Mid-Day Market Update: Dow Surges Above 16000; JinkoSolar Shares Gain On Q3 Results

By Jake L'Ecuyer,

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Midway through trading Monday, the Dow traded up 0.26 percent to 16,002.76 while the NASDAQ declined 0.05 percent to 3,983.93. The S&P also rose, gaining 0.05 percent to 1,799.00.

Top Headline Tyson Foods (NYSE: TSN ) reported a rise in its fourth-quarter profit.

Tyson's quarterly profit surged to $261 million, or $0.70 per share, versus a year-ago profit of $181 million, or $0.51 per share. Its adjusted earnings gained to $0.70 per share from $0.55 per share.

Its revenue surged to $8.9 billion from $8.3 billion. However, analysts were estimating earnings of $0.69 per share on revenue of $8.8 billion.

Equities Trading UP JinkoSolar Holding Co (NYSE: JKS ) shot up 14.78 percent to $33.86 after the company reported its Q3 profit of $1.44 per share and lifted its full-year outlook for solar module shipments.

Shares of Tyson Foods (NYSE: TSN ) got a boost, shooting up 2.50 percent to $29.49 after the company reported higher Q4 profit.

YY (NASDAQ: YY ) was also up, gaining 1.56 percent to $54.98 after the company announced withdrawal of proposed offering of convertible notes.

Equities Trading DOWN Shares of Microsoft (NASDAQ: MSFT ) were down 1.40 percent to $37.31 after analysts at Bank of America downgraded the stock from Neutral to Underperform.

SuperValu (NYSE: SVU ) shares tumbled 8.90 percent to $6.2680 after Goldman Sachs downgraded the stock from Neutral to Sell and lowered the price target from $8.00 to $6.00.

Twitter (NYSE: TWTR ) was down, falling 2.71 percent to $42.79 after Wunderlich initiated coverage on the stock with a Sell rating.

Commodities In commodity news, oil traded up 0.34 percent to $94.16, while gold traded down 0.75 percent to $1,277.80.

Silver traded down 1.05 percent Monday to $20.51, while copper fell 0.52 percent to $3.17.

Eurozone European shares today. The Spanish Ibex Index rose 0.88 percent, while Italy's FTSE MIB Index surged 2.16 percent. Meanwhile, the German DAX gained 0.74 percent and the French CAC 40 climbed 0.66 percent while U.K. shares rose 0.45 percent.

Economics The NAHB housing market index came in at 54 in November, versus a revised reading of 54 in October. However, economists were expecting a reading of 55.

(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: JKS , MSFT , SVU , TSN , YY

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