Mid-Day Update: Stocks Sink Over European Debt Worries; Commodities Mixed

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Here's where markets stand at mid-day:

-NYSE down 162.01 (-1.93%) to 8,248.18

-DJIA down 145.46 (-1.15%) to 12,511.74


-S&P 500 down 21.31 (-1.59%) to 1,322.49

-Nasdaq down 50.46 (-1.76%) to 2,809.18

GLOBAL SENTIMENT

Nikkei down 0.7%.

Hang Seng down 1.7%.

Shanghai Composite up 0.2%.

FTSE-100 down 1.1%.

MID-DAY NYSE INDEX WATCH

NYSE Energy down 6.97% at 13,392.55

NYSE Financial down 2.48% at 4,823.11

NYSE Health Care up 6.69% at 7,280.43

NYSE Arca Tech 100 down 1.73% at 1,176.52

UPSIDE MOVERS

(+) WFMI (+0.01%) upgraded.

(+) SIRI (+0.9%) to be added to Nasdaq 100.

(+) ARJ (+11.2%) gets $47.20 per share buyout.

(+) YRCW (+9.4%) secures new loan facility.

DOWNSIDE MOVERS

(-) F (-3.8%) falls on report of declining car sales.

(-) AMD (-2.6%) downgraded.

(-) PETS (-3.8%) downgraded.

MARKET DIRECTION

Stocks are lower at mid-session in a rough start to the week as investors fret over renewed European debt concerns and rising inflation in China. European markets were lower with the FTSE down more than 1%, after Italian officials raised worries about the country's debt situation. Spain also added to concerns.

With no US economic data due for release today, slow-moving debt talks in Washington and the lingering effects of Friday's disappointing jobs data are adding to the negative tone. Financial shares are among the leading decliners.

In company news:

Sanofi-Aventis ( SNY ) announced Monday that it has sold its dermatology business, Dermik, to Valeant Pharmaceuticals International ( VRX ), for US$425 million, as part of its strategy to further concentrate on its growth platforms.

Shares of Ford ( F ) are lower this following a report from SeekingAlpha that car sales in India grew at their slowest pace in two years. The report also suggests car makers' outlook for global sales may be a bit too optimistic as GDP growth in China slows.

Apple Inc. ( AAPL ) has slipped after being ordered by a federal jury in Eastern Texas to pay $8 million in damages to Personal Audio LLC, according to Bloomberg. In 2009, Personal Audio had sued Apple and other companies for infringement of two of its patents relating to an audio player.

Shares of Johnson & Johnson (JNJ) are down after reports that the company has been sued for at least $70 million by a company that claims it interfered in a contract over distribution of an oral cancer test. Oral Cancer Prevention International Inc., is suing over a contract it signed in February 2010 with OraPharma Inc., then a J&J unit.

Shares of Deutsche Bank ( DB ) are down, while Reuters, citing analysts and investors, reports that the German bank's plan to recommend investment banking head Anshu Jain as co-chief executive could be a step for him to take over the firm. The supervisory board overseeing the nomination of a successor to Josef Ackermann suggested a dual CEO model comprised of Germany Chief Juergen Fitschen and the 48-year-old Jain, the report said.

Shares of Magic Software Enterprises (MGIC) are down after Bloomberg reported the company sees a boost of sales by 29% this year driven by demand from a migration to mobile and cloud computing. The jump is seen allowing the company to achieve its 2009 goal of tripling sales by the end of next year, the report said.

Commodities are mixed. August gold contracts are up 0.35% to $1,547 an ounce while August crude oil contacts are down 1.41% to $94.84 a barrel.

In energy ETFs, the United States Oil Fund (USO) is down 1.61% to $37.19 and the United States Natural Gas fund (UNG) is up 2.07%, to $10.83.

In precious metal ETFs, the SPDR Gold Trust (GLD) is up 0.3% at $150.70. Market Vectors Gold Miners (GDX) is down 0.5% to $56.00. iShares Silver Trust (SLV) is down 2.21% to $34.96.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: AAPL , DB , F , SNY , VRX

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As of 12/22/2014, 04:15 PM


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