Following the market opening Wednesday, the Dow traded up 0.03
percent to 12,760.02 while the NASDAQ rose 0.27 percent to
2,891.72 The S&P also rose, increasing 0.09 percent to
Leading into the latest lock-up expiration, shares of Facebook
) shot up over 10 percent on a massive 73 million share trade
volume in the first 26 minutes of trading. Speculation is out on
whether or not Facebook may be buying up the newly unlocked
Equities Trading UP
Abercrombie & Fitch (NYSE:
) shot up 28.51 percent to $40.07 after posting a big earnings
beat and raising its guidance Wednesday morning.
Shares of Cisco Systems (NASDAQ:
) also saw a boost, rising 6.59 percent to $17.96 following its
earnings beat after the close Tuesday.
) rose as well, trading up 7.34 percent to $7.31, possibly a
bounce from yesterday's losses.
Equities Trading DOWN
) plummeted 15.01 percent in early trading to $12.63 after the
company posted an earnings miss Tuesday and was downgraded to
Neutral at Macquarie.
Advanced Micro Devices (NYSE:
) was also down, falling 3.35 percent to $2.02 after announcing
it was not pursuing a sale of the company.
Shares of Just Energy Group (NYSE:
) fell 6.67 percent to $9.10 following a national bank downgrade
In commodity news, oil traded up 0.13 percent to $84.48, while
gold traded up 0.16 percent to $1,727.50.
Silver traded up 0.14 percent Wednesday to $32.63.
European shares fell mostly this morning among continued Greek
and Spanish fears.
At 10:15 AM EST, the EU's Olli Rehn will make a statement
regarding spain, and according to Bloomberg, will "pass judgement
on Spanish deficit moves."
In economic news, MBA mortgage applications came in at 12.6
percent, well above the previous report of -5.0 percent.
Retail sales were also reported, coming in at -0.3 percent,
just below the expected -0.2 percent, and well below the prior
reading of 1.1 percent, while core retail sales came in at -0.3
percent as well, much below the expected 0.4 percent, and well
below the prior report of 1.1 percent.
The purchasing price index (PPI) year over year came in at
came in at 2.3 percent, below the expected 2.6 percent, and above
the prior rating of 2.1 percent. The core PPI year over year came
in at 2.1 percent, below the expected 2.5 percent and the
previous report of 2.3 percent.
The purchasing price index (PPI) month over month was also
reported, coming in at -0.2 percent, below the expected 0.2
percent and well below the prior report of 1.1 percent, while the
core PPI month over month was reported at -0.2 percent, below the
expected 0.1 percent and the previously reported 0.0 percent.
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