Mid-Day Market Update: Markets Fluctuate; Edwards Group Shares Surge On Acquisition News

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Midway through trading Monday, the Dow traded down 0.12 percent to 15,063.46 while the NASDAQ surged 0.38 percent to 3,616.62. The S&P also fell, dropping 0.11 percent to 1,654.07.

Top Headline Saks (NYSE: SKS ) reported a wider second-quarter loss.

Saks posted a quarterly loss of $19.6 million, or $0.13 per share, versus a year-ago loss of $12.3 million, or $0.08 per share. Excluding one-time items, it lost $0.10 per share. However, analysts were expecting a loss of $0.08 per share.

Its revenue rose 1% to $707.8 million from $704.1 million, versus analysts' estimates of $732.3 million. Its same-store sales increased 1.5%.

Equities Trading UP Edwards Group (NASDAQ: EVAC ) shot up 18.22 percent to $9.99 after the company agreed to be acquired by Atlas Copco Group for $10.50 per share.

Shares of Pandora Media (NYSE: P ) got a boost, shooting up 6.74 percent to $21.71 after Needham lifted the price target on the stock from $20.00 to $25.00.

Cellcom Israel (NYSE: CEL ) was also up, gaining 3.48 percent to $11.52 after the company reported Q2 results and named Ron Shvili as its Chief Technology Officer.

Equities Trading DOWN Shares of Cobalt International Energy (NYSE: CIE ) were down 13.31 percent to $25.46 after the company provided an operational update on its deepwater drilling operations in West Africa and the Gulf of Mexico.

Trulia (NYSE: TRLA ) shares tumbled 3.90 percent to $44.30 after analysts at RBC Capital downgraded the stock from Outperform to Sector Perform.

B2Gold (NYSE: BTG ) was down, falling 8.33 percent to $3.03 after the company announced private offering of US$225 million of convertible senior subordinated notes.

Commodities In commodity news, oil traded down 0.50 percent to $106.92, while gold traded down 0.56 percent to $1,363.30.

Silver traded down 0.97 percent Monday to $23.15, while copper fell 0.71 percent to $3.34.

Eurozone European shares today. The Spanish Ibex Index tumbled 1.97 percent, while Italy's FTSE MIB Index dropped 2.46%. Meanwhile, the German DAX declined 0.29 percent and the French CAC 40 dipped 0.97 percent while U.K. shares fell 0.51 percent.

Economics There were no major economic releases Monday morning.

(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 OMX Group, Inc.



This article appears in: Investing , Commodities , Economy , International

Referenced Stocks: BTG , CEL , CIE , P , SKS

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