Mid-Day Update: Stocks Remain Lower as Europe, Jobs Data Drag on Sentiment

By MidnightTrader.com Staff,

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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. ( SNP ), 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 noted.

Wal-Mart Stores ( WMT ) 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 ( BAX ) 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 ( SBUX ) 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.

--Linkedin ( LNKD ) 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%, to $8.78.

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%.


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, in-line guidance.

(-) 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.

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
Referenced Stocks: BAX , LNKD , SBUX , SNP , WMT

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