Stocks have not recovered from their opening-bell drop with the
three major indexes awash in red at the session's half. Europe
remained the focus of investor concern with a surge on Italian bond
yields sparking worries that Europe's debt crisis could be getting
worse. Also, new data released this morning showed inventories at
domestic wholesalers fell last month.
Tuesday's news that Prime Minister Silvio Berlusconi had finally
bowed to pressure and would resign once new austerity measures are
passed helped push markets in the U.S. and Asia higher. However,
sentiment quickly turned from relief to uncertainty over who will
lead Italy through the debt crisis.
In Greece, Prime Minister George Papandreou resigned as a new
coalition government is set to take over the government in that
country, led by house speaker Filippos Petsalnikos, Reuters
Also this morning, new data from the Commerce Department
indicated that inventories at the wholesale level fell 0.1% last
month but were up 11.9% from the previous yea, MarketWatch
reported. Sales to wholesalers increased 0.5% last month.
In mid-day company news:
ADRs of Total (
) are down while Bloomberg reports that the french oil major is in
talks with OAO Rosneft about exploration projects, such as the Val
Shatskogo venutre in the Black Sea, citing comments from CEO
Christophe de Margerie.
Merck & Co (
) announced Wednesday that its hormonal contraceptive Nexplanon is
now available in the United States. The 68 mg contraceptive is a
etonogestrel implant approved by the U.S. Food and Drug
Administration for the prevention of pregnancy in women for up to
Wal-Mart Stores (
) shares are down as the retailer launched new applications for the
iPhone and iPad designed to give its customers tools to plan their
weekly shopping trips as well as a new way to access Walmart both
in-store and online.
Reuters reports that Goldman Sachs (
) is seeking to raise up to $1.54 billion by selling 2.4 billion
shares in Industrial and Commercial Bank of China Ltd. GS shares
are down 4.9%.
Computer memory maker STEC Inc. (
) plunged after reporting mixed Q3 results, and a dismal Q4 revenue
forecast. STEC reported Q3 profit plunged 65% on lower sales. The
numbers still beat expectations, but the company's forecast for Q4
of no more than $57 million fell short of the average analyst
estimate of $72.1 million.
Commodities are higher as December gold contracts are down 0.4%
to $1,792 an ounce while December crude oil contacts are up 0.9% to
$97.61 a barrel.
In energy ETFs, the United States Oil Fund (USO) is up 0.35% to
$37.63 and the United States Natural Gas fund (UNG) is down 2.45%,
In precious metal ETFs, the SPDR Gold Trust (GLD) is up 0.38% to
$174.19. Market Vectors Gold Miners (GDX) is up 0.48% to $62.80.
iShares Silver Trust (SLV) is down 0.9% to $33.69.
Here's where markets stand at mid-day:
-NYSE down 180.99 (-2.36%) to 7,490.92
-DJIA down 232.23 (-1.91%) to 11,939.16
-S&P 500 down 27.77 (-2.21%) to 1,247.74
-Nasdaq down 62.77 (-2.3%) to 2,664.71
Nikkei up 1.16 %.
Hang Seng up 1.71%.
Shanghai Composite up 0.8%.
FTSE-100 down 2.07%.
DAX-30 down 2.46%.
MID-DAY NYSE INDEX WATCH
NYSE Energy down 2.43% at 12,548.00
NYSE Financial down 3.48% at 4,109.45
NYSE Health Care down 1.79% at 6,755.72
NYSE Arca Tech 100 down 2.31% at 1,115.60
(+ ) RAD, (+4.4%) upgraded
(+) SODA (+3.3%) reports improved Q3 results
(-) RBCN (-4.9%) downgraded
(-) HBC (-7.8%) reports Q3 profit
(-) GM (-8.2%) Q3 earnings drop from year-ago levels
(-) RL (-6.1%) reports Q2 results
(-) ROVI (-33.8%) Q3 earnings disappoint
(-) STP (-3.6%) Q3 revenue seen above expectations
(-) M (-3.2%) reports Q3 earnings beat
(-) CEDC(-5.6%) downgraded