Despite futures indicators pointing to a modestly higher open,
U.S. equities quickly reversed course soon after the opening bell,
with the Dow experiencing an 85 point downdraft. A narrow miss on
the domestic jobs front, coupled with a slew of both earnings news
and economic data points, has created whipsaw conditions at
mid-day, with the big three U.S. stock indexes' attempt to fight
back from their lows meeting stout resistance.
On the all-important jobs front, the Labor Department announced
that the number of people who applied for new unemployment benefits
last week rose by 4,000 to 352,000. According to a MarketWatch
compiled forecast, economists expected claims would total 346,000.
The four-week average of claims, meanwhile, edged up by 2,750 to
361,250, a two-month high, but near its lowest level in five
The Philadelphia Fed number, which measures business among U.S.
manufacturers in the Philadelphia region, fell to 1.3 from 2.0 in
March, with the index for new orders dipping to -1.0 in April from
0.5 in March. Economists polled by MarketWatch expected the index
to rise to 4.0.
Corporate earnings have been mostly solid, with Pepsi (
) and Verizon (
) announcing positive results. Both issues recorded new 52-week
highs earlier in the session as a result.
In individual stock news of note, beleaguered shares of tech
goliath Apple (
) have touched a new 52-week low of $393.56, with selling
exacerbated after a breach of technical and psychological support
at the $400 level.
Market participants will have many more significant earnings
reports to digest after the closing bell, with heavyweight tech
issues Google (
), International Business Machines (
) and Microsoft (MSFT) slated to release their latest results.
European stocks are attempting to recover from settling at 2013
closing lows on Wednesday, but the indexes of most bourses are
hovering near flat. Asian markets, meanwhile, ended mostly lower
hit by plunging commodities prices.
The hard hit commodities complexes was rebounding slightly, with
oil adding $0.82, at $87.50 a barrel, following notable weakness in
prices last week. Natural gas continued its recent bull run, up
$0.174 at $4.388 per million BTUs.
Silver was up $.058, to $23.365 per ounce. Copper was flat at
Here's where the markets stood at mid-day:
NYSE Composite down 16.19 (-0.18%) to 8.932.16
Dow Jones Industrial Average down 56.53 (-0.39%) to
S&P 500 down 7.09 (-.046%) to 1,544.92
Nasdaq Composite Index down 26.72 (-0.83%) to 3,177.95
Nikkei 225 Index down 1.22%.
Hang Seng Index down 1.26%.
Shanghai China Composite Index up 0.19%.
FTSE 100 up 0.03%.
DAX down 0.17%.
CAC 40 up 0.27%.
NYSE SECTOR INDICES
NYSE Energy Sector Index (^NYE) up 77.54 (+0.62%) at
NYSE Financial Sector Index (^NYK) down 19.17 (-0.35%) to
NYSE Healthcare Sector Index (^NYP) down 38.61 (-0.42%) to
(+ ) SIFY (+4.9%) Shares rallied after the company reports
revenue for the year ended March 31, 2013 was INR 8570 million, up
11.3% from year ago revenue of INR 7698 million. Net Profit was INR
477 million, up from a net loss of INR 385 million for the previous
(+) THRX (+15.6%, hit new 52-week high) Stock surged to new
52-week high of $33.31 in morning trade after the company said late
Wednesday a Food and Drug Administration advisory panel recommended
the full agency approved the company's inhaler for treating chronic
lung disease. The FDA is expected to announce its decision on the
Breo Ellipta inhaler by May 12.
(+) PTGI (+22.6%) Issue jumped following the company's
after-hours report that it has sold BLACKIRON Data ULC (BLACKIRON
Data) to Rogers Communications Inc. for approximately CAD$200
(-) UNXL (-11.2%) Shares tumbled after the company announced a
$38 million public offering of stock at $32 per share.
(-) EXAS (-21.7%, his new 52-week low) Stock plunged to a new
52-week low of $6.93 after the company said preliminary analysis
shows that the company's Cologuard colorectal cancer screening test
met or exceeded all primary and secondary endpoints of its recently
completed DeeP-C pivotal clinical trial.
(-) NOK (- 10.9%) Issue takes hit after the company reported a
Q1 loss of EUR272 million, down from a year ago loss of EUR928
million, and less than Street estimates of a loss of EUR434
million. Sales were EUR5.85 billion, down from EUR7.35 billion last
year, according to a Dow Jones Newswire report.
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