Investors can thank earnings season for the move higher this morning. The global markets are being roiled by a series of events and rumors. Borrowing costs for Spain increased on what was deemed a successful bond auction. Also a rumor of a French downgrade is sweeping across Europe.
Domestically the economic data was on the whole disappointing. The one bright spot in the data was the fact that leading indicators rose .3%. Jobless claims rose more than expected. Sales of existing homes fell 2.6% in March. The data was topped off with the Philly Fed Index falling to 8.5 from 12.5 in April.
Currently the Dow is up 20, the Nasdaq is adding 15 and the S&P is up 3.
Hot Stocks to Watch
Qihoo 360 Technology Co. Ltd (NYSE:QIHU) is up 19.29% this morning at $24.63. QIHU has traded 4.9 million shares so far today, well above its daily average of 1.8 million shares. News came out today that Qihoo is taking Tencent to court and is accusing them of being monopolistic. The company has a market cap of 2.97 billion.
Cypress Semiconductor Corporation (NASDAQ:CY) is up 12.66% today at $16.10. CY has traded 5.8 million shares so far today, than double its daily average. Cypress shares are up today as the company releases first quarter earnings which beat expectations. The company has a market cap of 2.51 billion.
YPF S.A. (NYSE:YPF) is up 11.05% in early trading at $14.55. YPF has traded 2.8 million shares so far today, 1 million shares more than its daily average. YPF shares are bouncing back today after the stock fell about $10 a share after Argentina took steps to nationalize the company. The company has a market cap of 5.70 billion.
E-Commerce China Dangdang Inc. (NYSE:DANG) is up 9.72% today at $8.90. DANG has traded just over 3 million shares this morning and trades 3.7 million shares a day on average. DANG shares have dropped about $2 in the past week before bouncing some today. The company has a market cap of 742.38 million.
F5 Networks, Inc. (NASDAQ:FFIV) is up 11.51% today at $138.66. FFIV has traded big volume already today with over 3 million shares traded. The stock usually trades 1.3 million shares a day on average. F5 Networks is rallying this morning after the company beat estimates on its latest quarterly earnings on revenue and met expectations on EPS. The company has a market cap of 10.95 billion.
Inphi Corporation (NYSE:IPHI) is up 10.02% today at $14.28. IPHI has traded 442 thousand shares so far today, double its daily average volume. Inphi is expected to announce first quarter results on April 24. The company has a market cap of 406.36 million.