Back to main

Mid-Morning Market Update: SunPower Giving Back Some Gains, Groupon Rallies

Posted
1/4/2013 10:39:00 AM
By: Benzinga
Referenced Stocks:AKS;CSTR;GRPN;KKD;LULU

Following the market opening Friday, the Dow traded up 0.09 percent to 13,403.18 while the NASDAQ fell 0.09 percent to 3,097.24. The S&P also rose, increasing 0.20 percent to 1,462.02.

Top Headline At the top of the headlines today, the U.S. unemployment numbers were released, coming in at 7.8 percent, edging slightly higher than the November report of 7.7 percent. The report showed that the economy had added 155,000 jobs, not enough to affect the overall number.

Equities Trading UP AK Steel (NYSE: AKS ) saw a 4.33 percent rally in early trading to $4.82, resuming its multi-day rally after the fiscal cliff resolution.

Shares of Groupon (NASDAQ: GRPN ) were also up, gaining 3.16 percent to $5.28, also continuing a multi-day, sentiment-fueled rally.

Krispy Kreme Doughnuts (NYSE: KKD ) saw a boost as well, trading up 5.85 percent to $10.68 after Longbow initiated the company with a Buy rating and a $15.00 price target.

Equities Trading DOWN SunPower (NASDAQ: SPWR ) traded down 2.76 percent to $8.82 as the company gave back some of the massive gains it has seen the past few days.

Lululemon (NASDAQ: LULU ) was also down, falling 6.15 percent to $70.47 after Credit Suisse cut the company to Neutral from Outperform.

Shares of Coinstar (NASDAQ: CSTR ) dropped 5.38 percent to $49.25 after the company announced that its CEO would step down in March.

Commodities In commodity news, oil traded down 0.32 percent to $92.62, while gold traded down 1.58 percent to $1,648.90.

Silver traded down 0.97 percent Friday to $29.75.

Eurozone In the eurozone this morning, markets were largely down across the board as the FOMC minutes showed a possibility of less easing in the near future.

Economics In economic news Friday, the jobs numbers for December were released, and were fairly mixed. The Unemployment rate came in at 7.8 percent, above the projected 7.7 percent, but equal to November's report.

Manufacturing payrolls came in at 25.0 thousand, above the anticipated 4.0 thousand and the prior release of 5.0 thousand.

Private sector payrolls were also reported, coming in at 168 thousand, above the projected 155 thousand, but slightly below the last report of 171 thousand.

ADP nonfarm employment was reported as well, coming in at 215 thousand, well above the projected 133 thousand and the prior release of 148 thousand.

Closing out the jobs report was nonfarm payrolls. Coming in at 155 thousand, it beat estimates of 152 thousand, but missed November's report of 161 thousand.

(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