Mid-Day Update: Stocks Mixed Despite Better-Than-Expected Consumer Confidence Data

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Here's where markets stand at mid-day:

-NYSE down 10.64 (-0.13%) to 8,346.93

-DJIA down 64.03 (-0.51%) to 12,528.77

-S&P 500 down 3.04 (-0.23%) to 1,334.19

-Nasdaq up 0.57 (+0.02%) to 2,843.46

GLOBAL SENTIMENT

Nikkei up 0.5%.

Hang Seng up 1.2%.

Shanghai Composite up 0.5%.

FTSE-100 up 0.2%.

MID-DAY NYSE INDEX WATCH

NYSE Energy down 0.21% at 14, 026.14

NYSE Financial up 0.19% at 4,888.73

NYSE Health Care up 6.72% at 7,282.51

NYSE Arca Tech 100 up 0.32% at 1,188.87

UPSIDE MOVERS

(+) SONE (+30.9%) gets offer.

(+) BRCM (+9.6%) continues evening jump that followed earnings beat.

(+) BIDU (+5.2%) continues evening jump that followed strong profit report.

(+) LXK (+20.2%) reports better-than-expected earnings.

(+) PATH (+1.7%) initiated with favorable coverage.

(+) LMT (+2.7%) raises guidance.

(+) HSII (+12.7%) beats with earnings.

(+) CMI (+4.6%) guides for sales beat.

(+) ODP (+11.7%) reports improved results.

(+) USAT (+13.2%) guides for strong results.

(+) FFIV (+2.6%) upgraded.

(+) FNSR (+9.1%) upgraded.

(+) RSH (+22.2%) beats with earnings.

DOWNSIDE MOVERS

(-) F (-1.1%) beats with sales.

(-) S (-0.6%) upgraded.

(-) NFLX (-9.3%) continues evening drop that followed revenue miss, guidance below Street view.

(-) MMM (-4.8%) reports in-line earnings.

(-) EK (-1.3%) misses with earnings.

(-) FNDT (-5.0%) seeing competing bid for S1 ( SONE ).

(-) UPS (-4.6%) beats with earnings.

(-) NVDA (-1.7%) downgraded.

(-) EGLE (-1.6%) downgraded.

(-) VDSI (-12%) misses with earnings.

(-) CENX (-2.4%) warns on earnings.

(-) BP (-1.8%) misses with earnings.

(-) UBS (-4.1%) disappoints with earnings; details cost-cutting.

(-) STM (-9.7%) down after earnings report.

MARKET DIRECTION

Stocks are mixed as new data showed an unexpected rise in consumer confidence in July despite political wrangling in Washington over the nation's debt ceiling. Also, home prices in May logged a modest increase.

Consumers had a more positive outlook on the economy, new data showed. The Conference Board reported that its consumer-confidence index increased to 59.5 in July from a downwardly revised 57.6 in June. Economists had expected the July reading to decline to 55.3 due to debt ceiling worries, according to a MarketWatch poll.

Prices for U.S. homes rose for a second month in a row in May. The S&P/Case-Shiller 20-city index showed home prices gained 1% in May from the prior month. Over the 12 months prior to May, home prices fell 4.5%, MarketWatch reported.

In company news:

Shares of CARDIOME PHARMA ( CRME ) are sharply higher ahead of a scheduled conference call with investors that will discuss its financial outlook. CARDIOME said it will hold the conference call at 4:15pm EST.

Shares of Walt Disney Co. ( DIS ) are down while the New York Times is reporting that the company has made a $454 million offer to buy out its partners and public shareholders in Indian media company UTV.

McDonald's ( MCD ) is up after First Lady Michelle Obama praised the company for adding apples to its Happy Meals. She called it a positive step toward solving childhood obesity. McDonald's said it will make apples standard in its kids meals. The company said it will also reduce sugar, saturated fats, sodium and calories in its menu items by 2020. Company officials said consumer demand is driving change, the AP reported.

In the latest earnings news:

--Broadcom (BRCM) is up as the company reports Q2 revenue of $1.8 bln, in line with expectations. EPS was $0.72, vs. the analyst consensus of $0.63 per share on Thomson Reuters. The company also says it sees Q3 revenue in the range of $1.9 to $2.0 bln, straddling the analyst consensus of $1.93 bln on Thomson Reuters.

--Shares of Deutsche Bank ( DB ) are down after the German bank reported a Q2 net profit of euro1.2 billion ($1.74 billion). Despite this figure being 3.3% higher than the previous year, it missed the analyst consensus by euro0.1 billion.

--STMicroelectronics (STM) reports Q2 revenue of $2.56 bln, an increase from the $2.53 bln recorded in the year ago quarter. Net income was $420 mln, up from $356 mln a year ago. EPS was $0.46, vs. $0.39 per share last year.

--Ford Motor (F) reported Q2 EPS of $0.61 compared to $0.50 a year earlier and a penny better than the Street view for $0.60. Revenue rose to $33.1 billion from $28.1 billion. That beats the Street view for $32.15 billion.

--Hershey (HSY) reports Q2 adjusted EPS of $0.56, more than double the $0.20 earned in the same period last year and a penny better than the Street's mean view for $0.55. Revenue increased to $1.33 billion from $1.23 billion. The Street expected $1.29 billion.

--UPS (UPS) reports Q2 EPS of $1.07 and an adjusted $1.05 compared to $0.84 a year earlier and the Thomson Reuters mean analyst estimate for $1.04 per share. Revenue of $13.2 billion is up from $12.2 billion.

Commodities are higher. August gold contracts are up 0.11% to $1,616 an ounce while September crude oil contacts are up 0.22% to $99.43 a barrel.

In energy ETFs, the United States Oil Fund (USO) is up 0.21% to $38.76 and the United States Natural Gas fund (UNG) is down 1.23%, to $10.85.

In precious metal ETFs, the SPDR Gold Trust (GLD) is down 0.1% at $157.18. Market Vectors Gold Miners (GDX) is down 0.13% to $60.20. iShares Silver Trust (SLV) is up 0.38% to $39.46.



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: CRME , DB , DIS , MCD , SONE

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