Following the market opening Wednesday, the Dow traded up 0.16
percent to 14,057.47 while the NASDAQ fell 0.14 percent to
3,209.18. The S&P also fell, decreasing 0.09 percent to
Index Technicals: For technicals on the major indices today,
the S&P looks to have support at 1525, while it is displaying
resistance at 1531.
The NASDAQ looks set to stall at 3213.50 after holding its
breakout over the September 21 highs of 3197.
The Dow is showing intraday support from 14,020-14,022, while
holding resistance at 14,045.
The RUT looks to be holding a 915 breakout sitting at 920
Top Headline The Office Depot (NYSE:
) and OfficeMax (NYSE:
) merger seemingly went through this morning after being
announced in a clause at the bottom of an earnings release.
Following the report, the release was taken down from the company
website and the finalization of the merger was denied. Despite
the odd activity, both stocks traded up roughly 6 percent at the
Equities Trading UP Netspend Holdings (NASDAQ:
) shot up 29.13 percent to $15.87 after it was announced that
TSYS would acquire the company for $16 per share.
Shares of SINA Corporation (NASDAQ:
) were also up, gaining 8.94 percent to $58.26 after the company
beat on top and bottom lines.
MGIC Investment Corp (NYSE:
) was also on the rise, trading up 6.39 percent to $2.80 as the
company rides the rise in home prices upwards.
Equities Trading DOWN Millennial Media (NYSE:
) dropped a staggering 35.10 percent to $9.30 after the company
missed on the top line of its earnings report and lowered its
first-quarter and fiscal year guidance.
Life Technologies (NASDAQ:
) was also down, falling 7.16 percent to $58.83 after Reuters
reported that the company's sale process is coming along
Shares of Garmin (NASDAQ:
) were down as well, dropping 10.14 percent to $35.26 after the
company reported its fourth quarter results and missed analyst
Commodities In commodity news, oil traded up 0.04 percent to
$97.14, while gold traded down 1.17 percent to $1,585.40.
Silver traded up 0.76 percent Wednesday to $28.66.
Eurozone In the eurozone this morning, markets were mixed
after many peripheral companies fell on fears from the financial
sector. The Spanish Ibex was at the bottom of markets, falling
0.41 percent, while the French CAC and U.K. shares both lead the
upside, gaining 0.28 percent.
Economics Wednesday was a heavy day for economic news, getting
things started with PPI month over month which came in at 0.20
percent, missing projections of 0.30 percent, but beating the
prior report of -0.20 percent, while the PPI year over year was
reported at 1.40 percent, missing expectations of 1.50 percent,
but also beating the previous release of 1.30 percent.
Core PPI was reported as well, coming in at 1.80 percent,
slightly beating expectations which were set at 1.70 percent, but
missing the prior figure of 2.0 percent.
Building permits were released, coming in at 925K, beating the
920K estimates and the revised prior figure of 909K, while
housing starts came in at 890K, missing projections of 920K and
the revised previous report of 973K.
MBA mortgage applications were also out, coming in at -1.70
percent, much better than the prior report of -6.40 percent.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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