Following the market opening Friday, the Dow traded down 0.05
percent to 13,097.10 while the NASDAQ fell 0.11 percent to
2,982.72. The S&P also fell, decreasing 0.15 percent to
As a heads up for the week, we have now entered the most busy
period of earnings season, so watch for some serious price
In a surprising turn of events to some, the GDP quarter over
quarter was reported above expectations this morning, coming in
at 2.0 percent, above the expected 1.8 percent. The beat should
serve as a boon to the Obama campaign, but has yet to have a
significant effect on the markets this morning.
Equities Trading UP
) traded up 19.50 percent to $24.88 after the company posted a
significant earnings beat following the close Thursday.
Varian MEdical Systems (NYSE:
) also traded up 15.73 percent to $67.24 after the company posted
an earnings beat yesterday, and subsequently was rated as a Buy
at Brean Murray and Jefferies & Co.
Shares of NetSuite (NYSE:
) also rose, increasing 13.42 percent to $64.61 after reporting a
third quarter earnings beat and a rise in price target from
Wunderlich and BMO Capital Markets.
Equities Trading DOWN
Constant Contact (NASDAQ:
) took a beating in early trading, falling 24.49 percent to
$12.86 after the company beat on earnings, but issued dismal
HMS Holdings (NASDAQ:
) also fell, dropping 23.59 percent to $20.57 following an
earnings miss and a cut in its fiscal year forecast.
Shares of VeriSign (NASDAQ:
) dropped 18.38 percent to $38.03 after the company the company
posted lower than expected guidance.
In commodity news, oil traded down 0.49 percent to $85.63, while
gold traded up 0.36 percent to $1,723.00.
Silver traded up 0.14 percent Friday to $32.22.
In the EU, German prime minister Angela Merkel announced that
Croatia would be joining the European Union in 2013 as
The European markets themselves were down slightly Friday
morning among continuing fears over the finances of Greece and
Spain. UK markets also fell, despite a strong GDP report a day
In economic news Friday, core PCE quarter over quarter was
reported at 1.3 percent, equal to estimates, and slightly higher
than the previous figure of 1.7 percent. Personal consumption was
also reported, coming in at 2.0 percent, slightly below the
expected 2.1 percent, but above the previous report of 1.5
The GDP price index came in at 2.8 percent, above the expected
2.1 percent, and well above the prior figure of 1.6 percent.
Most importantly, GDP quarter over quarter came in at 2.0
percent, above the expected 1.8 percent, and solidly above the
last report of 1.3 percent. The University of Michigan consumer
confidence figure was also reported, coming in at 82.6, slightly
below the estimate of 83 and the prior figure of 83.1.
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