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Mid-Morning Market Update: Gun Stocks Rallying, GM to Buyback 200M Shares of Treasury Stake
12/19/2012 10:57:00 AM
Following the market opening Wednesday, the Dow traded down 0.07 percent to 13,342.15 while the NASDAQ fell 0.05 percent to 3,052.86. The S&P also fell, decreasing 0.18 percent to 1,444.25.
Equities Trading UP
Shares of Knight Capital Group (NYSE: KCG ) were up as well, gaining 6.55 percent to $3.55 after the announcement that Getco would acquire the company this morning.
Smith & Wesson (NASDAQ: SWHC ) traded up 4.72 percent to $8.16 after taking a beating over the past few days. The rally was a common theme across the gun stocks Wednesday morning as news of increased firearm sales in the wake of the Newton shooting Friday reached the street.
Equities Trading DOWN
Gulfport Energy (NASDAQ: GPOR ) was down as well, falling 4.28 percent to $37.71 after the company priced its public offering of 11 million shares at $38.00 per share Wednesday.
Finally, Shares of Team Health Holdings (NYSE: TMH ) fell 3.84 percent to $28.83 after the company priced its secondary offering at $28.95 per share.
Silver traded down 0.28 percent Wednesday to $31.32.
While a nearing deal in Washington helped fuel the rally, German business confidence lent a hand as it rose to 102.4 , forecasting future growth in the Euro zone's biggest economy.
Housing starts were not so optimistic, coming in at -3.0 percent, below the expected -2.5 percent and well below the previous release of 3.60 percent.
MBA mortgage applications were also reported, coming in at -12.30 percent, far below the last report of 6.2 percent.
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