At about noon today, all three major US stock indexes are lower, with the DJIA down about 30 points at around12,950, the Nasdaq down about 7 points at 2,982, and the S&P 500 down nearly 5 points to around 1,369. After opening lower this morning following some weak data on European unemployment (more coverage here), markets tried to come back but low volume so far has kept trading trending down. The dollar is stronger today, with the dollar index up 0.71% at 79.408. The stronger dollar is pushing some commodities down, with crude oil the hardest hit.
Among the major movers at around noon today are Yelp Inc. (NYSE: YELP), Shutterfly Inc. (NASDAQ: SFLY), Quepasa Corp. (AMEX: QPSA), U.S. Auto Parts Network Inc. (NASDAQ: PRTS), and Overstock.com Inc. (NASDAQ: OSTK).
Yelp is up more than 62% at $24.33 following its IPO at $15/share this morning. Volume is over 14 million shares traded. Move coverage here.
Shutterfly is up nearly 19% at $32.00. Volume is already nearly triple the daily average of about 1.46 million shares traded. The social networking company has struck a deal with Eastman Kodak Co. (EKDKQ) to provide a stalking-horse bid for some of Kodak’s assets. More coverage here.
Quepasa is up more than 12% at $4.56. Volume is already more than double the daily average of about 600,000 shares traded. The Spanish-language social networking company reported better-than-expected revenues, but a net loss last night.
U.S. Auto Parts is down more than -19% at $3.99. Volume is already about 4x the daily average of around 64,000 shares traded. The retail parts auto parts distributor missed consensus estimates last night.
Overstock.com is down nearly -13% at $6.00 after posting a new 52-week low of $5.89 earlier this morning. Volume is already more than 5x the daily average of around 117,000 shares traded. The online discounter posted an unexpected quarterly loss this morning.
Paul Ausick
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