Markets Mixed Ahead Of Obama And Bernanke Speeches

The markets traded mixed during the midday with the Dow slipping 9 points to 11,405 as investors await speeches about the economy by Federal Reserve Chairman Ben Bernanke and President Barack Obama. Nasdaq added a point to 2550.

On the upside

Seeking Alpha contributor Adam Gefvert researched allegations of fraud against Silvercorp Metals (NYSE: SVM) and concluded that the company did not commit fraud.

Seeking Alpha contributor Rash Menaria listed Yamana Gold (NYSE: AUY) as the top performing large cap commodity stock.

A Bloomberg poll indicated that analysts expect Newmont Mining's (NYSE: NEM) stock price to soar 21.9% over the next year.


On the downside

Shares of online restaurant reservation site OpenTable (Nasdaq: OPEN) tumbled on news of Google's (Nasdaq: GOOG) acquisition of restaurant reveiw publisher Zagat.

MGIC Investment (NYSE: MTG) eliminated 19 positions in Milwaukee and engaged in discussion to sell two of its subsidiaries.

Second quarter earnings for Titan Machinery (Nasdaq: TITN) more than doubled and the company lifted its full year outlook but the guidance fell short of expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 704.