The day?s slight increase was "a little bit of a realization the selloff is overdone, but it doesn't mean it won't continue," John Manley, chief equity strategist for Wells Fargo Advantage Funds, told Reuters.
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"Fiscal cliff concerns do not seem to have abated in the U.S., in spite of conciliatory comments from both sides in recent days. We hear from House Speaker Boehner and President Obama on the topic today, and the lame duck session of Congress returns on Tuesday. Let the squabbling commence," said UBS economist Paul Donovan, according to The Street.
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The Nasdaq Composite (INDEXNASDAQ:.IXIC) was up 0.92% to 2,922.38 ?points on average trading volume of 724.07 million as of 11:49 a.m. EST.
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On news that it would be acquired by Priceline (NASDAQ:PCLN) (+0.27%) at $1.8 billion, or $40 per share, which represented a 29% premium to the company?s Thursday closing price, Kayak (NASDAQ:KYAK) jumped 26.97% to $39.41. Meanwhile, the news also caused rivals such as Expedia (NASDAQ:EXPE) (-0.06%) to decline. TripAdvisor (NASDAQ:TRIP), however, was up 1.26%.
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Zipcar?(NASDAQ:ZIP) also took off, advancing 27.07% to $7.68 after posting robust third quarter results. The company reported a 14.9% year-to-year revenue increase to $78.2 million, beating analysts? estimate by $59.3 million. Net income also increased to $4.3 million, or $0.10 a share, compared to $0.20 a share a year ago.
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Apple (NASDAQ:AAPL) rebounded 2.21% to $549.64after a sharp two-day drop, rising. BTIG Research analyst Walter Piecyk opined in a research note that investors should not worry about iPhone 5 supply issues.
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?[P]roduct supply no longer appears like it will be an issue this quarter and there should be some carryover demand from a supply-constrained iPhone 5 launch in September. We believe that supply demand might soon be in balance, if it is not there already,? he wrote, before adding that Apple would ?have no problem hitting our estimate of 47.5 million iPhone 5s??in the current quarter.
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Groupon (NASDAQ:GRPN) headed the list of most actively-traded Nasdaq stocks, but unfortunately for the company, investors were look to sell, causing shares to plunge 27.68% to $2.84. The company reported disappointing quarterly earnings once again yesterday. For its third quarter, the daily deals site generated $568.6 million in revenue, which was a 32% increase from one year ago, but analysts had forecast revenue of $591 million. It also posted a net loss of $2.98 million.
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Following Groupon?s earnings release, Evercore analyst Ken Sena lowered his price target rating on its stock to $2 from $3.
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Fellow former internet IPO hotshot Zynga (NASDAQ:ZNGA) also dipped 1.85% to $2.12, likely dragged down by worries over Groupon and thus, the overall monetization ability and viability of these new social media and internet companies. Reuters reported earlier today that Russian email-to-social networking group Mail.Ru had reduced its holdings in Groupon, Zynga and Facebook (NASDAQ:FB) (-0.86%). "We've always been very clear that Groupon, Zynga and Facebook, positioned inside of Mail, are financial assets, not strategic ones," said Matthew Hammond, the investor relations director at Mail.Ru Group.
Twitter:?@sterlingwong
No positions in stocks mentioned.
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