US stocks cut some of their early-morning losses and were hovering near the previous session’s closing levels, as investors weighed a horrific quarterly report from Hewlett-Packard
(NYSE:HPQ) and strong housing data.
The Nasdaq Composite
(INDEXNASDAQ:.IXIC) was up 0.03% to 2,916.97 points on below-average trading volume of 673.03 million as of 12:09 p.m. EST.
(NASDAQ:GRPN) was one of the best Nasdaq performers on the day, surging 12.72% to $3.50 on news that New York-based hedge fund Tiger Global had purchased a 9.9% stake (65 million shares) in the online daily deals company. Shares of Groupon have advanced 35% since they hit an all-time low of $2.60 on November 12.
Green Mountain Coffee Roasters
(NASDAQ:GMCR) continued its upwards momentum from yesterday, rising 6.69% to $29.16. Earlier, the company announced Coca-Cola
(NYSE:KO) executive Brian Kelly would become its new president and CEO.
Ahead of the January 30 launch of the long-delayed BlackBerry 10, Research In Motion
(NASDAQ:RIMM) received an analyst upgrade from Jefferies to Hold from Underperform, with the price target revised to $10 from $5.
"Preliminary results from our quarterly handset survey indicate developed market carriers have a much more positive view of BB10 than we expected," said Jefferies analyst Peter Misek in a client note.
As a result, shares of RIM gained 4.07% to $9.98. Earlier in the day, the stock even crossed the double-digit mark, the first time it had done so in five months.
PC maker Dell
(NASDAQ:DELL) was likely dragged down by HP’s woes, with the former falling 1.48% to $8.99 as investors continue to worry about the ability of these companies to find success in the ever-growing mobile sector.
(NASDAQ:URBN) also eased 0.27% to $36.97. Yesterday, the retailer posted third-quarter earnings of $0.40 per share on revenue of $692.9 million. The consensus estimate was $0.41 per share on $693.1 million in sales.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.