Mid-Morning Market Update: Markets Rise, Groupon Posts Upbeat Sales


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Following the market opening Thursday, the Dow traded up 0.26 percent to 15,510.37 while the NASDAQ gained 0.28 percent to 3,664.19. The S&P also rose, surging 0.34 percent to 1,696.67.

Top Headline Yesterday, Groupon (NASDAQ: GRPN ) reported upbeat second-quarter sales and appointed Eric Lefkofsky as its CEO. Groupon posted a quarterly loss of $7.6 million, or $0.01 per share, versus a year-ago profit of $28.4 million, or $0.04 per share. Excluding one-time items, it earned $0.02 per share. Its revenue surged to $608.7 million from $568.3 million. However, analysts were expecting earnings of $0.02 per share on revenue of $606.2 million.

Equities Trading UPGroupon (NASDAQ: GRPN ) shot up 23.39 percent to $10.76 after the company reported upbeat second-quarter sales and appointed Eric Lefkofsky as its CEO. UBS upgraded the stock from Sell to Neutral. Shares of Tesla Motors (NASDAQ: TSLA ) got a boost, shooting up 16.22 percent to $156.00 after the company reported stronger-than-expected earnings for the second quarter. Orbitz Worldwide (NYSE: OWW ) was also up, gaining 16.69 percent to $10.77 after the company reported upbeat Q2 revenue and lifted its FY13 revenue outlook.

Equities Trading DOWN Shares of Fusion-io (NYSE: FIO ) were down 20.74 percent to $11.81 after the company reported a Q4 loss and issued a weak Q1 revenue forecast. Analysts at Benchmark downgraded the stock from Buy to Hold. Halcon Resources (NYSE: HK ) shares tumbled 12.01 percent to $5.16 after the company priced an underwritten public offering of 38,000,000 shares of its common stock at a price of $5.10 per share. Dean Foods (NYSE: DF ) was down, falling 7.81 percent to $10.16 after the company posted downbeat Q2 profit and issued weak FY13 view.

Commodities In commodity news, oil traded down 0.99 percent to $103.34, while gold traded up 0.58 percent to $1,292.80. Silver traded up 1.88 percent Thursday to $19.88, while copper rose 3.07 percent to $3.27.

Eurozone European shares were higher today. The European Central Bank issued its monthly report and cut its growth forecast for the eurozone to -0.6 percent from -0.4 percent for 2013 and 1.0 percent growth to 0.9 percent growth in 2014. German in June. The Spanish Ibex Index gained 0.99 percent and the Italian FTSE MIB Index surged 1.21 percent. Meanwhile, the German DAX gained 0.78 percent and the French CAC 40 rose 0.66 percent while U.K. shares gained 0.44 percent.

Economics US jobless claims increased by 5,000 to 333,000 in the week ended August 3. However, economists were estimating claims to rise to 339,000 in the week. The Bloomberg Consumer Comfort Index rose to -23.50 in the week ended August 4, versus a prior reading of -27.00. The Treasury is set to auction 3- and 6-month bills and 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 , Economy
Referenced Stocks: DF , FIO , HK , OWW , TSLA

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