Markets Mixed As Spanish Bond Yields Climb
The markets traded mixed during the midday with the Dow slipping 13 points to 12,753 as Spanish bond yields climbed. Nasdaq gained 25 points to 2897.
On the upside
A Seeking Alpha contributor wrote that coal stocks were undervalued and that Patriot Coal (NYSE: PCX) stock would likely double.
Shares of Hovnanian (NYSE: HOV) climbed on news that homebuilder sentiment rose to a five year high in June.
On the downside
Buckeye Technologies (NYSE: BKI) temporarily closed its Florida plant due to a steam drum failure.
J.P. Morgan downgraded Rambus (NYSE: RMBS) to a Neutral rating.
In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE while decliners were on par with advancers on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 772.
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