The markets traded lower today as investors seem content to hold on after last weeks rally. The markets couldn't attract more bulls today which sent the Dow 30 lower by 51, the S&P 500 lower by 2, and the Nasdaq 100 off by 7. Tomorrow traders will get a look at consumer confidence numbers which are generally a market moving report.
Zynga (NASDAQ: ZNGA) shares added another 3.15% today following a helpful upgrade fromPiper Jaffray. The analyst firm upgraded the stock to overweight from neutral citing a belief that "the mobile gamemaker's focus on live services and containment of costs by promoting existing games instead of releasing new mega-hits lowers the company's risk profile." Shares were up over 23% prior to the upgrade but maintain a strong and steady uptrend. For the year shares have done well adding over 37%.
CardConnect (NYSE: CCN) was a rare, low volume name to hit the radar today as shares popped 10.44% on news that First Data (NYSE: FDC) would be buying the company for $750 million in cash and debt. Analysts note that it is roughly $15 a share, which is where shares closed today. It remains unclear weather technical traders will be interested in this name going forward as the trading volume is historically very low.
AutoZone (NYSE: AZO) continues to try and recover some of the losses from reporting their earnings. Shares were quiet today but Goldman Sachs (NYSE: GS) threw them a helping hand. The company upgraded AZO to buy from neutral stating that "the auto parts maker is well managed and believes it will bounce back from the recent sector-wide slowdown as sales and earnings growth return." The bulls didnt bite though as shares were mostly flat on the day.