Mid-Afternoon Market Update: Markets Remain Mixed, Cliffs Natural Resources Falls Further


Toward the end of trading Wednesday, the Dow traded down 0.35 percent to 13,969.73 while the NASDAQ rose 0.19 percent to 3,192.18. The S&P also fell, decreasing 0.05 percent to 1,518.25.

Index Technicals: On the major indexes today, the S&P looks poised to break out of the 1,518 -1,515 range and head back to its 2007 highs of 1,576.

The Dow looks ready to test the top of the 13,866-14,022 range, while the NAS looks poised to test its September 2012 highs of 3,197.

The RUS looks ready to make new highs after its break out over 915 yesterday.

Top Headline Occupying the top spot today is the Comcast (NASDAQ: CMCSA ) purchase of GE's (NYSE: GE ) remaining 49 percent stake in NBC Universal for $16.7 billion. Following the news, both stocks traded up, with GE rising roughly 4 percent, and Comcast gaining around 8 percent.

Equities Trading UP Vonage Holdings (NYSE: VG ) rose every since the opening today, gaining 11.98 percent to $2.71 following its fourth-quarter earnings release this morning.

Shares of Trulia (NYSE: TRLA ) remained up from earlier, rising 27.67 percent to $30.37 from yesterday's close after the company's guidance and subscription growth impressed traders.

Millennial Media (NYSE: MM ) was also up, gaining 7.00 percent to $12.61, possibly on a technical case.

Equities Trading DOWN Shares of Cliffs Natural Resources (NYSE: CLF ) fell 20.46 percent to $29.12 this morning after an earnings beat from the company and the announcement of a 9 million share secondary offering. The announcement was followed by a string of downgrades, further adding to the fall.

Bankrate (NYSE: RATE ) was also down, dropping 16.80 percent to $10.30 after releasing a disappointing fourth-quarter earnings report this morning.

Shares of Rackspace Hosting (NYSE: RAX ) traded down 19.65 percent to $60.25 after the company's poor earnings release Tuesday.

Commodities In commodity news, oil traded down 0.48 percent to $97.04, while gold traded down 0.42 percent to $1,642.90.

Silver traded down 0.25 percent Wednesday to $30.77.

Eurozone In the eurozone this morning, markets were mixed, with the Spanish Ibex up 0.12 percent while the rest of the indexes fell, lead downwards by U.K. shares.

Economics In economic news this morning, retail sales came in at 0.10 percent, matching expectations but coming in below last month's report of 0.50 percent.

Retail sales ex autos & gas came in at 0.20 percent, missing the projected 0.40 percent and the prior report of 0.70 percent.

The import price index was also reported, coming in at -1.30 percent, lower than the expected -1.0 percent, and well below the prior release of 1.90 percent.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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

This article appears in: Investing , Economy

Referenced Stocks: CLF , CMCSA , GE , RATE , RAX


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