Mid-Day Market Update: U.S. Stocks Pare Early Gains; GM Shares Decline On Weak December Sales

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Midway through trading Friday, the Dow traded up 0.03 percent to 16,446.14 while the NASDAQ declined 0.42 percent to 4,125.73. The S&P also fell, dropping 0.13 percent to 1,829.64.

Top Headline Yesterday, FireEye (NASDAQ: FEYE ) reported that it has acquired privately-held Mandiant for $1.05 billion in a cash and stock deal.

FireEye expected Q4 revenue of $55 million to $57 million, versus its earlier forecast of $52 million to $54 million.

Equities Trading UP Shares of FireEye (NASDAQ: FEYE ) got a boost, shooting up 31.61 percent to $54.13 after the company reported that it has acquired privately-held Mandiant for $1.05 billion in a cash and stock deal.

Resources Connection (NASDAQ: RECN ) shot up 7.38 percent to $15.29 after the company reported upbeat FQ2 earnings.

Rite Aid (NYSE: RAD ) was also up, gaining 8.13 percent to $5.45 after the company reported a 2.9% gain in its December same-store sales.

Equities Trading DOWN Shares of IPC The Hospitalist Company (NASDAQ: IPCM ) were down 2.60 percent to $56.98 after Credit Suisse downgraded the stock from Outperform to Neutral.

Sprint (NYSE: S ) tumbled 4.09 percent to $9.98 after analysts at Stifel Nicolaus downgraded the stock from Hold to Sell.

General Motors Company (NYSE: GM ) was down, falling 2.60 percent to $39.88 after the company reported a 6.3% drop in its U.S. auto sales in December.

Commodities In commodity news, oil traded down 1.05 percent to $94.45, while gold traded up 0.82 percent to $1,235.20.

Silver traded up 0.11 percent Friday to $20.15, while copper fell 0.93 percent to $3.35.

Eurozone European shares were higher today. The Spanish Ibex Index rose 0.29 percent, while Italy's FTSE MIB Index surged 1.02 percent. Meanwhile, the German DAX gained 0.43 percent and the French CAC 40 rose 0.61 percent while U.K. shares climbed 0.37 percent.

Economics Supplies of natural gas dropped 97 billion cubic feet for the week ended December 27, the U.S. Energy Information Administration reported.

Crude supplies fell by 7 million barrels for the week ended December 27, the U.S. Energy Information Administration said. However, analysts were expecting a drop of 1.5 million barrels.

Federal Reserve Chairman Ben Bernanke is set to speak at 2:30 p.m. ET.

(c) 2014 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 , Economy , Futures , International

Referenced Stocks: GM , IPCM , RAD , RECN , S

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