Mid-Day Update: Stocks Find Legs; Commodities Mixed

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Here's where markets stand at mid-day:

-NYSE down 12.93 (-0.15%) to 8,391.70

-DJIA up 35.83 (+0.29%) to 12,605.70

-S&P 500 up 0.30 (+0.02%) to 1,338.18

-Nasdaq up 4.75 (+0.17%) to 2,830.51

GLOBAL SENTIMENT

Nikkei up 1.1%

Hang Seng down 1.0%

Shanghai Composite down 0.2%

FTSE-100 down 2.1%

MID-DAY NYSE INDEX WATCH

NYSE Energy down 5.51% at 13,603.22

NYSE Financial down 0.75% at 4,943.24

NYSE Health Care up 8.51% at 7,404.91

NYSE Arca Tech 100 up 0.44% at 1,191.87

UPSIDE MOVERS

(+) (+17.6%) sets guidance higher

(+) WAG (+1.1%) June sales increase

(+) DPTR (+6.6%) Exploring strategic alternatives

(+) CAT (+1.0%) Inks agreement with Australia's Fortescue Metals Group

DOWNSIDE MOVERS

(-) NOK (-0.6%) Nokia joint venture gets contract

(-) BAC (-2.3%) Pressured after China Interest rate move, Portugal debt downgrade

(-) BCS (-4.1%) Moody's Portugal downgrade

(-) STD (-2.8%) Moody's Portugal downgrade

(-) RBS (-3.5%) Moody's Portugal downgrade

(-) DRWI (-11.7%) Sales VP resigns

(-) WPPGY (-2.8%) Downgrade

(-) SBNY (-2.3%) Announces public offering

MARKET DIRECTION

Stocks have shaken off a wobbly start and established a beachhead in positive territory, after all three major indexes opened in the red following an interest rate move in China and a key downgrade of debt for Portugal. Volume has been light during the holiday-shortened week following the U.S. Independence Day holiday, which is adding to volatility.

The People's Bank of China increased raise interest rates by a quarter-point. It's the third increase to tame inflation. Also, Moody's cut Portugal's credit rating to junk status on Tuesday, downgrading the country's credit status by four notches, with a negative outlook. The move weighed on banking shares domestically and in Europe.

In company news:

Bank of America ( BAC ) shares are down after reports that a group of bond investors declined a deal struck last week with larger investors who lost money on securitized mortgages. The group reportedly has "serious concerns about the secret, non-adversarial, and conflicted way in which the proposed settlement was negotiated and about the fairness of the terms of the proposed settlement," CNNMoney reported, citing a petition.

Shares of medical technology company Kinetic Concepts ( KCI ) are higher after Bloomberg, citing people familiar with the matter, reported the company is in talks to go private in a leveraged buyout deal. The company is reportedly talking about a sale with a group consisting of two private equity firms in a deal that could value the company at over $5 billion.

Shares of Apple Inc. ( AAPL ) are higher after FBR analyst Craig Berger said he believes the computer maker will likely unveil a new version of the iPad 2 this year, bizjournals.com reported. Instead of calling it the iPad 2, Berger wrote, it will be like an iPad 2 Plus with a higher resolution screen. Also in Apple news, HTC Corp. agreed to purchase S3 Graphics Co., giving it access to patents as it defends against infringement lawsuits from Apple Inc, reports Bloomberg. HTC's ownership of S3 Graphics could help it in its legal fight with Apple, which sued the company last year for patent infringements. S3 Graphics won a ruling against Apple last week.

Shares of Walt Disney Co. ( DIS ) are down after the media giant's CEO said that the owners of the privately held Internet television company Hulu are "committed to selling," the company, Bloomberg reported, citing comments at the Allen & Co. conference in Sun Valley, Idaho. Hulu has been in talks with a number of parties about a sale, reports have said.

Commodities are mixed. August gold contracts are up 1.14% to $1,530 an ounce while August crude oil contacts are down 0.26% to $96.60 a barrel.

In energy ETFs, the United States Oil Fund (USO) is up 0.03% to $37.97 and the United States Natural Gas fund (UNG) is down 2.01%, to $10.74.

In precious metal ETFs, the SPDR Gold Trust ( GLD ) is up 0.99% at $149.09. Market Vectors Gold Miners (GDX) is up 1.7% to $56.36. iShares Silver Trust (SLV) is up 1.67% to $35.22.



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: AAPL , BAC , DIS , GLD , KCI

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As of 11/26/2014, 04:15 PM

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