Stocks are lower in mid-day trading while Wall Street digests
yesterday's decision by the Federal Reserve to hold rates unchanged
while noting significant downside risk to the American economy.
Investors kept a keen eye across the Atlantic as Italy's cost of
debt rose sharply.
The Euro declined below a key $1.30 level as Italy sold 3
billion euros of five year bonds that saw yields rise to a euro-era
high of 6.47%. Germany had sold 4.18 billion of two-year treasury
notes at a yield of $0.29%. European stocks finished the day
In company news:
) shares are firm after it said it increased its Q4 revenue outlook
to the high end of the prior range to about $1.8 bln. The Street
view is $1.76 bln, according to Thomson Reuters.
Shares of Goldman Sachs (
) are down while Bloomberg reports that the bank has managed only a
single offering in China in three years. At the same time fees from
offerings grew to $2.1 billion last year from $404 million five
years ago, the report said.
Fitch ratings said that global pharmaceuticals cmpanies will
face significant operating challegenes during 2012 as patents
continue to expire, according to a Reuters report. Among the losers
Fitch sees: Eli Lilly (
), Bristol-Myers Squibb (
) and Pfizer (
First Solar (FSLR) forecasts 2011 sales in the range of $2.8 to
$2.9 bln, down from prior guidance of $3 to $3.3 bln and below the
analyst consensus of $3.19 bln on Thomson Reuters. EPS is seen in
the range of $5.75 to $6.00, vs. expectations of $6.88 per
J.W. Marriott Jr. will step down from the post of the chief
executive of Marriott International (MAR) next March, according to
the Washington Post. Marriott, son of the founder of the global
hotel chain, will be replaced by Arne Sorenson as CEO but will stay
on as executive chairman. Sorenson, a company veteran who currently
serves as president and chief operating officer, will be the first
person outside the Marriott family to run the company.
ADRs of China Petroleum & Chemical (SNP) - also called
Sinopec - are lower while the company moves ahead with acquisitions
of natural gas assets despite a negative economic outlook and weak
sector profits, the Associated Press reports.
Shares of IBM (IBM) are trending lower as media reports indicate
that European Union regulators have accepted concessions offered by
Big Blue to end the antitrust probe and avoid a possible fine. IBM
had proposed concessions in September.
Commodities are down as February gold contracts are down $76.30
to $1,586.80 an ounce while January crude oil contracts are down
$4.43 to $95.71 a barrel.
In energy ETFs, the United States Oil Fund (USO) is down 4.22%
to $36.98 and the United States Natural Gas fund (UNG) is down
3.46%, to $6.97.
In precious metal ETFs, the SPDR Gold Trust (GLD) is down 2.75%
to $154.09. Market Vectors Gold Miners (GDX) is down 2.35% to
$52.77. iShares Silver Trust (SLV) is down 4.90% to $28.36.
Here's where markets stand at mid-day:
-NYSE down 79.44 (1.09%) to 7,198.18
-DJIA down 114.66 (0.96%) to 11,840.28
-S&P 500 down 12.18 (0.99%) to 1,213.55
-Nasdaq down 42.67 (1.65%) to 2,536.60
Nikkei down 0.39%
Hang Seng down 0.5%
FTSE-100 down 1.12%
DAX-30 down 1.72%
MID-DAY NYSE INDEX WATCH
NYSE Energy down 2.6% at 11,797.15
NYSE Financial down 0.2% at 3,920.49
NYSE Health Care down 0.2% at 6,750.14
NYSE Arca Tech 100 down 1.7% at 1,054.61
(+)BRCM, (+2.7% )Boosts Q4 revenue view
(+) AVP, (+6.0%) Searching for new CEO
(-)FSLR, (-20%) Slashes 2011 outlook
(-)INTC, (-0.9%) Selects INSIDE Secure to provide NFC technology
(-)LNG, (-11.2%) To Sell 33 Mln Shares in Offering
(-)KSS, (-1.3%) Downgraded to Hold from Buy at Deutsche Bank
(-)CAT, (-4.9%) To sell part of Bucyrus distribution