Midway through trading Monday, the Dow traded down 0.82
percent to 14,742.61 while the NASDAQ dropped 1.19 percent to
3,255.64. The S&P also fell, declining 1.02 percent to
Index Technicals: The S&P 500 looks to be finding support
today at 1580, with 1,595 acting as resistance above that.
Next up, the Dow is finding support at 14,800, while 14,900
above looks to be acting as resistance.
The NASDAQ has support at 3,270 with 3,310 as resistance
Finally, the Russell looks to find support at its 20 EMA at
937.22, with 950 as resistance above that.
Top Headline Citigroup (NYSE:
) reported a 30% rise in its first-quarter profit. Citigroup's
quarterly profit surged to $3.8 billion, or $1.23 per share, from
$2.9 billion, or $1.11 per share, in the year-ago period. Its
adjusted net income came in at $1.29 per share. Its total revenue
rose to $20.5 billion, from $20.2 billion. However, analysts were
expecting earnings of $1.17 per share on revenue of $20.16
billion. Its net interest margin widened to 2.94%. Equities
Trading UP Sprint Nextel (NYSE:
) shot up 13.02 percent to $7.03 after Dish Network (NASDAQ:
) offered to acquire the company in a $25.5 billion deal. Shares
of Life Technologies (NASDAQ:
) got a boost, shooting up 7.54 percent to $73.13 after Thermo
) announced its plans to buy the company for $13.6 billion.
Acorda Therapeutics (NASDAQ:
) was also up, gaining 9.03 percent to $34.37 on Ampyra study.
Equities Trading DOWN IAMGOLD (NYSE:
) was also down, falling 8.41 percent to $5.29 after the company
reached a definitive agreement with the Government of the
Republic of Suriname approved by the legislative authority of
Suriname, the National Assembly.
Shares of AuRico Gold (NYSE:
) were down 10.51 percent to $5.11 after the company announced
preliminary first quarter operational results. First Majestic
) shares tumbled 10.58 percent to $12.51. First Majestic's total
production at its five operating mines in Mexico surged 36% y/y
in the first quarter. Commodities In commodity news, oil traded
down 2.84 percent to $88.70, while gold traded down 8.07 percent
to $1,380.30. Silver traded down 10.56 percent Monday to $23.55,
while copper fell 2.82 percent to $3.26.
Eurozone European shares traded lower following the Asian
weakness creating global growth fears. The eurozone's trade
balance for February grew to 10.4 billion euros from a downwardly
revised 4.7 billion euro deficit in January, better than
forecasts of a 3 billion euro surplus. The Spanish Ibex Index
fell 0.33% while the Italian FTSE MIB Index dropped 0.96 percent.
Meanwhile, the German DAX fell 0.41 percent and the French CAC
dropped 0.50 percent and U.K. shares declined 0.64 percent.
Economics The New York Fed's Empire State index declined to
3.1 points in April, versus estimates of a 7.8 reading. The NAHB
housing-market index declined to 42 in April, versus 44 in March.
However, economists were expecting the index to gain to 46 in
April. The Treasury is set to auction 3- and 6-month bills.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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