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Mid-Morning Market Update: Markets Falling, Deckers Rises
Following the market opening Thursday, the Dow traded down 0.74 percent to 13,018.13 while the NASDAQ fell 0.72 percent to 2,968.72. The S&P also fell, decreasing 0.71 percent to 1,409.25.
With markets quiet from holiday absences, debate over the fiscal cliff continues in Washington with little to no progress. As the deadline approaches for both the debt ceiling and the fiscal cliff, markets are becoming more skeptical of a solution in the near future.
Equities Trading UP
Deckers Outdoor (NASDAQ: DECK ) saw a 6.68 percent boost to $37.21 after a Sterne Agee report came out saying that UGG sales would be up in the second half of 2013.
Shares of Chemtura (NYSE: CHMT ) were also up, gaining 4.75 percent to $21.41 following an upgrade at Longbow to Buy.
Smith & Wesson (NASDAQ: SWHC ) traded up 4.84 percent to $8.35 after the company announced it would be boosting its stock buyback plan.
Equities Trading DOWN
Windstream (NASDAQ: WIN ) took a hit in early trading, falling 1.62 percent to $8.26 after the company hit the ex dividend date for its yearly dividend today.
Marvell Technology (NASDAQ: MRVL ) continued its fall from yesterday, dropping another 3.11 percent to $7.17 this morning on the jury ruling that it had infringed on Carnegie Mellon's patents and a subsequent downgrade at JMP Securities.
Georgia Gulf (NYSE: GGC ) was also down, falling 2.51 percent to $40.77 after a fire in a Louisiana plant.
In commodity news, oil traded up 0.20 percent to $91.16, while gold traded down 0.22 percent to $1,657.80.
Silver traded up 0.12 percent Thursday to $30.16.
In the Euro zone this morning, markets reopened after the break for boxing day. The results were mixed with Spanish shares falling while Italian, German, French, and U.K. shares rose.
In economic news Thursday morning, initial jobless claims were reported at 350.0 thousand, below the expected 360.0 thousand and the prior report of 362.0 thousand.
Continuing claims were reported as well, coming in at 3.206 million, edging higher than the expected 3.20 million, but remaining below the previous release of 3.225 million.
New home sales month over month came in at 4.4 percent, well above the anticipated 3.3 percent and the prior report of -3.5 percent.
Finally, CB consumer confidence came in at 65.10, below the projected 70.00 and the prior report of 71.50.
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