Mid-Day Update: Early Gains Slip Away as Stocks Turned Mixed; Europe Remains Focus

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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. ( CRM ) 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 bookings.

ADRs of Roche ( RHHBY ) 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 Commissioner Margaret Hamberg said the drug should be withdrawn because it wasn't shown to be safe and effective, the report said.

Shares of Exxon Mobil ( XOM ) 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 ( BAC ) 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 York.

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 ( USO ) 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

GLOBAL SENTIMENT

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

UPSIDE MOVERS

MRVL, (+6.7%) downgraded to Hold from Buy at Craig Hallum but earnings prop

stock.

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.

DOWNSIDE MOVERS

OZM, (-0.4%) announced the pricing of its follow-on public offering of Class A shares



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: BAC , CRM , RHHBY , USO , XOM

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