Mid-Morning Market Update: Markets Go Red, DeVry Rockets Upwards

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Following the market opening Thursday, the Dow traded down 0.40 percent to 13,930.18 while the NASDAQ fell 0.23 percent to 3,161.18. The S&P also fell, decreasing 0.22 percent to 1,508.25.

Top Headline Making headlines all over the street today was Greenlight Capital's David Einhorn, and his vehement defense of a proposal for Apple (NASDAQ: AAPL ) to issue preferred stock. In a series of interviews on CNBC, Bloomberg TV and a few other outlets, the hedge fund titan stated that the company will no longer grow at its former rate of 80 percent, but that he owns more Apple than ever before.

Equities Trading UP DeVry (NYSE: DV ) shot up 19.91 percent to $31.32 after the company crushed on the top and bottom lines, once again leaving analysts in the dust.


Shares of Advanced Auto Parts (NYSE: AAP ) traded up 7.12 percent to $78.09 after the company posted a large beat on the bottom line and matched estimates on the top line this morning, while releasing 2013 guidance in line with estimates, and projecting comp sales down 1.9 percent.

O'Reilly Automotive (NASDAQ: ORLY ) was also up, gaining 9.04 percent to $100.96 after the automotive parts retailer beat on the bottom line and matched on the top line after the close on Wednesday.

Equities Trading DOWN Akamai (NASDAQ: AKAM ) traded down 16.84 percent to $34.58 after releasing some weak sales numbers and terrible guidance.

Green Mountain Coffee Roasters (NASDAQ: GMCR ) was also down, dropping 9.63 percent to $44.22 after the company's sales forecast came in below analyst estimates, sending the volatile stock's momentum to the downside.

Shares of Atmel (NASDAQ: ATML ) traded down 12.18 percent to $6.27 after the company reported in line on EPS and beat on revenue, but lowered its first-quarter revenue guidance.

Commodities In commodity news, oil traded up 0.39 percent to $97.00, while gold traded down 0.67 percent to $1,667.40.

Silver traded down 0.46 percent Thursday to $31.41.

Eurozone In the eurozone this morning, markets were higher across the board, disregarding the increase in bond yields. Leading the rise were the volatiles Spanish Ibex and Italian MIB index, gaining 0.84 percent and 0.76 percent respectively, while the French CAC rose 0.34 percent.

Economics In economic news this morning, non-farm productivity quarter over quarter came in at -2.0 percent, lower than the projected -1.3 percent, and far below the revised prior report of 3.2 percent.

Unit labor costs quarter over quarter were also reported, coming in at 4.5 percent, beating expectations of 3.0 percent, and coming in far above the last report of -2.3 percent.

Continuing jobless claims were reported at 3.224 million, above the expected 3.197 million and the prior report of 2.216 million, while initial jobless claims were reported at 366 thousand, above estimates of 360 thousand, but below the previous release of 371 thousand.

(c) 2013 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 , Commodities , Economy , International

Referenced Stocks: AAPL , AKAM , ATML , GMCR , ORLY

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