Mid-Morning Market Update: Herbalife Back in the Spotlight, Elli Mae on the Rise


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Following the market opening Friday, the Dow traded up 0.18 percent to 13,997.18 while the NASDAQ rose 0.20 percent to 3,205.18. The S&P also rose, increasing 0.18 percent to 1,524.25.

Index Technicals: For technicals on the major indices today, the S&P looks poised to bounce off its 1515 support and head to 1524 highs.

The NASDAQ looks set to breakout over its September 12th highs of 3197.

The Dow looks ready to test 14030 highs while holding 13940 intra-day support.

The RUT looks to be making new highs over 925.

Top Headline Making headlines this morning was Carl Icahn's declaration of a 13 percent stake in Herbalife (NYSE: HLF ) last night. Following the news, shares shot up nearly 26 percent, and have since settled, remaining up about 18 percent.

Carl Icahn will be appearing on CNBC today around noon to explain his stake. Also, keep an eye out for a special Benzinga event centered around the battle of these hedge fund heavyweights.

Equities Trading UP Qlik Technologies (NASDAQ: QLIK ) traded up 19.33 percent to $27.16 after some solid fourth-quarter results following the close Thursday.

Shares of Ellie Mae (NYSE: ELLI ) were also up, gaining 5.60 percent to $22.05 after the company reported earnings and named a new president Thursday.

MeadWestvaco (NYSE: MWV ) shot up 10.07 percent to $34.87 after Nelson Peltz's fund Trian announced its stake in the company after the close Thursday.

Equities Trading DOWN LogMeIn (NASDAQ: LOGM ) plummeted 26.97 percent to $17.28 after the company beat on earnings but released some very poor guidance Thursday.

SunPower (NASDAQ: SPWR ) was also down, dropping 3.30 percent to $11.73 as the company finally let out some air after its rally of over 50 percent this week.

Shares Kosmos Energy (NYSE: KOS ) were also down, falling 3.54 percent to $10.90 after pricing its 30 million share secondary offering at $11.00 per share.

Commodities In commodity news, oil traded down 1.53 percent to $95.82, while gold traded down 1.49 percent to $1,611.40.

Silver traded up 0.36 percent Friday to $29.99.

Eurozone In the eurozone this morning markets were roughly flat ahead of the official G20 statement. The Spanish Ibex was down 0.02 percent, while on the upside the French CAC was up 0.34 percent.

Economics In economic news this morning, industrial production came in at -0.10 percent, missing projections of 0.20 percent and the prior release of 0.30 percent.

Capacity utilization rate was also released, coming in at 79.10 percent, slightly above estimates of 78.90 percent and the previous figure of 78.80 percent.

The New York empire state manufacturing index came in at 10.040, crushing estimates of -2.0 and the prior release of -7.78.

Total net TIC flows come in at 25.20 billion, falling below the prior figure of 27.80 billion, while net long-term TIC flows were reported at 64.20 billion, crushing the estimates of 35.0 billion and beating the prior figure of 52.30 billion.

The University of Michigan consumer confidence reading came in 76.30, beating consensus estimates of 74.80 and the prior figure of 73.80.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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This article appears in: Investing , Economy
More Headlines for: HLF , KOS , LOGM , MWV , QLIK

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