|Back to main|
Mid-Afternoon Market Update: Markets Maintain Rally, Groupon Heads Back Downwards
2/28/2013 3:32:00 PM
Midway through trading Thursday, the Dow traded up 0.14 percent to 14,094.55 while the NASDAQ rose 0.19 percent to 3,168.13. The S&P also rose, gaining 0.22 percent to 1,519.83.
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 Chart Industries (NASDAQ: GTLS ) shot up 12.27 percent to $73.57 after the company reported upbeat fourth-quarter results.
Shares of Universal Display (NASDAQ: PANL ) got a boost, shooting up 14.70 percent to $32.00 after the company's Q4 revenue surpassed analysts' estimates.
FARO Technologies (NASDAQ: FARO ) was also up, gaining 17.53 percent to $42.31 after the company reported strong Q4 earnings.
Equities Trading DOWN BroadSoft (NASDAQ: BSFT ) shares tumbled 29.60 percent to $21.76 after the company issued downbeat forecast.
Groupon (NASDAQ: GRPN ) was also down, falling 23.06 percent to $4.60 after the company reported a Q4 loss.
Shares of J. C. Penney Company (NYSE: JCP ) were down 16.07 percent to $17.76, after the company posted a wider fourth-quarter loss.
Commodities In commodity news, oil traded down 1.25 percent to $91.60, while gold traded down 1.12 percent to $1,577.40.
Silver traded down 1.15 percent Thursday to $28.58, while copper dropped 0.50 percent to $3.55.
Euro zone European shares were higher today. The Spanish Ibex Index rose 1.15 percent and the Italian FTSE MIB Index rose 0.60 percent.
The STOXX Europe 600 Index surged 0.96 percent, London's FTSE 100 Index gained 0.55 percent, French CAC 40 Index climbed 0.85 percent and German DAX 30 index rose 0.86 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.
US natural gas supplies declined 171 billion cubic feet for the week ended February 22, according to the EIA. However, analysts were expecting a fall between 166 billion and 170 billion cubic feet.
The Bloomberg Consumer Comfort Index rose to -32.8 in the period ended Feb. 24, versus -33.4 last week.
The Kansas City Fed's manufacturing composite index fell to -10 in February, versus -2 in January.
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.
Profit with More New & Research . Gain access to a streaming platform with all the information you need to invest better today. Click here to start your 14 Day Trial of Benzinga Professional