Mid-Day Update: Broad Market Gauges Lower Although Dow Posts Gain; Financials Lead

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Stocks are slightly lower at mid-day, taking a breather following three days of gains although the Dow Jones Industrial Average is holding onto a 0.3% rise largely supported by three large technology companies that topped analyst projections with their quarterly earnings last night.

The gains by Microsoft ( MSFT ), Intel ( INTC ) and IBM ( IBM ) also are working to offset declines by General Electric Co. ( GE ) and American Express ( AXP ), two other Dow components today trading lower after their revenues in the December quarter failed to meet expectations.

In economic news, sales of previously owned U.S. homes climbed for a third month during December to an annualized rate of 4.61 million homes, its highest level in nearly a year. Still, the pace trailed the consensus call of experts polled by Bloomberg News by roughly 50,000 homes while working to push down the inventory of unsold homes to its lowest point since 2007.


In other company news, oil field services company Schlumberger (SLB) is higher this morning as it reported an adjusted $1.11 a share profit on $10.97 billion in revenues. Analysts, on average, had been expecting SLB to produce a $1.09 EPS and $10.79 billion in sales. It generated an $0.85 a share gain and $9.07 billion in sales during the same period last year.

Commodities are mostly lower, although gold currently is up about $4 to $1,658 an ounce. Light, sweet crude oil for February delivery is down $2.34 at $98.05 a barrel while natural gas is down about one-fifth of a penny at $2.316 per 1 million British Thermal Units.

Among precious-metal ETFs, the SPDR Gold Trust (GLD) is down 0.03% to $161.17. Market Vectors Gold Miners (GDX) is up 0.65% to $52.49. iShares Silver Trust (SLV) is up 1.11% to $30.07.

In Energy ETFs, the United States Oil Fund (USO) is down 2.33% at $37.79; the United States Natural Gas Fund (UNG) is up 0.99% at $5.08.

Here's where markets stand at mid-day:

NYSE Composite Index down 17.02 (-0.22%) to 7,802.35.

Dow Jones Industrial Average up 46.54 (-0.37%) to 12,670.52.

S&P 500 down 4.47 (-0.34%) to 1,310.03.

NASDAQ Composite down 6.86 (-0.25%) to 2,781.47.

GLOBAL SENTIMENT

Nikkei up 1.47%.

Hang Seng up 0.84%.

Shanghai Composite up 1.00%.

FTSE-100 down 0.17%.

MID-DAY NYSE INDEX WATCH

NYSE Energy down 79.83 (-0.62%) to 12,779.90.

NYSE Financial up 6.93 (+0.16%) to 4,378.24.

NYSE Health Care down 45.76 (-0.64%) to 7,128.77.

NYSE Arca Tech 100 down 0.60 (-0.05%) to 1,156.32.

UPSIDE MOVERS

(+) ASIA, (+20.5%) Chinese telecom receives buyout offer from Power Joy Ltd.

(+) INSM, (+34.2%) FDA lifts clinical hold on Arikace medication for cystic fibrosis patients.

(+) CLGX, (+5.9%) Projects 2011 EPS, revenues to beat previous guidance; 2012 also seen strong.

DOWNSIDE MOVERS

(-)ISRG, (-7.7%) Foresees slow-down in surgical procedures.

(-)ALTH, (-%) European regulators recommend against Folotyn treatment for T-cell lymphoma.

(-)NCIT, (-31.9%) Forecasts 2012 sales at least 30% below Street View. Shares hit all-time low.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: AXP , GE , IBM , INTC , MSFT

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As of 12/19/2014, 04:15 PM


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