Stocks are sitting lower at the session's half as U.S. jobs data
and disagreements among European leaders over whether to boost
international aid dominated investor concerns.
Equities markets head lower as the leaders of the Group of 20
were unable to agree on whether to raise resources from the
International Monetary Fund to help address the Greece debt crisis,
Bloomberg noted in a report. Asian stocks had gained while Europe
was mixed as Greek premier George Papandreou backed off his bailout
referendum push as he faces a confidence vote.
Also, U.S. data on unemployment dominated trade, with the Labor
Department reporting the nation added 80,000 jobs in October,
bringing the unemployment rate edged down to 9.0% from 9.1%.
Economists surveyed by MarketWatch had forecast a 90,000 increase
in employment and no change in the jobless rate.
Revisions played a key role in the market's reaction. Hiring in
September was revised up to 158,000 from 103,000 and job growth in
August was revised up to 104,000 from 57,000. Hourly earnings rose
0.2% last month and the workweek was unchanged at 34.3 hours.
In mid-day company news:
Shares of Groupon (GPRN) have surged through the first half of
trading on their stock market debut. Shares are now up 39%, or
$7.80, to $27.80 in mid-day trading.
ADRs of China Petroleum and Chemical Corp. (
), also called Sinopec, are higher while Bloomberg reports that
China may allow the refiner to adjust prices on their own. China
currently controls prices to stave off inflation, the report
Wal-Mart Stores (
) shares are lower while Reuters reports that a court in Nambia
ruled that country's anti-trust regulator's conditions on
Wal-Mart's takeover of Massmart Holdings need to be review by the
trade minister there. The move could jeopardize the $2.4 billion
deal, the report notes.
Baxter International (
) said it is launching NUMETA, its new ready-to-use pre-mix therapy
for preterm infants being fed intravenously. NUMETA is now licensed
in 16 European countries, and BAX expects to launch the product in
several European countries in 2011-2012.
In earnings news:
--Shares of Starbucks (
) are up sharply after the company reported Q4 EPS of $0.47,
including a $0.10 per share gain. Revenue was $3.0 billion, ahead
of expectations of $2.94 billion. For FY 2012, the company expects
EPS of $1.75 to $1.82 per share, vs.
expectations of $1.82 per share.
) is lower after the company said late Thursday posted a decline in
its earnings, but guided above Street estimates. It also filed to
sell $100 million in stock.
--Alon USA Energy (ALJ) is up over 20% after it reported late
yesterday Q3 EPS ex items of $0.70 on sales of $2.056 billion. The
Street view is for $0.49 on sales of $1.93 billion.
Commodities are down as December gold contracts are down 0.61%
to $1,755 an ounce while December crude oil contacts are down 0.57%
to $93.49 a barrel.
In energy ETFs, the United States Oil Fund (USO) is down 0.66%
to $36.08 and the United States Natural Gas fund (UNG) is up 0.94%,
In precious metal ETFs, the SPDR Gold Trust (GLD) is down 0.69%
to $170.55. Market Vectors Gold Miners (GDX) is down 1.88% to
$60.67. iShares Silver Trust (SLV) is down 1.45% to $33.14.
Here's where markets stand at mid-day:
-NYSE down 114.71 (-1.51%) to 7,493.70
-DJIA down 147.06 (-1.23%) to 11,896.51
-S&P 500 down 15.57 (-1.23%) to 1,245.58
-Nasdaq down 24.15 (-0.9%) to 2,673.68
Nikkei up 1.9%.
Hang Seng up 3.1%.
Shanghai Composite up 0.8%.
FTSE-100 up 0.4%.
DAX-30 down 0.7%.
MID-DAY NYSE INDEX WATCH
NYSE Energy down 1.19% at 12,486.59
NYSE Financial down 2.15% at 4,146.88
NYSE Health Care down 1.31% at 6,744.28
NYSE Arca Tech 100 down 0.84% at 1,122.97
(-) CHK (-5.8%) Q3 results beat Street view.
(+) SBUX (+6.3%) maintains evening gain seen after Q4 beat,
(-) GALE (-6.3%) gains n NeuVax clinical results.
(-) ALU (-17.0%) warns in outlook.
(-) COH (-2.4%) downgraded.
(-) AONE (-10.3%) issues revenue warning.
(-) BAC (-3.9%) selling shares.
(+) SWKS (+1.1%) downgraded.
(-) LNKD (-8.9%) continues evening fall that followed earnings
drop, better revenue view; selling shares.
(-) SD (-6.0%) downgraded.
(-) OXGN (-33.3%) issues mixed lung cancer trial results.
(-) OPTR (-12.4%) reports wider-than-expected loss.
(-) CEDC (-25.8%) cuts outlook.
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