Mid-Afternoon Market Update: Markets Turn Back as Momentum Stocks Drop

By Jake L'Ecuyer,

Shutterstock photo

Toward the end of trading Monday, the Dow traded down 0.02 percent to 16,061.22 while the NASDAQ gained 0.01 percent to 3,991.52. The S&P also fell, dropping 0.19 percent to 1,801.77.

Top Headline Wal-Mart Stores (NYSE: WMT ) announced the retirement of its president and chief executive Mike Duke.

Wal-Mart appointed Doug McMillon, head of international operations, as its new president and CEO, effective February 1.

Equities Trading UP Giant Interactive Group (NYSE: GA ) shot up 12.29 percent to $11.36 after the company received a non-binding proposal to acquire the company for $11.75 per share.

Shares of Orexigen Therapeutics (NASDAQ: OREX ) got a boost, shooting up 8.63 percent to $6.17 after the company announced successful results of the interim analysis of the Light Study.

8x8 (NASDAQ: EGHT ) was also up, gaining 6.59 percent to $10.11 after Bank of America initiated coverage on the stock with a Buy rating and a $13.00 price target.

Equities Trading DOWN Shares of The ADT (NYSE: ADT ) were down 5.93 percent to $41.41 after the company announced the repurchase of 10.24 million shares held by Corvex at $44.01 per share.

Celldex Therapeutics (NASDAQ: CLDX ) shares tumbled 9.36 percent to $25.66 after the company reported rindopepimut data in patients with recurrent glioblastoma.

Yelp (NASDAQ: YELP ) was also down, falling 6.64 percent to $58.24 as the market sold off a wide array of momentum stocks on Monday's session.

Commodities In commodity news, to $94.17, while gold traded up 0.43 percent to $1,249.60.

Silver traded up 0.90 percent Monday to $20.062, while copper rose 0.48 percent to $3.23.

Eurozone European shares today. The Spanish Ibex Index rose 0.06 percent, while Italy's FTSE MIB Index declined 0.34 percent. Meanwhile, the German DAX surged 0.89 percent and the French CAC 40 jumped 0.55 percent while U.K. shares rose 0.34 percent.

Economics The pending home sales index declined 0.6% to 102.1 in October.

The Dallas Fed general business activity index fell to 1.90 in November, versus a prior reading of 3.60. However, economists were expecting a reading of 5.00.

The Treasury is set to auction 2-year notes.

(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 Nasdaq, Inc.

This article appears in: Investing , Commodities , Economy
Referenced Stocks: CLDX , EGHT , GA , OREX , WMT

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