Here's where markets stand at mid-day:
-NYSE down 249.03 (-3.43%) to 7,009.01
-DJIA down 373.54 (-3.32%) to 10,866.23
-S&P 500 down 33.97 (-2.9%) to 1,138.92
-Nasdaq down 62.09 (-2.52%) to 2,420.54
Nikkei up 1%.
Hang Seng up 2%.
Shanghai Composite up 0.9%.
FTSE-100 up 0.5%.
MID-DAY NYSE INDEX WATCH
NYSE Energy down 2.7% at 11,369.94
NYSE Financial down 4.45% at 4,046.24
NYSE Health Care down 2.73% at 6,279.91
NYSE Arca Tech 100 down 2.42% at 1,002.38
(+) RL (+6.3%) easily beats Q1 earnings estimates.
(+) COF (+1.3%) is buying HSBC's domestic credit card business.
(+) CREE (+15.7%) continues eventual sharp evening gain that
followed Q4 beat, mixed guidance.
(+) BCON (+6.9%) inks deal.
(+) ADLR (+0.01%) jumps on study results.
(+) FOSL (-3.7%) gives up early gain; upgraded today after
guidance miss on Tuesday.
(-) BAC (-6.9%) reportedly selling part of mortgage business:
(-) M (-2.1%) beats with Q2 results and sees FY EPS beating
(-) WMT (-2.6%) brings its VUDU movie streaming to iPad.
(-) DIS (-9.2%) downgraded; gained in evening session after
(-) MOTR (-53%) continues evening plunge that followed Q2 miss,
worrisome revenue view.
(-) SATC (-18.9%) misses Q2 estimates, guides for sales
Stocks are backtracking sharply for the second time in three
sessions at mid-day, with concern over European banks spreading
gloom to U.S. equities markets and overshadowing a rise in job ads.
With the economic calendar relatively light, investors are eying
corporate earnings, including Dow Jones Industrial component Walt
Disney Co. (
), and the U.S. Federal Reserve's policy statement yesterday.
Shares of Walt Disney Co. (
) are down sharply after the company said late yesterday that Q3
EPS was $0.78, excluding charges, compared to expectations of $0.73
per share. Revenue was $10.67 billion compared with the mean
analyst consensus for $10.45 billion on Thomson Reuters. Third
quarter profits were buoyed by deferred revenue moved from the
fourth quarter to the third quarter, noted Reuters. Excluding that
item, results missed most analysts' expectations, the report
On the economic front, U.S. wholesaler inventories rose
less-than-expected at 0.6% in June, which signals a cautionary
stance from business.
In company news:
Abbott Laboratories (
) said that it has received U.S. Food and Drug Administration
approval for its RX Herculink Elite Renal Stent System for the
treatment of renal artery stenosis, or the narrowing of the main
arteries supplying blood to the kidneys, in patients with
) shares are down after Reuters reported a court in Germany
temporarily halted Samsung Electronics from selling its Galaxy
tablet in most of the European Union, handing Apple a victory in
its intellectual property fight against the Korean firm. Last week,
Samsung was forced to delay the Galaxy launch in Australia.
Shares of Goldman Sachs (
) are sharply lower after The Wall Street Journal reported that
U.S. securities regulators are investigating the securities firm
under the U.S. Foreign Corrupt Practices Act related to its
dealings with Libya's sovereign-wealth fund. Banking stocks are
down across the board.
) is down 2.86% at mid-day, after Digital Music News reports that
Walmart Music Downloads Store located at MP3.walmart.com will close
on August 28. All content in the Store will be disabled and no
longer available for download from the store. The service was
reportedly unable to compete with Apple's (
) iTunes online music store.
Shares of Johnson & Johnson (JNJ) are down after Bloomberg
reports that the health care products giant has reached an
agreement to settle a misdemeanor criminal charge related to
marketing of its antipsychotic drug Risperdal.
Commodities are higher as December gold contracts are up 3.04%
to $1,796 an ounce while September crude oil contacts are up 1.29%
to $80.36 a barrel.
In energy ETFs, the United States Oil Fund (USO) is down 0.66%
to $31.41 and the United States Natural Gas fund (UNG) is up 0.99%,
In precious metal ETFs, the SPDR Gold Trust (GLD) is up 3% at
$173.67. Market Vectors Gold Miners (GDX) is up 2.19% to $58.96.
iShares Silver Trust (SLV) is up 4.41% to $37.92.