Here's where markets stand at mid-day:
-NYSE up 26.84 (+0.33%) to 8,103.56
-DJIA up 46.54 (+0.39%) to 11,869.34
-S&P 500 up 3.96 (+0.31%) to 1,284.17
-Nasdaq down 3.34 (-0.12%) to 2,701.01
Hang Seng down 0.53%
Nikkei down 1.56%
FTSE up 0.48%
MID-DAY NYSE INDEX WATCH
NYSE Energy up 0.55% at 12,935.11
NYSE Financial up 0.5% at 5,142.05
NYSE Health Care up 0.27% at 6,571.56
NYSE Arca Tech 100 up 0.01% at 1,107.26
(+) NOVA (+2.5%) sold for $13.25 per share.
(+) GOOG (+0.2%) beats with earnings, reshuffles top execs.
(+) GE (+5.9%) beats with earnings.
(+) HPQ (+0.7%) extends evening gain seen after company says
(+) WMG (+23.9%) is reportedly soliciting takeover bids.
(+) TPX (+9.1%) beats with Q4 results and guides above
(+) GMXR (+8.4%) gains on reserve news.
(+) BYD (+3.5%) upgraded.
(+) RVBD (+1.7%) started at Overweight at JPMorgan.
(+) ZRAN (+2.2%) gains on strong Q4 report.
(+) WAG (+0.3%) upgraded.
(+) NVS (+0.2%) gets EU approval for MS drug.
(+) CYTX (+2.4%) reports positive results in heart attack
(+) LLY (+0.4) says FDA panel does not recommend approving
(-) SLB (-1.4%) beats Q4 estimates.
(-) BAC (-1.3%) misses with Q4 results.
(-) PBCT (-4.1%) downgraded.
(-) JNY (-10.9%) guides for FY earnings below Street.
(-) VVUS (-15.5%) ordered to provide birth defect data for Qnexa
(-) BIIB (-2.7%) gets negative European opinion on Famprya.
Stocks are moving higher at mid-day as investors focus on
earnings reports from Google (
) and General Electric (
), which came in better than the Street had predicted. Deals
rumored to be in the offing also are providing support.
In earnings, shares of General Electric are up more than 5%
after the company reported Q4 EPS of $0.36 per share, four cents
ahead of the analyst consensus on Thomson Reuters. Revenue was
$41.4 billion, vs. expectations of $39.9 billion. GE was helped by
solid performance of its finance, health care and transportation
units. "Strong performance at GE Capital was also encouraging," GE
CEO Jeff Immelt said in a statement.
Google is higher after CEO Eric Schmidt said he is handing over
day-to-day management and his title to Larry Page, one of the two
co-founders of the search-engine giant. Schmidt is remaining at
Google as executive chairman and will concentrate on deal-making
and other strategic initiatives. The company also reported Q4
earnings that beat analysts' estimates as optimism about the
economy led companies to boost spending for online advertising.
In the latest company news:
) advised the US Food and Drug Administration that results of its
Brilinta blood thinner that concerned regulators were likely caused
by high-dose aspirin, Bloomberg reports. AstraZeneca is seeking
approval of Brilinta, which concerned health officials after
certain participants did worse on Brilinta than people in other
parts of the world.
Shares of Pep Boys - Manny, Moe & Jack (
) are up by double digits on news of a possible sale of the
company. The company is considering strategic options with Bank of
), according to Bloomberg.
Shares Pfizer (PFE) are tracking lower after Bloomberg reported
that the world's largest drug maker extended its tender offer to
acquire King Pharmaceuticals (KG) for a third time. The two firms
are awaiting US regulatory approval of the deal, worth $3.6
billion, The offer, for $14.25 a share, is now due to expire at 5pm
on Jan. 28. Upon approval, the acquisition will be the biggest for
Pfizer since its $68 billion buy of Wyeth in 2009.
Hewlett-Packard (HPQ) shares are higher despite news yesterday
that four directors are deciding not to stand for re-election at
the company's next annual meeting in March. The computer company
also is adding an additional seat to the board, increasing the
total number to 13, as part of its efforts to "new insight and
perspective" to the firm.
Royal Bank of Scotland (RBS) ADRs are up nearly 7% this morning
after the Financial Times reported the bank could possibly leave
the British government's asset-protection scheme by the end of
Warner Music Group (WMG) boosted its market value by a fifth out
of the gate this morning on a report that it has hired Goldman
Sachs Group to solicit takeover bids. Bloomberg broke the story,
citing a person with knowledge of the company's plans.
Shares of Eli Lilly (LLY) are higher after the drug maker said
late Thursday the FDA's Peripheral and Central Nervous System Drugs
Advisory Committee decided it could not recommend approval of
Amyvid based on the currently available data. Still, the committee
voted unanimously to recommend approval of Amyvid conditional on a
reader training program that demonstrates reader accuracy and
consistency through a re-read of previously acquired scans.
Elsewhere in earnings news:
--Shares of Bank of America (
) are down in morning trade after it reported a Q4 loss as costs
rose associated with refunds, litigation and write downs tied to
mortgages. The bank reported a loss of $0.16, but an ex-items
profit of $0.04 per share, below the Thomson Reuters mean analyst
estimate for $0.14. Revenue of $22.67 billion is down from $25.4
billion a year earlier and below the Street view for $24.8
--SunTrust Banks Inc. (STI) swung to a Q4 profit of $0.23
compared to a loss of $0.64 a year earlier, topping the Street view
for $0.09 a share. Total revenue rose 19% to $2.33 billion.
--First Horizon National Corp (FHN) is off nearly 4% this
morning after the bank reported a $0.20 Q4 net loss due to $63
million in costs associated with leaving the Troubled Asset relief
--Shares of oilfield services firm Schlumberger (SLB) were
trending lower even as the company said that Q4 revenue of $9.07
billion was better than the analyst consensus of $8.7 billion on
Thomson Reuters. EPS was $0.85, ahead of expectations of $0.78 per
share. Also, the company's board approved a 19% increase in the
companyÃ¢â¬â"¢s quarterly dividend, to 25 cents a share.
Schlumberger shares are down 2.4%, or $1.93, to $83.37.
Commodities are down. February gold contracts are down $5, or
0.38%, to $1,342 an ounce, while March crude oil contacts are down
0.54%, or $0.48, at $89.10 a barrel.
In energy ETFs, the United States Oil Fund (USO) is down 0.35%
to $37.44 and the United States Natural Gas fund (UNG) is up 0.97%
In precious metal ETFs, the SPDR Gold Trust (GLD) is down 0.07%
to $131.11. Market Vectors Gold Miners (GDX) is down 0.82% to
$54.19. iShares Silver Trust (SLV) is down 0.26% to $26.78.
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