Mid-Morning Market Update: Markets Mixed, Office Depot and OfficeMax Merger Accidentally Released in Earnings Report


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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 1,529.25.

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 highs.

Top Headline The Office Depot (NYSE: ODP ) and OfficeMax (NYSE: OMX ) 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 market opening.

Equities Trading UP Netspend Holdings (NASDAQ: NTSP ) 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: SINA ) were also up, gaining 8.94 percent to $58.26 after the company beat on top and bottom lines.

MGIC Investment Corp (NYSE: MTG ) 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: MM ) 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: LIFE ) was also down, falling 7.16 percent to $58.83 after Reuters reported that the company's sale process is coming along slowly.

Shares of Garmin (NASDAQ: GRMN ) were down as well, dropping 10.14 percent to $35.26 after the company reported its fourth quarter results and missed analyst expectations.

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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This article appears in: Investing , Commodities , Economy
More Headlines for: GRMN , LIFE , MTG , ODP , SINA

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