Stocks are down in mid-day trading as Europe's debt woes - again
- ruled investor sentiment through the first half of the regular
session. Still, U.S. economic data showing increased factory
production and declining prices for consumers provided some support
to Europe-driven trade.
In the latest news from across the pond, the Bank of England
said that the failure of European leaders to resolve the debt
crisis could hurt the global economy. "Significant adverse
effects," are seen, while the European Central Bank purchased
larger than normal portions of Italian debt, according to a
Bloomberg report on the situation.
Investors will also be watching Mario Monti, Italy's prime
minister designate, who will be introducing his cabinet, the report
said. The cost of Italian debt has declined somewhat with the
10-year slipping nine basis points to 6.98%.
In the U.S., inflation appears to be in check - mainly due to
lower gas prices - as the Labor Department reported that the
consumer price index fell by 0.1% in October. Still, the core
inflation rate rose 0.1%, according to a MarketWatch report on the
Also, the Federal Reserve reported this morning that the output
from U.S. factors rose 0.7% last month - stronger than the 0.4%
gain expected by analysts, according to another MarketWatch
In mid-day company news:
) is down 1.5% following reports that the company plans to
eliminate 900 jobs in its securities and banking division,
representing about 5% of the unit's world-wide staff. The Wall
Street Journal reported that a spokeswoman from the bank has
confirmed that the reduction in jobs is part of a broader move to
curtail costs. Citibank may eliminate as much as 3,000 jobs or 10%
of its work force, the report added.
Research in Motion Ltd (
) is bidding to re-establish a perch above $20 a share and top that
psychological barrier for the first time since last month after
Goldman Sachs reportedly raised its rating for the smart-phone
maker to Neutral, up from Sell, citing the stock's relatively low
Shares of JetBlue Airways (
) are down more than 2%, impacted by the negative sentiment
surrounding rising fuel costs. Today, the price of oil touched $100
a barrel for the first time since June. JetBlue shares are
struggling, and are currently at 3.87, just $0.37 off their 52 week
low of 3.52.
ADRs of Bayer AG (
) are down while Bloomberg reports the company sees its Asia sales
growing by more than 60% by 2015. The firm is in the process of
building local factories and sales networks there, the report
Bank of America (
) chief executive Brian Moynihan said that new regulations will
cause retail banking to be less profitable, according to a report
from Bloomberg Businessweek. BofA loses money on its retail
operations, Moynihan reportedly said, which led the bank to its
controversial $5 debit card fee, which it has since thrown out.
Commodities are mixed as December gold contracts are down 0.49%
to $1,774 an ounce while December crude oil contacts are up 2.29%
to $101.65 a barrel.
In energy ETFs, the United States Oil Fund (USO) is up 2.3% to
$39.33 and the United States Natural Gas fund (UNG) is down 0.5%,
In precious metal ETFs, the SPDR Gold Trust (GLD) is down 0.48%
to $172.54. Market Vectors Gold Miners (GDX) is down 0.2% to
$61.23. iShares Silver Trust (SLV) is down 1.2% to $33.25.
Here's where markets stand at mid-day:
-NYSE down 33.97 (-0.45%) to 7,475.16
-DJIA down 66.07 (-0.55%) to 12,030.09
-S&P 500 down 6.53 (-0.52%) to 1,251.29
-Nasdaq down 13.73 (-0.51%) to 2,672.31
Nikkei down 0.92%.
Hang Seng down 2.00%.
Shanghai Composite down 2.49%.
FTSE-100 down 0.81%.
DAX-30 down 0.65%.
MID-DAY NYSE INDEX WATCH
NYSE Energy up 0.11% at 12,569.41
NYSE Financial down 0.8% at 4,027.64
NYSE Health Care down 0.7% at 6,791.52
NYSE Arca Tech 100 down 0.2% at 1,131.27
(+) ADSK, (+4.7%) upgraded
(+) TGT, (+0.4%) reported fiscal-third-quarter net income rose
3.7% on 5.4% higher sales and 4.3% higher same-store sales.
(+/-) JAG, (0.0%) gets takeover offer
(+) TYC, (+3.6%) reported fiscal Q4 earnings rose 50% due to
stronger revenue across
its main businesses and fewer charges
(+) AREX, (+1.3%) initiates offering
(+) NOK, (+0.5%) plans to offer Windows-based tablet
(-) NUS, (-2.0%) guides in line to above Street
(-) DELL, (-2.1%): reported net earnings and EPS that failed to
meet analysts' expectations.
(-) ASYS, (-13.9%) downgraded
(-) BIDU, (-1.3%) initiated
(-) CTRP, (-3.0%) initiated
(-) PCLN, (-0.6%) initated
(-) ANF, (-13.9%) Q3 miss