Mid-Morning Market Update: Markets Rise, Groupon Issues Downbeat Forecast

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Following the market opening Thursday, the Dow traded up 0.18 percent to 14,100.84 while the NASDAQ rose 0.44 percent to 3,176.08. The S&P also rose, gaining 0.34 percent to 1,521.07.

Index Technicals: The S&P looks ready to regain its 20 EMA today with overhead resistance at 1,531, while the 1,515-1,518 area could act as support.

The Dow is poised to break out to new highs today over its 14,058.27 resistance.

The Russel shows that it may regain its 20 EMA, with 918-920 resistance overhead.

Finally, the NASDAQ looks poised to regain its 20 EMA as well, while finding resistance in the 3,175-3,185 area.

Top Headline Yesterday, Groupon (NASDAQ: GRPN ) reported a Q4 loss and issued downbeat Q1 revenue forecast.

Groupon's quarterly loss widened to $81.1 million, or $0.12 per share, versus a year-earlier loss of $65.4 million, or $0.12 per share. Its revenue climbed to $638.3 million from $492 million. However, analysts had projected earnings of $0.03 per share on revenue of around $640 million.

Analysts at Wells Fargo and Raymond James also downgraded the stock following the news.

Equities Trading UP Boulder Brands (NASDAQ: BDBD ) shot up 19.42 percent to $11.50 after the company reported upbeat fourth-quarter profit.

Shares of Universal Display (NASDAQ: PANL ) got a boost, shooting up 9.46 percent to $30.54 after the company's Q4 revenue surpassed analysts' estimates.

Mylan (NASDAQ: MYL ) was also up, gaining 6.29 percent to $30.37 after the company announced its plans to acquire Agila Specialties of India for $1.6 billion and reported upbeat Q4 earnings.

Equities Trading DOWN BroadSoft (NASDAQ: BSFT ) shares tumbled 27.42 percent to $22.43 after the company issued downbeat forecast.

Groupon (NASDAQ: GRPN ) was also down, falling 24.65 percent to $4.51 after the company reported a Q4 loss.

Shares of J. C. Penney Company (NYSE: JCP ) were down 18.05 percent to $17.34, after the company posted a wider fourth-quarter loss.

Commodities In commodity news, oil traded up 0.11 percent to $92.86, while gold traded down 0.07 percent to $1,594.60.

Silver traded up 0.12 percent Thursday to $29.02, while copper dropped 0.14 percent to $3.56.

Eurozone European shares were mostly higher save for Italy on post-election fears. The Spanish Ibex Index rose 0.20 percent despite Bankia reporting a massive $27.6 billion loss for 2012 and the Italian FTSE MIB Index fell 0.26 percent.

The STOXX Europe 600 Index surged 0.31 percent, London's FTSE 100 Index gained 0.20 percent, French CAC 40 Index fell 0.01 percent and German DAX 30 index rose 0.34 percent.

Economics Initial jobless claims declined by 22,000 to 344,000 in the week ended February 23. However, economists were expecting initial jobless claims level of 362,000. Continuing claims fell by 91,000 to 3.07 million in the week ended February 16.

The US economy grew 0.1% in the last three months of 2012, versus 3.1% growth in the third quarter, missing economists' expectations for a 0.5% growth.

The Chicago PMI climbed to 56.8 in February versus 55.6 in January, surpassing economists' estimates of 54.0.

In addition, the Fed's Sarah Bloom Raskin, Richard Fisher, and Charles Evans are set to speak.

(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: BSFT , GRPN , JCP , MYL , PANL

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