Mid-Day Update: Stocks Off Lows; Crude Futures Drift Below $100 a Barrel


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Here's where markets stand at mid-day:

-NYSE down 43.68 (-0.53%) to 8,178.47

-DJIA down 15.89 (-0.13%) to 12,135.37

-S&P 500 down 4.44 (-0.34%) to 1,295.75

-Nasdaq down 4.46 (-0.16%) to 2,728.12


Nikkei down 1.2%.

Hang Seng closed.

Shanghai Composite closed.

FTSE-100 flat.


NYSE Energy down 7.54% at 13,310.70

NYSE Financial down 0.91% at 4,861.33

NYSE Health Care up 6.26% at 7,251.53

NYSE Arca Tech 100 down 0.22% at 1,149.66


(+) RXII (+12.9%) reports positive breast cancer treatment trial results.

(+) AAPL (+0.4%) just firm ahead of developers' conference.

(+) GOOG (+0.5%) gains; WSJ report on Justice inquiry emerged late Friday.

(+) OXGN (+6.5%) reports positive data on lung cancer treatment.

(+) SBUX (+3.5%) upgraded.

(+) VICL (+3.1%) reports positive melanoma trial results.

(+) INVE (+8.6%) unit releases new product.


(-) THLD (-4.6%) reports positive study data.

(-) MRK (-0.1%) reports positive drug study results.

(-) ARIA (-0.3%) gains in step with partner MRK.

(-) PFE (-0.3%) slips despite positive lung cancer treatment development.

(-) PRGS (-9.0%) warns for earnings.

(-) EXEL (-16.2%) drops amid release of interim cabozantinib data.

(-) LOW (-1.1%) downgraded.

(-) UTHR (-5.9%) gains then falls; phase 3 trail in pulmonary arterial hypertension meets primary endpoint.


Stocks have bounced off session lows but are still in the red at the session's half. With no economic reports due today, investors focused on a steady stream of corporate news, including the Apple's ( AAPL ) developer conference due to get underway today. Earlier in the day, the Standard & Poor's 500 Index briefly dipped below its March low, MarketWatch reported, with investors watching if additional support levels would be breached.

Meanwhile, crude oil futures slipped below $100 a barrel. Gold gained through the morning.

In company news:

Goldman Sachs Group (GS) today announced that it has agreed to sell Litton Loan Servicing to Ocwen Financial ( OCN ) for $264 million, which does not reflect certain assets that GS will retain. According to GS, it does not expect the sale to have any material impact on earnings in the second quarter due to the combination of the sales price and the impairment charge announced in the first quarter of 2011 primarily related to Litton.

RXi Pharmaceuticals ( RXII ) is sharply higher after it said updated data from its Phase 2 clinical trial of NeuVax shows statistical significance in 3-year Disease Free Survival ( DFS ) in adjuvant breast cancer, with 0% recurrence in the treated group versus 22.2% in the untreated group.

Shares of Valero Energy ( VLO ) are trending lower following a Reuters report that the refiner said it is continuing to work toward closing the acquisition of Chevron's (CVX) Pembroke refinery in Wales. Four people were killed and one was injured at the refinery after an explosion on June 3.

Apple's ( AAPL ) shares are higher. The company's San Francisco presentation begins with a keynote address at 1 p.m. ET, featuring Chief Executive Steve Jobs and other executives. Analysts don't expect any new iPhone announcements. The focus is expected to be on the next versions of Apple's iOS and Mac OSX operating systems and a new service called iCloud, according to news reports.

Shares of Harley-Davidson (HOG) are higher after UBS Investment Research initiated the company with a short-term "buy" with a $39 price target, noting that May sales for the brand are up 10% year-over-year, according to MarketWatch.

JPMorgan Chase (JPM) shares are higher after Bloomberg reported the bank is looking to dismiss a $6.4 billion lawsuit by the trustee handling the liquidation of the firm once owned by Bernard Madoff. The bank says the trustee does not have the right to sue on behalf of Madoff's investors, the report says.

ArthroCare (ARTC) today announced that it has received clearance from the U.S. Food and Drug Administration for its Spartan 6.5 Needled Anchor, a preloaded threaded anchor indicated for use in fixation of soft tissue to bone, such as during a rotator cuff shoulder repair. This needled version is utilized for open repairs, while the non-needled version, for which FDA clearance has previously been received, is for arthroscopic repairs.

Commodities are mixed. August gold contracts are up 0.69%, to $1,553 an ounce while July crude oil contacts are down 0.64% to $99.57 a barrel.

In energy ETFs, the United States Oil Fund (USO) is down 0.91% to $39.30 and the United States Natural Gas fund (UNG) is up 3.02%, to $12.29.

In precious metal ETFs, the SPDR Gold Trust (GLD) is up 0.7% at $151.26. Market Vectors Gold Miners (GDX) is down 0.46% to $56.23. iShares Silver Trust (SLV) is up 2.18% to $36.12.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: AAPL , DFS , OCN , RXII , VLO

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