Stocks are mixed in mid-day trading after a full week of
generally positive economic indicators - offset by ongoing concern
over Europe's debt crisis - giving way to a day of relatively light
volume to end the week. For the last several days, volatile yields
on European sovereign' debt has made for an equally volatile
market, which received some lift today in sentiment from signals
that the European Central Bank would take additional measures to
stem the crisis.
Yesterday, Italian and and Spanish bonds saw heavy selling,
MarketWatch notes while the ECB stepped in to buy sovereign debt to
provide a modicum of price support and provide a lift to the euro.
The yield on Spain's 10-year bond slid back to 6.44 percent after
rising above 7 percent earlier in the session.
Also, media reports indicate that a proposal gaining traction
would allow the ECB to loan money to the International Monetary
Fund, which would then be used to bail out troubled eurozone
nations, Dow Jones Newswires reported.
In mid-day company news:
Shares of Salesforce.com Inc. (
) tumbled out of the gate after reporting third quarter fiscal 2012
adjusted net-income. CRM reported net income of 8 cents per share,
surpassing the Zacks Consensus Estimate of 3 cents. Despite
strong-net income, investors were unnerved by the company's
deferred revenue (customer bookings) of $918 million, which is up
32% from the year-ago, but down 2% from Q2, suggesting stalling
ADRs of Roche (
) are still higher while the U.S. Food and Drug Administration
revoked approval of Avastin, the company's best-selling cancer
drug, for use in treating breast cancer, Bloomberg notes in a
report. Commissioner Margaret Hamberg said the drug should be
withdrawn because it wasn't shown to be safe and effective, the
Shares of Exxon Mobil (
) are near the flat line as the refiner suspended the shutdown of
its Antwerp refinery in Belgium as workers there call off a strike
set for Nov. 23, Reuters reports.
Bank of America (
) shares are higher while The Wall Street Journal reports that CEO
Brian Moynihan said the bank is finding it can sell foreclosed
homes faster than it could earlier as it rummages through its cache
of bad home loans. The comments came at a conference in New
Commodities are down as December gold contracts are up 0.34% to
$1,726 an ounce while January crude oil contacts are down 1.23% to
$97.71 a barrel.
In energy ETFs, the United States Oil Fund (
) is down 0.94% to $37.87 and the United States Natural Gas fund
(UNG) is up 2.54%, to $7.68.
In precious metal ETFs, the SPDR Gold Trust (GLD) is UP 0.56% to
$1.68.05. Market Vectors Gold Miners (GDX) is UP 0.01% to $57.87.
iShares Silver Trust (SLV) is UP 2.19% to $31.30.
Here's where markets stand at mid-day:
-NYSE up 18.55 (+0.26%) to 7,292.70
-DJIA up 12.82 (-0.11%) to 11,783.55
-S&P 500 down 2.09 (-0.17%) to 1,214.04
-Nasdaq down 15.72 (-0.61%) to 2,572.02
Nikkei down 1.2%
Hang Seng down 1.7%
Shanghai Composite down 1.8%
FTSE-100 down 0.56%
DAX-30 up 0.14%
MID-DAY NYSE INDEX WATCH
NYSE Energy up 0.02% at 12,182.82
NYSE Financial up 0.53% at 3,909.35
NYSE Health Care up 0.09% at 6,671.96
NYSE Arca Tech 100 down 0.76% at 1,083.16
MRVL, (+6.7%) downgraded to Hold from Buy at Craig Hallum but
HIBB, (+1.3%) reported better than expected Q3 EPS
CREE, (+1.2%) initiated with a Buy at Goldman Sachs.
HPQ, (+3.0%) Sterne Agee has upgraded Hewlett-Packard (HPQ) to
Buy from Neutral.
CF, (+4.5%) initiated with a Buy at Lazard Capital.
OZM, (-0.4%) announced the pricing of its follow-on public
offering of Class A shares