Stocks retreated off record highs today as mixed earnings
coupled with light profit-taking pressure before the conclusion of
today Federal Open Markets Committee meeting erases most of this
morning's gains. The tech-heavy Nasdaq Composite index is under
pressure after missed earnings from Yelp (
) and LinkedIn (
), along with home soft-drink dispenser Soda Stream (
), while Verizon (
) and Pfizer (
) are dragging the Dow Industrials index lower. While the Federal
Reserve is expected to keep its quantitative easing program in
place, the potential for more aggressive profit-taking after the
FOMC's 2 p.m. ET statement also is driving retracement off this
Economic data this morning failed to generate much reaction in
the financial markets. Payroll processor Automatic Data Processing,
Inc. (ADP) said private payrolls increased by 130,000 new hires
this month, down 15,000 from downwardly revised September figures
and also trailing Wall Street expectations.
The Bureau of Labor Statistics also reported consumer prices
rose just 0.2% in September, led by a 0.8% increase in the cost of
energy. Excluding the volatile food and fuel sectors, September CPI
rose by a benign 0.1%
European markets also gave back their earlier gains in sympathy
with U.S. equities, closing in the red. Buoyed early on by
Tuesday's U.S. rally and bullish EU-zone economic data, the three
major indices were on track to post fresh record highs.
Crude oil was down $0.87 to $97.32 per barrel. Natural gas was
unchanged at $3.71 per 1 million BTU. Gold was up $7.50 to
$1,353.20 an ounce, while silver was up $0.51 to $23.00 an ounce.
Copper was down $0.05 to $3.32 per pound.
Among energy ETFs, the United States Oil Fund was down 0.93% to
$35.08 with the United States Natural Gas Fund was down 0.50% to
$17.96. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was up 1.85% to 26.25 while SPDR Gold Shares were down
0.70% to $130.68. The iShares Silver Trust was up 2.22% to
Here's where the markets stand at mid-day:
NYSE Composite Index down 22.14 (-0.22%) to 10,086.27
Dow Jones Industrial Average down 18.46 (-0.12%) to
S&P 500 down 4.20 (-0.24%) to 1,767.75
Nasdaq Composite Index down 13.94 (-0.35%) to 3,938.40
Nikkei 225 Index up 1.23%
Hang Seng Index up 2.00%
Shanghai China Composite Index up 1.48%
FTSE 100 Index down 0.02%
CAC 40 down 0.10%
DAX down 0.07%
NYSE SECTOR INDICES
NYSE Energy Sector Index down 0.12%
NYSE Financial Sector Index down 0.14%
NYSE Healthcare Sector Index down 0.28%
(+) EA (+7.8%) The video game maker reports non-GAAP EPS of
$0.33, topping estimates by $0.21.
(+) BWLD (+6.0%) Q3 EPS of $0.95 beats estimates by $0.10.
Revenues of $315.8 million also topped the consensus looking for
(+) LVLT (+7.7%) Narrows Q3 net loss to $0.09 per share from a
$0.76 loss in the year-earlier quarter.
(-) CETV (-55.8%) Forecasts FY13 revenue trailing expectations
and warns if it could run out of money next year if it can't secure
(-) CYNI (-30.7%) Now expecting a Q4 loss of between $0.19 to
$0.24 per share $30 million to $33 million in revenue. The Street
is looking for just an $0.08 per share net loss on $46.10 million
(-) IACI (-12.9%) Beats earnings estimates but the Internet
media and content company said local revenue fell 26% year over
year while media revenue slipped 3%.
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