Following the market opening Friday, the Dow traded up 0.13
percent to 15,102.64, while the NASDAQ gained 0.42 percent to
reach 3,423.62. The S&P also rose, increasing 0.20 percent to
Top Headline Gold futures saw a sharp decline on Friday, on
the back of the extended rally of the US dollar against the
Gold futures for June fell by almost $40 to $1,428.70 an ounce
on the Comex Index of the New York Mercantile Exchange.
BNP Paribas has downgraded its gold price outlook, while
saying that the precious metal is likely to trade once again
above $1,600 per ounce within the next six months.
Equities Trading UP Ubiquity Networks, Inc (NASDAQ:
) shot up, gaining 20.55 percent to $19.42. Ubiquity Networks
reported its Fiscal Q3 results with a second straight quarter of
double-digit sequential growth.
Molycorp, Inc (NYSE:
) was also up 20.39 percent to $6.73 after Molycorp beat analyst
expectations with its Q1 results.
Shares of Tesla Motors, Inc (NASDAQ:
) got a boost, shooting up 12.54 percent to $78.10. Tesla Motors
benefitted from its heavily shorted stock.
Equities Trading DOWN Pain Therapeutics, Inc (NASDAQ:
) was down, falling 47.930 percent to $2.77, after Pfizer (NYSE:
) announced that it was re-evaluating its endorsement of the
Remoxy program following the "years of delay, additional cost
incurred to bring the program to this point and development work
left in the program."
Shares of DURECT Corporation (NASDAQ:
) were down 142.10 percent to $0.92, following DURECT's update on
Remoxy. DRRX announced that Pfizer (NYSE:
) does not expect to submit a response to the "complete response"
letter any time before mid-2015.
Institutional Financial Markets, Inc (NYSE:
) shares tumbled 33.26 percent to $1.87 after the company its Q1
2013 results with adjusted operating loss of $5.6 million.
Commodities In commodity news, oil traded down2.15 percent to
$45.32, while gold dropped 2.61 percent to $1,430.30.
Silver traded down 2.60 percent Friday to $23.29, while copper
fell 0.12 percent to $3.34.
Eurozone European shares were also higher overnight on the
back of Asian strength. The Spanish Ibex Index rose 0.34 percent
and the Italian FTSE MIB Index rose 1.23 percent. Meanwhile, the
German DAX gained 0.53 percent and the French CAC 40 added 0.51
percent while U.K. shares gained 0.34 percent.
Economics Chairman of the Federal Reserve, Ben Bernanke, was
schedule to speak at the Chicago Federeal Banking Conference on
The monthly budget report for March by the US Treasury stood
at $106.5 billion, representing a deficit. So far, 2013 has
witnessed an improvement in the government's deficit, which now
stands at a whopping $600.5 billion. This figure represents a 23%
decline six months into the year.
Esther George, President of the Kansas City Federal Reserve
Bank is schedule to speak on the economy in Jackson, Wyoming at
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advice. All rights reserved.
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