This is your Mid-day Market Update for August 10. Stocks falling into the red Friday due pessimism in the markets caused by disappointing trading in China. The drop could bring and end to the S&P 500 five day winning streak.
Some IPO news today. Manchester United debuted on the New York Stock, with initial pricing at $14 a share, under the marketed $16 to $20 range. It has been trading relatively flat on the day. On the flip side restaurant chain CKE is delaying its IPO citing poor market conditions. The Carl's Jr operator has not announced a new date for the offering.
Oil and Gold trading mixed so far today. Oil is down just under $93 a barrel while Gold is up $4 on the day to $1,624 an ounce.
A big winner so far in today's session is Fusion-io. Its stock is up close to 29% due to its stellar expectations of 50% growth for the year. One of the biggest losers is Ubiquiti Networks. Its shares are down after the company said counterfeit products could hurt its forecast for the current quarter.
Currently, the Dow is down 16.88 points to 13,148. The S&P is lower by 2.22 points and the Nasdaq is has lost 7.17 points so far today.
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