Mid-Afternoon Market Update: Markets Level off the Rally as Conn's Continues to Drop


Shutterstock photo

Toward the end of trading Thursday, the Dow traded up 0.68 percent to 16,150.25 while the NASDAQ surged 0.76 percent to 4,270.19. The S&P also rose, gaining 0.70 percent to 1,841.61.

Leading and Lagging Sectors Utilities sector surged 0.26%, saw CPFL Energia SA (NYSE: CPL ) as the top gainer. Among leading sector stocks, gains came from Consolidated Water Co (NASDAQ: CWCO ), Companhia Paranaense de Energia (NYSE: ELP ) and Public Service Enterprise Group (NYSE: PEG ).

In trading on Thursday, technology shares were relative laggards, down on the day by about 0.08%. Top decliners in the sector included KVH Industries (NASDAQ: KVHI ), off 4.87%, and Yandex NV (NASDAQ: YNDX ), down 7.3%.

Top Headline After the closing bell Wednesday, Facebook (NASDAQ: FB ) announced its plans to buy popular messaging service WhatsApp for $16 billion in cash and stock. Facebook will pay $12 billion in stock and $4 billion in cash, plus $3 billion in restricted stock units, to buy WhatsApp.

Equities Trading UP AVG Technologies (NYSE: AVG ) was on the rise Thursday, gaining 20.68 percent to $20.89 after the company impressed traders with its fourth quarter results. Shares of Portfolio Recovery Associates (NASDAQ: PRAA ) got a boost, shooting up 18.32 percent to $59.73 after the company reported Q4 results and agreed to acquire Aktiv Kapital for $880 million.

Tesla Motors (NASDAQ: TSLA ) was also up, gaining 8.30 percent to $209.75 after the company reported better-than-expected fourth-quarter results.

Equities Trading DOWN Shares of Conns (NASDAQ: CONN ) were down 37.81 percent to $34.65 after the company issued a weak Q4 profit forecast. Oppenheimer downgraded the stock from Outperform to Market Perform and cut the price target from $92.00 to $44.00.

Millennial Media (NYSE: MM ) shares tumbled 13.82 percent to $6.20 after the company reported downbeat Q4 revenue and issued a weak Q1 revenue guidance. The company also appointed Ross Levinsohn and Tom Evans to its Board of Directors.

Goodrich Petroleum (NYSE: GDP ) was also down, falling 19.10 percent to $12.37 after the company's fourth quarter results missed street estimates significantly. Commodities In commodity news, oil traded down 0.13 percent to $102.71, while gold traded up 0.17 percent to $1,322.60.

Silver traded up 1.35 percent Thursday to $21.82, while copper fell 0.12 percent to $3.28.

Eurozone European shares were lower today.

The Spanish Ibex Index fell 0.35 percent, while Italy's FTSE MIB Index declined 0.50 percent.

Meanwhile, the German DAX tumbled 1 percent and the French CAC 40 slipped 0.11 percent while U.K. shares declined 0.16 percent.

Economics US jobless claims fell by 3,000 to 336,000 in the week ended February 15. However, economists were estimating claims to decline to 335,000 in the week.

US consumer prices climbed 0.1% in January, while the core CPI increased 0.1%. However, economists were projecting the overall CPI to gain 0.1% and core index to gain 0.1%.

The Markit PMI manufacturing index (flash) for February rose to 56.70, versus a prior reading of 53.70. However, economists were expecting a reading of 53.60.

The Bloomberg Consumer Comfort Index rose to -30.60 in the latest week, versus a prior reading of-30.70.

US Philadelphia Fed manufacturing index fell to -6.30 in February, versus a prior reading of 9.40. However, economists were expecting a reading of 8.00.

The Conference Board's index of leading indicators increased 0.3% in January.

Data on money supply will be released at 4:30 p.m. ET.

(c) 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Free Trading Education - Check out the free events taking place on Marketfy this week. Spaces are limited. Sign up today.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Economy , Futures
More Headlines for: CONN , CWCO , KVHI , PRAA , CPL

More from Benzinga




Market Analysis, FinTech
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by BankRate.com