Stocks are broadly higher in mid-day trading while investors
cheer Italy's latest move to approve austerity measures while new
data released this morning showed better-than-expected sentiment
among U.S. consumers. Positive earnings news also provided a lift
In U.S. economic data, the Thomson Reuters/University of
Michigan preliminary index of consumer sentiment rose to 64.2 in
November compared with an October reading of 60.9. That increase is
better than the 63 reading economists had expected.
That provided a lift to retailers, which are gearing up for the
all-important holiday shopping season. Wal-Mart Stores (
) is up 1.3%. Target (
) is up 1.9% and Best Buy Stores (
) is up 3.4%. Nordstrom (
) hasn't joined the consumer-sentiment rally. Shares are off some
1.8% after the company reported Q3 earnings that matched
Late yesterday, Walt Disney Co. (
) reported fourth quarter revenue of $10.42 billion, which topped
analysts' average estimate of $10.36 billion as gauged by Thomson
Reuters. Earnings per share was $0.58 compared to expectations of
$0.54 per share. Disney shares spiked in the extended session and
into Friday's session, with trades topping a 7% gain.
Overseas, the dramatic events that shaped the week in Europe
appear to be settling down - at least for the short term. Italian
lawmakers appeared set to approve 2012 budget measures over the
weekend, potentially clearing the way for the formal resignation of
Prime Minister Silvio Berlusconi and the naming of a new coalition
government headed by economist and former European Commissioner
Mario Monti, according to news reports. Monti is widely considered
to be a technocrat who will go about the business of implementing
In mid-day company news:
Shares of Citigroup (C) are higher while the Financial Times
reports that the bank will get $4.1 billion from its sale of
recording house EMI after a deal agreed to by Universal and
Bristol-Myers Squibb (BMY) shares are up over 1% after it
announced a technology transfer agreement with the Brazilian
Ministry of Health to expand access to its HIV treatment Reyataz in
Brazil. The agreement is designed to build the capacity and skills
required for the Brazilian government to produce a sustainable,
high quality supply of atazanavir and will enable the government to
become, over time, the sole source of atazanavir in Brazil.
Shares of Google (GOOG) are higher as the company is reportedly
planning to unveil a television running Google software at the
Consumer Electronics Show in Las Vegas, according to a Bloomberg
report. The move would be done in conjunction with LG Electronics,
the report said.
ConocoPhillips (COP) is up while the Wall Street Journal reports
that China's State Oceanic Administration said in a statement
Friday that a ConocoPhillips unit violated development plans at its
oil field in China's Bohai Bay.
ConAgra Foods (CAG) said Friday that it will acquire National
Pretzel Company, a private label pretzels manufacturer based in
Lancaster, Pa., from Brookstone Holdings, for an undisclosed
Commodities are higher as December gold contracts are up 1.32%
to $1,783 an ounce while December crude oil contacts are up 0.93%
to $98.69 a barrel.
In energy ETFs, the United States Oil Fund (USO) is up 1.09% to
$38.13 and the United States Natural Gas fund (UNG) is up 1.09%, to
In precious metal ETFs, the SPDR Gold Trust (GLD) is up 1.34% to
$173.44. Market Vectors Gold Miners (GDX) is up 3.47% to $62.26.
iShares Silver Trust (SLV) is down 1.75% to $33.72.
Here's where markets stand at mid-day:
-NYSE up 161.38 (+2.17%) to 7,585.06
-DJIA up 268.37 (+2.26%) to 12,162.16
-S&P 500 up 25.16 (+2.03%) to 1,264.85
-Nasdaq up 53.78 (+2.05%) to 2,678.92
Nikkei up 0.2%.
Hang Seng up 0.9%.
Shanghai Composite up 0.1%.
FTSE-100 up 0.9%.
DAX-30 up 1.9%.
MID-DAY NYSE INDEX WATCH
NYSE Energy up 2.1% at 12,723.91
NYSE Financial up 2.42% at 4,134.27
NYSE Health Care up 1.9% at 6,883.75
NYSE Arca Tech 100 up 2.3% at 1,128.01
(+) NVDA (+2.6%) continues evening gain that followed earnings
(+) DIS (+6.4%) continues evening gain that followed earnings
(+) CAT (+3.5%) building new plant; confirms Asian
(-) UBNT (-1.9%) reports stronger earnings vs year ago.
(-) KW (-4.6%) prices shares.
(-) DHI (-1.9%) issues mixed results.
(-) ANX (-24.7%) selling stock.
(-) MCP (-11.8%) continues evening drop that followed Q3
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