Stocks are flatlining today, trading in a razor-thin range ahead
of economic data and Q4 earnings due out later this week. Lingering
disappointment over Friday's weak jobs report was erased by Dow
component Merck & Co. (
) issuing positive news about its Vorapaxar blood-clotting drug
along with gains in the transportation sector following another
drop in fuel prices.
But retail stocks are limiting any market advance following
earnings warnings from Lululemon (
) and Express Inc (
). And absent any fresh economic news today, Wall Street instead is
looking forward to retail sales and industrial production data
later in the week, neither of which are expected to match gains
from the prior month.
Europe ignored the early pressure on U.S. equities and closed
higher Monday, led by strength in the banking sector after
regulators eased a Basel leverage-ratio rule. EU-zone economic data
also was light, although Italy posted a much better than expected
gain in industrial production, bumping up the DAX higher by nearly
Crude oil was down 0.78% to $91.94 per barrel. Natural gas was
up $0.18 to $4.20 per 1 million BTU. Gold was up $1.10 to $1,247.90
an ounce, while silver was down $0.02 to $20.20 an ounce. Copper
was down $0.02 to $3.33 per pound.
Among energy ETFs, the United States Oil Fund was down 0.60% to
$32.99 with the United States Natural Gas Fund was up 3.48% to
$20.57. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was up 0.86% to 22.19 while SPDR Gold Shares were up
0.29% to $120.61. The iShares Silver Trust was up 0.72% to
Here's where the markets stand at mid-day:
NYSE Composite Index down 23.78 (-0.23%) to 10,347.35
Dow Jones Industrial Average down 53.05 (-0.32%) to
S&P 500 down 6.07 (-0.33%) to 1,836.30
Nasdaq Composite Index down 8.98 (-0.22%) to 4,165.69
Nikkei 225 Index up 0.20%
Hang Seng Index up 0.19%
Shanghai China Composite Index down 0.19%
FTSE 100 Index up 0.26%
CAC 40 up 0.30%
DAX up 0.39%
NYSE SECTOR INDICES
NYSE Energy Sector Index down 0.93%
NYSE Financial Sector Index down 0.09%
NYSE Healthcare Sector Index up 0.28%
(+) ALNY (+58.0%) Buys Merck & Co.'s (
) Sirna Therapeutics Inc. unit, also inking deal expanding its
strategic agreement with Sanofi SA's (
) Genzyme subsidiary to develop and commercialize treatments for
rare genetic diseases.
(+) TKMR, TKM.TO (+30.9%) Signs Option Agreement with Monsanto (
), giving the crops chemical company a license to use Tekmira's
proprietary delivery technology.
(+) BEAM (+24.12%) Agrees to be acquired by Japan's Suntory
Holdings for $83.50 a share in cash, or about $16 bln overall.
(-) ICPT (-18.1%) The National Institute of Diabetes &
Digestive & Kidney Diseases says there was a build-up of "bad
cholesterol" in patients with non-alcoholic steatohepatitis during
testing of the company's liver-disease drug.
(-) LULU (-15.8%) Cuts its Q4 revenue forecast by $22 mln from
its prior outlook to a new range of $513 mln to $518 mln following
a drop in same-store sales compared to year-ago levels.
(-) PSMI (-9.5%) Downgrade to Hold from Buy at Deutsche Bank,
which also cut its price target by $2 to $10 a share.
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