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Mid-Day Market Update: Dow Down Over 100 Points; Apple Shares Gain

By: Benzinga
Posted: 12/3/2013 12:23:00 PM
Referenced Stocks: AAPL;CELG;KKD;MYGN;TSLA

Midway through trading Tuesday, the Dow traded down 0.69 percent to 15,898.09 while the NASDAQ tumbled 0.30 percent to 4,033.29. The S&P also fell, dropping 0.45 percent to 1,792.86.

Top Headline Yesterday, Krispy Kreme Doughnuts (NYSE: KKD ) reported a 34% rise in its Q3 profit. However, the company issued downbeat forecast for fiscal 2015.

Krispy Kreme's quarterly profit surged to $6.8 million, or $0.09 per share, from a year-earlier profit of around $5 million, or $0.07 per share. Excluding special items, it earned $0.16 per share.

Its revenue climbed 7% to $114.2 million from $107.1 million. However, analysts were expecting adjusted earnings of $0.15 per share on revenue of $114.1 million.

Equities Trading UP OncoMed Pharmaceuticals (NASDAQ: OMED ) shot up 110.14 percent to $29.42 on a deal to sell 1.47 million shares to Celgene (NASDAQ: CELG ) at $15.13 per share.

Shares of Tesla Motors (NASDAQ: TSLA ) got a boost, shooting up 11.15 percent to $138.01 after the company announced that the German regulator has closed review of Model S incidents. Morgan Stanley also named the stock a Top Pick in the auto sector.

Apple (NASDAQ: AAPL ) was also up, gaining 1.65 percent to $560.30. Apple reported that it had acquired Topsy Labs for more than $200 million. UBS upgraded the stock from Neutral to Buy and raised the target price from $540 to $650.

Equities Trading DOWN Shares of Krispy Kreme Doughnuts (NYSE: KKD ) were down 19.35 percent to $19.80 after the company issued downbeat forecast for fiscal 2015.

GT Advanced Technologies (NASDAQ: GTAT ) shares tumbled 6.84 percent to $9.26 after the company announced its plans to offer $125 million convertible senior notes and 12 million shares of common stock.

Myriad Genetics (NASDAQ: MYGN ) was down, falling 8.01 percent to $24.82 after JMP Securities downgraded the stock from Market Outperform to Market Perform.

Commodities In commodity news, oil traded up 2.06 percent to $95.75, while gold traded up 0.08 percent to $1,222.90.

Silver traded down 0.75 percent Tuesday to $19.15, while copper fell 0.24 percent to $3.18.

Eurozone European shares were lower today. The Spanish Ibex Index tumbled 1.44 percent, while Italy's FTSE MIB Index declined 1.95 percent. Meanwhile, the German DAX dropped 1.90 percent and the French CAC 40 declined 2.65 percent while U.K. shares fell 0.95 percent.

Economics The ICSC-Goldman Sachs store sales index declined 2.8% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index fell 0.2% in the first four weeks of November versus October.

U.S. home prices climbed 0.2% in October, CoreLogic reported.

The Treasury is set to auction 3-and 6-month bills.

(c) 2013 Benzinga does not provide investment advice. All rights reserved.

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