Mid-Day Market Update: Markets Slump; Facebook Remains Up on Massive Volume


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Mid-way through trading Wednesday, the Dow traded down 0.69 percent to 12,668.75 while the NASDAQ fell 0.38 percent to 2,872.87. The S&P also fell, decreasing 0.54 percent to 1,367.09.

Top Headline
Leading into the latest lock-up expiration, shares of Facebook (NASDAQ: FB ) shot up over 8 percent on a massive 137 million share trade volume. Speculation is out on whether or not Facebook may be buying up the newly unlocked shares.

Equities Trading UP
Abercrombie & Fitch (NYSE: ANF ) remained up 27.65 percent at $39.80 after posting a big earnings beat and raising its guidance Wednesday morning.

Shares of Cisco Systems (NASDAQ: CSCO ) also held onto their gains, remaining up 5.46 percent at $17.77 following its earnings beat after the close Tuesday.

MBIA (NYSE: MBI ) consolidated its gains, remaining up 4.61 percent at $7.12, possibly a bounce from yesterday's losses.

Equities Trading DOWN
IAMGOLD (NYSE: IAG ) plummeted 15.01 percent in early trading to $12.63 after the company posted an earnings miss Tuesday and was downgraded to Neutral at Macquarie.

Nektar Therapeutics (NASDAQ: NKTR ) steadily fell Wednesday, dropping 14.48 percent to $5.74 following a series of FDA concerns.

Shares of BGC Partners (NASDAQ: BGCP ) was also falling, trading down 7.65 percent to $3.38 following a hit in revenue due to a trading slump.

In commodity news, oil traded up 1.00 percent to $86.23, while gold traded up 0.27 percent to $1,729.40.

Silver traded up 0.29 percent Wednesday to $32.78.

European shares fell mostly this morning among continued Greek and Spanish fears.

The EU's Olli Rehn made a statement in Brussels stressing the importance of fiscal council, and noted the risks for nominal Spain targets next year. Most importantly, he said that Spain's 2014 deficit steps have fallen short.

In economic news, MBA mortgage applications came in at 12.6 percent, well above the previous report of -5.0 percent.

Retail sales were also reported, coming in at -0.3 percent, just below the expected -0.2 percent, and well below the prior reading of 1.1 percent, while core retail sales came in at -0.3 percent as well, much below the expected 0.4 percent, and well below the prior report of 1.1 percent.

The purchasing price index (PPI) year over year came in at came in at 2.3 percent, below the expected 2.6 percent, and above the prior rating of 2.1 percent. The core PPI year over year came in at 2.1 percent, below the expected 2.5 percent and the previous report of 2.3 percent.

The purchasing price index (PPI) month over month was also reported, coming in at -0.2 percent, below the expected 0.2 percent and well below the prior report of 1.1 percent, while the core PPI month over month was reported at -0.2 percent, below the expected 0.1 percent and the previously reported 0.0 percent.

(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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 , Earnings , Economy
Referenced Stocks: ANF , BGCP , CSCO , IAG , NKTR

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