Stocks are higher in mid-day trading while investors continued
to digest mixed economic data points released today showing the
economy grew at a slower-than-expected clip while the employment
picture continues to improve.
European and U.S. stocks churned in two-directional trading
Wednesday as investors assessed news that the European Central Bank
lent far more to the region's banks in three-year loans than was
expected. Financial shares gained initially on that result. The
broad Stoxx Europe 600 is up 1% at last check.
According to the Labor Department, the number of Americans
filing initial claims for regular state unemployment-insurance
benefits fell 4,000 to a seasonally adjusted 364,000 in the week
ended Dec. 17, reaching the lowest level since April 2008.
Economists polled by MarketWatch expected claims would rise to
Also, the Commerce Department reported that U.S. real gross
domestic product for the third quarter was revised to an increase
of 1.8% annualized from the earlier estimate of a 2.0% rise.
Economists surveyed by MarketWatch expected third-quarter growth to
be unrevised at a 2.0% rate.
In company news:
Yahoo Inc. (
) is in talks to cut its stake in Chinese online giant Alibaba to
15% from its current holding of 40%, the Wall Street Journal
reported in its online edition late Wednesday. Yahoo in September
put the value of its 40% stake at about $13 billion, the paper
) and Deutsche Boerse may have to directly lobby European
Commissioners to obtain approval for their merger after being
unable to assuage the concerns of EU antitrust officials about the
deal's effects on the derivatives market, Reuters reports.
Shares of Chevron (
) are higher while The Wall Street Journal reports that the federal
police in Brazil are asking federal prosecutors to indict as many
as 17 employees from the refiner for their alleged roles in the oil
spill off the coast of that country.
Novo Nordisk (
) today announced that it has submitted a new drug application for
the approval of its insulin Degludec to the Japanese
Pharmaceuticals and Medical Devices Agency. Degludec is the
company's ultra-long-acting insulin for the treatment of people
with type 1 and type 2 diabetes.
Akamai Technologies (
) today announced that it will acquire Cotendo, a company that
offers an integrated suite of Web and mobile acceleration services,
for $268 million, after expected purchase price adjustments.
Wal-Mart (WMT) shares are lower as the Associated Press reported
the retailer pulled a batch of powdered infant formula from over
3,000 stores across the country. The move comes after a newborn
became ill with a bacterial infection, the report said. As yet, no
government recall has been initiated for 12.5-ounce cans of Enfamil
Newborn powder, the report said.
Commodities are higher as February gold contracts are up $6 to
$1,603 an ounce while January crude oil contacts are up $0.65 to
$94.18 a barrel.
In energy ETFs, the United States Oil Fund (USO) is up 0.33% to
$36.40 and the United States Natural Gas fund (UNG) is up 0.72%, to
In precious metal ETFs, the SPDR Gold Trust (GLD) is up 0.98% to
$154.39. Market Vectors Gold Miners (GDX) is up 0.74% to $53.64.
iShares Silver Trust (SLV) is up 2.65% to $29.03.
Here's where markets stand at mid-day:
-Dow Jones Industrial up 0.38%
-S&P 500 up 0.6%
-Nasdaq up 0.7%
Nikkei up 1.41%
Hang Seng up 1.86%
Shanghai Composite down 1.12%
FTSE-100 down 0.59%
DAX-30 up down 0.44%
(+)YHOO, (+1.2%) Yahoo in Talks to Cut Alibaba Stake according
(+) MU, (+16%) Misses on EPS, Revs
(+)AKAM, (+18%) to Acquire Cotendo
(+) TIBX, (+8%) Tibco Up 4%, in Middle of Extended-Hours
TEVA, (-0.5%) Names New Europe Head
BBBY, (-6.2%) Beats on Q3 EPS, Issues Mixed Guidance
NVO, (-2.4%) New Drug Application for Ultra-Long-Acting Insulin