Midday Stock RoundupWednesday, January 2, 2013
The markets were up in midday trading Wednesday on the news that a deal was struck late yesterday to avert the “fiscal cliff.”
The S&P 500 rose 1.7% to 1,450 in afternoon trading.
The Dow Jones Industrial Average was up 1.71% to 13,328, while the Nasdaq was up 2.2% to 3,086.
The yield on a 10-year treasury bond was up 4.21% to 1.83%.
The price of gold rose 0.83% to $1,690 per ounce.
Irvine chipmaker Broadcom Corp. rose about 3% to $34 for a market value of $19.2 billion. A recent trade report said Broadcom will provide Wi-Fi chips for Cupertino-based Apple Inc.'s new computers.
Newport Beach-based patent licensing company Acacia Research Corp. was up about 5% to $27 for a market value of $1.3 billion. The company said in a filing with the Securities and Exchange Commission Wednesday that its subsidiary Mobile Enhancement Solutions LLC reached an agreement related to pending litigation with Apple.
Clean Energy Fuels Corp. of Seal Beach rose about 5% to $13 on a positive report from investor website Seeking Alpha. The author of the report said the company is on track to become profitable over the long run as use of natural gas increases. Clean Energy had a recent market value of $1.1 billion.
Aliso Viejo-based chipmaker Microsemi Corp. was up about 3% to $22 for a market value of $1.95 billion.
Newport Beach-based American Vanguard Corp. rose about 4% to $32 for a market value of $907 million.
Apparel retailers were generally down in afternoon trading, including Irvine-based action sports retailer Tilly's Inc. Shares of Tilly's were off about 8% to $12 for a market value of $347 million.
Anaheim-based action sports retailer Pacific Sunwear of California Inc., in contrast, was up about 8% to $1.71 for a market value of $116 million.