Stocks are little changed today, with the Dow Industrial and
S&P 500 flatlining near their record highs in a struggle to
close higher for a seventh week in a row. A dearth of major
economic data and a slowing trickle of company earnings is
resulting in more consolidation as investors begin positioning
before a holiday-shortened trading week. Healthcare stocks are
again leading the pack, with shares of Biogen (
) outperforming the sector. Meanwhile, shares of Dow Component
) fell to a two-week low after the chip-maker said sluggish PC
sales will likely result in flat sales for 2014.
Second-tier economic data today included data on job openings
for September (JOLTS) which rose to 3.913 million openings, beating
estimates and topping the 3.80 million job openings in August.
Also, the Kansas City Fed said its index of manufacturing
activity in the central U.S. and Great Plains improved to a 7.0
reading this month, exceeding the market consensus expecting the
index to remain unchanged at 6.0.
European equities were mixed as dovish comments from an official
from the Bank of England and a better than expected German Ifo
index resulted in a lower close for the UK FTSE, but Germany's Dax
closing with minimal gains.
Crude oil was down $0.90 to $94.54 per barrel. Natural gas was
up $0.07 to $3.81 per 1 million BTU. Gold was up $1.20 to $1,245.10
an ounce, while silver was down $0.06 to $19.92 an ounce. Copper
was up $0.01 to $3.21 per pound.
Among energy ETFs, the United States Oil Fund was down 0.42% to
$34.03 with the United States Natural Gas Fund was down 1.66% to
$18.57. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was up 0.08% to 22.53 while SPDR Gold Shares were up
0.20% to $120.18. The iShares Silver Trust was down 0.33% to
Here's where the markets stand at mid-day:
NYSE Composite Index up 19.98 (+0.20%) to 10,182.38
Dow Jones Industrial Average up 25.17 (+0.16%) to 16,035.16
S&P 500 up 5.95 (+0.33%) to 1,801.80
Nasdaq Composite Index up 20.24 (+0.51%) to 3,989.39
Nikkei 225 Index up 0.10%
Hang Seng Index up 0.49%
Shanghai China Composite Index down 0.43%
FTSE 100 Index down 0.11%
CAC 40 up 0.58%
DAX up 0.25%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 0.16%
NYSE Financial Sector Index up 0.18%
NYSE Healthcare Sector Index up 0.39%
(+) BIIB (+10.9%) European Medicines Agency agreed the active
substance in Biogen's Tecfidera multiple-sclerosis treatment,
dymethil fumarate, is qualified as a new active substance.
(+) SPLK (+22.2%) Q3 revenues were $78.6 million, up 51%
year-over-year versus consensus of $70.8 million. For Q4, total
revenues are expected to be between $88 million and $90 million.
Versus estimate of $85.9 million.
(+) ARIA (+35.8%) The European Medicines Agency's Committee for
Human Medicinal Products adopted a positive view on the continued
use of Ariad's Iclusig drug for patients with leukaemia
(-) OLED (-4.7%) European Patent Office has revoked Universal
Display's EP 238 patent which upheld the broadest claim of coverage
for organometallic iridium device architectures.
(-) ROST (-7.2%) Ross Stores missed Q3 sales estimates and
lowered FY EPS to $3.83 to $3.87, below estimates for $3.94.
(-) VMEM (-44.3%) The company expects Q4 non-GAAP gross margin
of 53-55% vs. the street estimate of 55%.
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