Here's where markets stand at mid-day:
-NYSE down 33.24 (-0.42%) to 7,768.03
-DJIA down 45.72 (-0.40%) to 11,398.36
-S&P 500 down 3.92 (-0.32%) to 1,221.93
-Nasdaq down 0.13 (-0.01%) to 2,578.81
Hang Seng up 0.35%
Nikkei up 1.11%
FTSE down 0.43%
MID-DAY NYSE INDEX WATCH
NYSE Energy down 0.30% at 11,807.16
NYSE Financial down 0.69% at 4,947.19
NYSE Health Care down 0.38% at 6,49..69
NYSE Arca Tech 100 up 0.22% at 1,050.39
(+) INTC (+1.0%) upgraded.
(+) YHOO (+1.2%) is subject of WSJ article saying AOL interested
in at least a tie-up.
(+) CNIT (+0.5%) reports improved quarter.
(+) IDT (+12%) announces dividend, spin-off plans, stock
(+) SOLR (+7.6%) sets buyback.
(+) SVNT (+3.8%) upgraded.
(+) ATHX (+6.2%) gets FDA OK for Phase 2 trial of MultiStem.
(+) ANR (+7.9%) gets favorable Barron's coverage.
(-,+) MCD (0.0%) choppy trade; sales October same-store sales up
(-) DISH (-2.8%) downgraded.
(-) SIGA (-9.6%) to appeal SBA decision.
(-) IRE (-0.8%) continues sharp slide amid debt, austerity
concerns in Ireland.
Stocks are lower at mid-day as investors retreat after Friday's
Federal Reserve-induced rally. Last week, the Fed announced it
would purchase up to $600 billion in U.S Treasuries in an effort to
boost the economy. In the wake of six consecutive positive
sessions, the Dow Jones Industrial Average is moderately lower
while gold futures hit a record $1,400 an ounce this morning.
The move by the Federal Reserve received some criticism from
officials at several major economies because of concerns about
trade imbalances, which could be a sticking point at this week's
meeting of the G-20 nations in South Korea.
No major economic news is due out on today.
In company news, an experimental pill for rheumatoid arthritis
developed by Pfizer (
) cut pain and inflammation in 71% of patients in a study. The
results could help the drug maker supplant injectable drugs with
$12 billion in annual sales, Bloomberg reported. The treatment
reduced inflammation by 20% or more for patients after six months,
the report said.
Morgan Stanley (
) will buy the remaining stake in a joint venture with Citigroup's
) Smith Barney on dates set in the original deal, Bloomberg
reported, citing CEO James Gorman. Morgan Stanley has flexibility
in how fast it will increase its 51% sake in the joint venture, the
Republic Airways (
) says it will sell 12 million shares of its common stock in an
underwritten public offering. In addition, the company intends to
grant the underwriters a 30-day option to purchase up to an
additional 15% of shares sold.
Eli Lilly (
) shares are just higher after the company said it would buy
privately-held Avid Radiopharmaceuticals for an upfront payment of
$300 million and up to $500 million in additional payments
contingent upon potential future regulatory and commercial
milestones, according to a statement. With the purchase, Eli Lilly
gets access to compunds Avid is developing that detect and monitor
chronic diseases such as Alzheimer's.
) is trading higher after it said this morning it is buying
privately held Quidsi, the owner of Diapers.com and Soap.com.
Amazon is paying $500 million in cash and assuming $45 million in
debt to expand its online retail empire, but said Quidsi will
continue to operate independently. The acquisition is expected to
close in December.
) and Dell (
) are planning to move ahead with more acquisitions, which will
likely keep M&A active in the sector, Bloomberg reported.
Google will probably buy more companies about the size of YouTube
and DoubleClick while Dell will make more purchases in its push to
double the size of its data-center business to $30 billion in
revenue, the report said.
McDonald's Corp. (
) is down despite reporting that global sales at stores opened at
least a year grew by 6.5%, topping its previous forecast for 5% to
6% sales growth. Domestically, sales rose 5.6%.
The commission appointed by President Barack Obama to
investigate the BP (
) oil spill in the Gulf of Mexico found no evidence thus far that
employees put profits before safety, Bloomberg reported citing
comments from Chief Counsel Fred Bartlit. Critics have said that BP
cut corners in order to reduce costs, the report noted. "We have
not seen a single instance where a human being made a conscious
decision to favor dollars to safety," Bartlit said, as quoted by
Harris Corp. (
) is lower after announcing this morning that it will buy a
communications services business from Schlumberger Ltd. (
) for $397.5 million in cash. The business unit, Global
Connectivity Services, is expected to have pretax earnings of $41
million on revenue of $170 million in 2010, the company said.
JDS Uniphase (
) is up after Barron's says the company is well positioned to
benefit from the Internet. Barron's noted improving results and
demand for optical products as people want more high-speed Internet
In the latest earnings news:
--Uranium Resources (
) is up after it says Q3 net loss was $0.04 per share, flat from a
--Sysco Corp. (
) is down after the food service distributor reported first quarter
profit in line, but revenue short of estimates. The company posted
a profit of $299.1 million, or 51 cents a share, down from $326.2
million, or 55 cents a share a year ago. Revenue rose 7.4% to $9.75
billion. Analysts polled by Thomson Reuters had expected earnings
of 51 cents a share on revenue of $9.55 billion.
) said Q3 sales were $51.7 million, below the Thomson Reuters mean
for $56.4 million. Non-GAAP EPS was a penny per share, a penny
below estimates. It sees FY sales between $118 to $125 million,
below forecasts for $134.63 million.
) says Q3 net sales from continuing operations were $34.4 million,
more than the Thomson Reuters mean for $31.8 million. Net income
was $0.13 per share, a penny above estimates. FY sales are seen
between $123.0 million to $126.0 million, below estimates for
Commodities are mixed. December gold contracts are up $2, or
0.18%, to a record high of $1,400 an ounce, while December crude
contacts are down 0.22%, or $0.19, at $86.66 a barrel.
In energy ETFs, the United States Oil Fund (
) is down 0.58% to $37.43 and the United States Natural Gas fund (
) is up 3.18% to $5.84.
In precious metal ETFs, the SPDR Gold Trust (
) is up 0.32% to $136.81. Market Vectors Gold Miners (
) is up 1.41% to $60.94. iShares Silver Trust (
) is up 2.14% to $26.76.
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