up 0.41 percent Wednesday to $32.22.
In the Eurozone, markets were up across the board as Greece
revealed its budget. German chancellor Angela Merkel came out
making some comments, saying the Euro Area could use a dynamic
economy like that of Turkey's, hinting at the possibility of
Turkey joining the Euro Area in the near future.
In economic news, the employment cost index came in at 0.4
percent, slightly below the expected reading and previous figure
MBA Mortgage Applications were reported as well, coming in at
-4.8 percent, well above the prior figure of -12.0 percent.
The Chicago PMI was also reported, coming in at 49.9, below
the expected 51, and slightly above the previous report of
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