Following the market opening Thursday, the Dow traded up 0.01
percent to 13,247.25 while the NASDAQ rose 0.29 percent to
3,022.44. The S&P also rose, increasing 0.07 percent to
) saw over an 11 percent gain this morning as Sprint made a bid
for the company of $2.90 perc share. Now its just a matter of
whether or not the board will accept the offer.
Equities Trading UP
Best Buy (NYSE:
) saw a big boost in early trading Thursday, rising 17.65 percent
to $14.33 following a report this morning that Richard Schulze
would be offering between $5 billion and $6 billion for the
Shares of RF Micro Devices (NASDAQ:
) saw a boost as well, gaining 9.14 percent to $4.80 on renewed
investor confidence in its Chinese operations.
CIENA corp (NASDAQ:
) rose as well, trading up 2.92 percent to $16.02 following an
earnings beat this morning.
Equities Trading DOWN
Rigel Pharmaceuticals (NASDAQ:
) fell 30.60 percent to $5.85 Thursday morning following a wave
of analyst ratings yesterday.
Harbinger Group (NYSE:
) was also down, falling 26.32 percent to $7.53 after the company
priced its 20 million share secondary offering at $7.50 per
Shares of Hovnanian Enterprises (NYSE:
) dropped 3.10 percent to $5.32 following a big fourth-quarter
EPS loss, but beat on revenue.
In commodity news, oil traded down 0.47 percent to $86.36, while
gold traded down 1.12 percent to $1,697.40.
Silver traded down 1.10 percent Thursday to $33.60.
European markets were largely down this morning amid talks
concerning the effectiveness of a European banking union, lead
downwards by the German DAX.
Thursday morning was another big day for economic releases, with
initial jobless claims coming in at 343 thousand, below the
expected 369 thousand and the prior figure of 372 thousand, while
continuing claims were reported at 3.198 million, slightly below
the anticipated 3.21 million and the previous report of 3.221
PPI year over year was reported as well, coming in at 1.50
percent, below the expected 1.80 percent and the prior report of
2.30 percent, while PPI month over month was reported at -0.8
percent, below the anticipated -0.50 percent and the prior
release of -0.20 percent.
Core CPI year over year came in at 2.2 percent, matching the
street estimates, and slightly higher than the previous 2.1
percent, while core CPI month over month was reported at 0.1
percent, again equal to consensus while beating the prior figure
of -0.20 percent.
Advance retail sales were also reported, coming in at 0.3
percent, slightly below the anticipated 0.5 percent, but beating
the prior report of -0.30 percent. Advance retail sales excluding
autos came in flat at 0.00 percent, equal to estimates and the
prior report, while advance retail sales excluding autos and gas
came in above the expected 0.40 percent at 0.70 percent, well
above the prior figure of -0.1 percent.
Finally, business inventories were reported at 0.4 percent,
equal to consensus but lower than last month's reading of 0.70
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