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TheStreet Open House

[video] Gold & Target Surge; Wells Fargo Slices Apple

The video this transcript is based on appeared on January 2.

NEW YORK ( TheStreet) -- Gold is off to a fast start, up nearly $20 to $1220 an ounce, and shares of Target (TGT) are also up nicely on the first full trading day of the new year.


Here's your opening bell update for January 2nd, the first full trading day of 2014.

Gold is off to a fast start, up nearly $20 to $1220 an ounce. Gold fell almost 30% in 2013 while the S&P gained that much.

And speaking of stocks, shares of Apple (AAPL) are starting the day under pressure after a downgrade. Wells Fargo cuts its rating on the iPad-maker to "market perform" from "outperform" over margin pressure fears. Apple stock was down 1% to $555 in early trading.

On the other hand, shares of Target are getting a boost this morning. Piper Jaffray released a note saying Christmas sales were indeed merry for the retailer. Piper is keeping an Overweight rating on the name with a $73 price target. At last check Target was trading 1% higher at $63.

And speaking of retail, Macy's (M) and Martha Stewart reached a settlement related to a breach-of-contract lawsuit involving J.C. Penney. So all three of those parties will be starting the new year on a clean slate.

And while it will likely be a low volume day due to the incoming winter storm on the east coast, we do get four big tradable economic data points today. Prior to the opening bell, weekly jobless claims and U.S. PMI beat expectations. That's good news for the economy. Later today we get both the ISM manufacturing survey and November construction spending data.

You know what they say, as January goes. So goes the year. So let's get going. I'm Gregg Greenberg for TheStreet.

Written by Gregg Greenberg in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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