Mid-Morning Market Update: Markets Rally; Citrix Lowers Q3 Outlook


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Following the market opening Thursday, the Dow traded up 1.14 percent to 14,971.42 while the NASDAQ surged 1.51 percent to 3,733.33. The S&P also rose, gaining 1.25 percent to 1,677.06.

Top Headline Yesterday, Citrix Systems (NASDAQ: CTXS ) lowered its forecast for the third quarter.

The company projects adjusted earnings of $0.68 to $0.69 per share on revenue of $710 million to $712 million. However, analysts were expecting earnings of $0.73 per share on revenue of $737 million.

Equities Trading UP PVR Partners LP (NYSE: PVR ) shot up 13.81 percent to $25.96 after Regency Energy Partners (NYSE: RGP ) announced its plans to buy PVR Partners for $5.6 billion.

Shares of Questcor Pharmaceuticals (NASDAQ: QCOR ) got a boost, shooting up 6.74 percent to $58.28 after the company lifted its quarterly dividend by 20%.

iGATE (NASDAQ: IGTE ) was also up, gaining 4.41 percent to $28.81 after the company reported upbeat Q3 results.

Equities Trading DOWN Shares of Citrix Systems (NASDAQ: CTXS ) were down 11.49 percent to $59.00 after the company lowered its forecast for the third quarter.

Ariad Pharmaceuticals (NASDAQ: ARIA ) shares tumbled 5.85 percent to $5.4890 Barclays downgraded the stock from Overweight to Underweight and lowered the target price from $25 to $4. Bank of America also downgraded the stock from Buy to Neutral.

Regency Energy Partners LP (NYSE: RGP ) was down, falling 4.17 percent to $26.67 after the company announced its plans to buy PVR Partners for $5.6 billion.

Commodities In commodity news, oil traded up 0.11 percent to $101.72, while gold traded down 0.62 percent to $1,299.10.

Silver traded up 0.20 percent Thursday to $21.94, while copper fell 0.09 percent to $3.23.

Eurozone European shares today. The Spanish Ibex Index rose 1.81 percent, while Italy's FTSE MIB Index surged 1.85 percent. Meanwhile, the German DAX rose 1.31 percent and the French CAC 40 climbed 1.79 percent while U.K. shares gained 0.83 percent.

Economics US jobless claims rose 66,000 to 374,000 for the week ended October 5. However, economists were projecting claims to increase to 312,000, versus an unrevised 308,000 in the earlier week.

The Bloomberg Consumer Confidence index declined to -29.70 for the week ended for October 6, versus a prior reading of -29.40.

The Treasury is set to auction 30-year bonds.

Data on money supply will be released at 4:30 p.m. ET.

(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 Nasdaq, Inc.

This article appears in: Investing , Commodities
Referenced Stocks: ARIA , CTXS , IGTE , PVR , QCOR

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