Mid-Day Update: Stocks Slip With DJIA Off Triple Digits; Chicago PMI Declines

By
A A A

Stocks are tipping lower after last week's heady gains and Europe remains a focal point for investors. Also, new data released after today's opening bell showed a decline in purchasing activity while one financial name saw its shares halted as it filed for Chapter 11 bankruptcy protection.

In U.S. data, the Chicago Purchasing Managers Index - a barometer of of manufacturing and non-manufacturing activity in the Chicago area - scaled back to 58.4% in October from 60.4% in the prior month, according to a MarketWatch report. That was in line with a poll from the news service.

On the international stage, attention shifts to focus on a summit of the Group of 20 leaders in Cannes, France. The leadership faces issues like restoring global growth and redressing economic distortions, implementing Europe's recently inked Greek debt and bank recapitalization plan, among other topics.

Leaders of the Group of 20 industrialized and developing nations need to take bold, coordinated action to keep the global economy on track after a dramatic rise in "uncertainties" surrounding the short-term outlook, Organization for Economic Cooperation and Development Secretary-General Angel Gurria said in a "briefing note" released Monday.

MF Global ( MF ) filed for bankruptcy protection in a New York court this morning. The company listed $10 million to $50 million in estimated liabilities. Separately, ICE Futures reportedly Monday barred MF Global brokers from its trading floors, according to Reuters, and said the brokerage's customers will be limited to liquidation-only trading, effective immediately.

In mid-day company news:

Shares of Wells Fargo ( WFC ) are down while Bloomberg reports that the bank has canceled plans to charge a $3 monthly fee for using its debit cards after customers in a five-state pilot program opposed the charge.

Merck & Co. ( MRK ) shares are down while Bloomberg reports that the U.S. Supreme Court allow a ruling that allows the drug maker to block Teva Pharmaceuticals ( TEVA ) from selling a generic form of Temodar, a brain cancer drug, until 2013.

Shares of Google ( GOOG ) are down while Fortune magazine reports that the Internet giant will begin placing some of its AdSense advertisements inside apps that employ its Admob advertising. The move could siphon some iAds user-developers away from Google competitor Apple (AAPL), the report said.

State Street Corp. (STT) shares are down while Reuters reports that a judge has dismissed a case against two former executives of the financial services firm who were accused of misleading investors about the firm's exposure to sub-prime mortgage-related stakes.

Wal-Mart Stores (WMT) shares are down while the retail giant and tax preparation service H&R Block (HRB) said this morning that the latter will provide tax preparation services in approximately 300 locations starting in December, according to a statement.

JetBlue (JBLU) is down after a snowstorm this weekend stranded a number of flights at Connecticut's Bradley International Airport. At least six JetBlue planes were diverted to the airport because of multiple instrument failures at John F. Kennedy and Newark Liberty International airports, according to reports in MarketWatch and other media outlets.

JetBlue (JBLU) is down after a snowstorm this weekend stranded a number of flights at Connecticut's Bradley International Airport. At least six JetBlue planes were diverted to the airport because of multiple instrument failures at John F. Kennedy and Newark Liberty International airports, according to reports in MarketWatch and other media outlets.

In earnings news:

--Integra LifeSciences (IART) has tumbled 9.5% to $34.96 a share after it reports Q3 EPS of $0.77 on revenue of $202.2 million. Analysts looked for EPS of $0.77 on revenue of $204.15 million. The company is lowering its 2011 EPS guidance range to $2.88-$2.96, from a prior range of $2.92-$3.02. The Street is at $2.93.

Commodities are down as December gold contracts are down 1.32% to $1,724 an ounce while December crude oil contacts are down 1.04% to $92.36 a barrel.

In energy ETFs, the United States Oil Fund (USO) is down 1.1% to $35.63 and the United States Natural Gas fund (UNG) is down 1.42%, to $8.88.

In precious metal ETFs, the SPDR Gold Trust (GLD) is down 1.2% to $167.56. Market Vectors Gold Miners (GDX) is down 1.79% to $59.40. iShares Silver Trust (SLV) is down 2.06% to $33.56.

Here's where markets stand at mid-day:

-NYSE down 149.52 (-1.93%) to 7,653.53

-DJIA down 149.25 (-1.22%) to 12,081.86

-S&P 500 down 1.37 (-1.37%) to 1,267.43

-Nasdaq down 27.68 (-1%) to 2,709.75

GLOBAL SENTIMENT

Nikkei down 0.7%

Hang Seng down 0.8%.

Shanghai Composite down 0.2%.

FTSE-100 down 1%.

DAX-30 down 1.6%.

MID-DAY NYSE INDEX WATCH

NYSE Energy down 2.54% at 12,914.83

NYSE Financial down 2.57% at 4,326.37

NYSE Health Care down 0.92% at 6,902.45

NYSE Arca Tech 100 down 1.16% at 1,135.85

UPSIDE MOVERS

(+) BPHX (+6.3%) selling AppBuilder business.

(+) PCRX (+2.9%) gets FDA approval for Exparel pain treatment.

DOWNSIDE MOVERS

(-) CP (-1.4%) gains as hedge fund discloses stake.

(+) WY (+0.7%) down despite analyst downgrade.

(-) CNH (-2.5%) selling notes.

(-) HPQ (-3.9%) selected for VA contracts.

(-) BCON (-73.3%) files for bankruptcy protection.

(-) SNDK (-4.1%) downgraded.

(-) AET (-0.7%) slips despite upgrade.

(-) BCS (-3.1%) ADRs fall after London gains; exec reaffirms outlook.

(-) NVS (-1.4%) downgraded.

(-) YHOO (-5.5%) reportedly looking at dividend, buyback vs sale.



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: GOOG , MF , MRK , TEVA , WFC

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Quick on Your Feet
Quick on Your Feet                  
Early Entrepreneurship
Early Entrepreneurship              
Trying to Be Goofy
Trying to Be Goofy                  

Stocks

Referenced

Most Active by Volume

48,099,947
  • $16.09 ▲ 0.50%
40,277,806
  • $102.50 ▲ 0.24%
40,236,499
  • $19.57 ▲ 2.35%
31,092,510
  • $49.75 ▲ 0.65%
30,795,218
  • $34.92 ▲ 0.78%
29,910,855
  • $3.63 ▲ 0.83%
24,019,154
  • $13.06 ▼ 0.38%
23,753,906
  • $74.82 ▲ 1.31%
As of 8/29/2014, 04:04 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com