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Benzinga Mid-Day Market Update

By: Benzinga
Posted: 11/2/2012 12:55:00 PM
Referenced Stocks: AAPL;ACTV;DNDN;PBI;TRIP

Following the market opening Friday, the Dow traded down 0.19 percent to 13,207.22 while the NASDAQ fell 0.20 percent to 3,013.94. The S&P also fell, decreasing 0.06 percent to 1,426.69.

Top Headline Critical to the presidential election, October's unemployment figure was reported Friday morning, coming in equal to estimates at 7.9 percent, which is slightly higher than September's shocking report of 7.8 percent. The release lead to a drop in markets across the board, although its effect on the election has yet to be seen.

There was also word out that Rochdale Securities was in the process of seeking a capital injection following a trading error related to Apple (NASDAQ: AAPL ). Nothing has been confirmed yet, but stay tuned to Benzinga for up to the moment updates on the situation.

Equities Trading UP Restoration hardware (NYSE: RH ) shot up 32.21 percent to $31.73 following its IPO this morning as investors gained confidence in the company's offering.

Dendreon (NASDAQ: DNDN ) consolidated its gains, remaining up 20.13 percent at $4.63 following a big earnings beat this morning.

Shares of TripAdvisor (NASDAQ: TRIP ) rallied as well, rising 19.28 percent to $35.08 after an earnings beat Thursday and a subsequent rise in price target at Deutsche Bank.

Equities Trading DOWN The Active Network (NYSE: ACTV ) remained down 44.89 percent at $5.11 after reporting disappointing earnings Thursday, and a slew of analyst downgrades. Pitney Bowes (NYSE: PBI ) was also down, falling 13.16 percent to $12.71 following an earnings miss after the close Thursday.

Shares of Blucora (NASDAQ: BCOR ) fell 13.33 percent to $15.54 after reporting earnings Thursday.

Commodities In commodity news, oil traded down 1.82 percent to $87.93, while gold traded down 1.98 percent to $1,681.50.

Silver traded down 1.16 percent Friday to $31.09.

Eurozone European markets were largely down Friday morning following the PMI release that reflected a drop in Italian and Spanish manufacturing in October.

Economics Friday brought another big day of economic releases, starting with the unemployment figure which came in at 7.9 percent, equal to the estimates, but slightly higher than September's report of 7.8 percent.

Manufacturing payrolls came in at 13 thousand, far above the expected -5 thousand and the previous report of -14 thousand.

Nonfarm payrolls were reported at 184 thousand, well above the expected 125 thousand and the prior figure of 128 thousand, while private nonfarm payrolls came in at 171 thousand, beating the estimates of 125 thousand and the last report of 148 thousand.

Factory orders were also reported, coming in at 4.8 percent, above the expected 4.6 percent, and well above the previous figure of -5.1 percent.

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