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Stocks are flat in early trading on Wall Street

Published on NewsOK Modified: December 14, 2012 at 9:29 am •  Published: December 14, 2012
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Asian markets rose earlier Friday, when HSBC said manufacturing activity in China is picking up. Its index for December rose to 50.9, a slight increase from the previous month. Anything above 50 is a sign of growth.

Among other stocks making big moves:

— Best Buy sank 15 percent, losing $2.20 to $11.91. The struggling electronics retailer and one of its founders, Richard Schulze, agreed to give Schulze more time to assemble a bid for the company. That erased most of the gains made Thursday when Best Buy's stock jumped 16 percent following a report that said Schulze would make a bid by the end of the week.

— Silver Bay Realty Trust rose 14 cents to $18.64 in its first day of trading. Silver Bay raised $245.1 million in its initial public offering on Thursday at an IPO price of $18.50. It plans on using the money to buy thousands of single-family homes and rent them out, as the U.S. housing market slowly heals.