Mid-Day Market Update: Markets Roughly Flat, Constellation Brands Drops

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Mid-way through trading Thursday, the Dow traded down 0.10 percent to 13,896.18 while the NASDAQ rose 0.16 percent to 3,147.18. The S&P also fell, decreasing 0.07 percent to 1,500.25.

Top Headline Facebook (NASDAQ: FB ) reported earnings after the close Wednesday, beating on the top and bottom lines, but disappointing investors when it came to headcount growth and mobile revenue growth. After the release, shares traded down just under 6 percent, but have since recovered to their pre-earnings levels.

Equities Trading UP WMS Industries (NYSE: WMS ) saw a boost of 52.11 percent to $24.90 after it was announced that Scientific Games would buy the company for $1.5 billion this morning.

Shares of Fortinet (NASDAQ: FTNT ) were also up, gaining 22.79 percent to $23.76 after the company beat on both top and bottom lines Thursday morning.

Pitney Bowes (NYSE: PBI ) was up as well, gaining 16.82 percent to $13.99 after beating on the bottom line, matching on revenue, and guiding slightly lower for 2013.

Equities Trading DOWN Fusion-io (NYSE: FIO ) traded down 15.48 percent to $16.98 after the company beat on earnings Wednesday but released terrible guidance. Following the report it received three significant downgrades, causing shares to bottom out.

Liquidity Services (NASDAQ: LQDT ) was down as well, falling 23.10 percent to $31.58 after the company reported some poor guidance and earnings Thursday morning.

Shares of Constellation Brands (NYSE: STZ ) plumetted 18.28 percent to $32.01 after the U.S. Department of Justice announced it would sue to halt the takeover of Modelo by Anheuser Busch.

Commodities In commodity news, oil traded down 0.74 percent to $97.22, while gold traded down 0.96 percent to $1,665.40.

Silver traded up 0.46 percent Thursday to $31.64.

Eurozone European markets fell this morning, led downward by Spain and a string of poor earnings reports. The Spanish Ibex fell 1.58 percent, followed closely by the Italian MIB index which fell 0.91 percent.

Economics In economic news Thursday morning, challenger job cuts came in at -24.40 percent, below the prior release of -22.10 percent.

Personal income was also reported, coming in at 2.60 percent, beating expectations of 0.80 percent and the prior release of 0.10 percent, while personal spending came in at 0.20 percent, missing the projected 0.30 percent and the prior figure of 0.40 percent.

Initial jobless claims were reported at 368 thousand, beating the expected 350 thousand and the prior report of 330 thousand, while continuing claims came in at 3.197 million, higher than the projected 3.171 million and the last report of 3.157 million.

Chicago PMI was reported as well, coming in at 55.6, crushing the projected 50.5 and the revised prior report of 50.00.

(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: FIO , LQDT , PBI , STZ , WMS

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