At about noon today, all three major US stock indexes have managed to post gains, with the DJIA down nearly 43 points at about 12,995, the Nasdaq down more than 19 points at 2,986, and the S&P 500 up more than 7 points to around 1,373. After opening higher this morning, markets dropped on weak US manufacturing data, but retail sales reports for February have buoyed the market a bit (our coverage here). The dollar is weaker today, with the dollar index down -0.11% at 78.735. The stronger dollar is pushing some commodities up, with crude oil and lumber among the leaders.
Among the major movers at around noon today are American Realty Trust Inc. (NASDAQ: ARCT), Pegasystems Inc. (NASDAQ: PEGA), Cenveo Inc. (NYSE: CVO, Tudou Holdings Inc. (NASDAQ: TUDO), and FriendFinder Networks Inc. (NASDAQ: FFN).
American Realty is up 67% at $10.00. Volume is already 2.4 million shares traded. The commercial real estate company came public this morning at $6/share, along with a tender auction to purchase up to $220 million worth of shares at a price not higher than $11/share and not less than $10.50/share.
Pegasystems is up more than 28% at $36.08. Volume is already more than 5x the daily average of 241,000 shares traded. The business software maker beat earnings estimates last night.
Cenveo is up nearly 26% at $4.91. Volume is already more than 4x the daily average of around 420,000 shares traded. The printing company reported better-than-expected earnings last night, and has kicked off a tender offer to redeem about $460 million in debt.
Tudou is down more than -15% at $13.57. Volume is already about 4x the daily average of around 44,000 shares traded. The Chinese online video company reported better-than-expected revenues last night, but soaring costs led to a net loss.
FriendFinder Networks is down nearly -12% at $1.80. Volume is already about 80% of the daily average of around 680,000 shares traded. The adult social networking company’s credit rating was cut this morning by S&P.
Paul Ausick
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