MIDDAY UPDATE: Stocks Struggle to Hold Opening Gains, Spooked By Chevon, AIG Misses

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Stocks are in consolidation mode today, trying to find their footings after disappointing quarterly results from American International Group ( AIG ) and Dow component Chevron ( CVX ). The major market gauges recorded modest early gains following another stronger-than-expected view on the manufacturing sector and a well-received IPO from The Container Store ( TCS ). The S&P 500 is narrowly lower despite gains for utilities while the Nasdaq Composite is trading in the red for a sixth consecutive day.

The Purchasing Managers Index confirmed the continued strength of the manufacturing sector during October, rising to a 56.4 reading from 5.2 in the prior month, according to the Institute for Supply Management. That topped market expectations for a slight decline to 55.0 last month and comes closely on the heels of a surprise gain in the Chicago PMI reported yesterday.

The Markit/Purchasing Manager's Index showed a decline in activity with a final read of 51.8 in October from the initial posting of 52.8

European markets fell into the red as they closed after a mixed open resulting from weaker-than-expected UK manufacturing data and a late sell-off in the U.S. markets yesterday.

Crude oil was down $1.60 to $94.78 per barrel. Natural gas was down $0.06 to $3.60 per 1 million BTU. Gold was down $15.20 to $1,308.40 an ounce, while silver was down $0.06 to $21.81 an ounce. Copper was unchanged at $3.30 per pound.

Among energy ETFs, the United States Oil Fund was down 1.42% to $34.20 with the United States Natural Gas Fund was down 1.69% to $17.49. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was down 3.05% to 24.24 while SPDR Gold Shares are down 1.08% to $126.38. The iShares Silver Trust was down 0.21% to $21.05.

Here's where the markets stand at mid-day:

NYSE Composite Index down 40.46 (-0.40%) to 9,969.19

Dow Jones Industrial Average up 1.54 (+0.01%) to 15,547.29

S&P 500 down 3.21 (-0.18%) to 1,753.33

Nasdaq Composite Index down 14.36 (-0.37%) to 3,905.35

GLOBAL SENTIMENT

Nikkei 225 Index down 0.88%

Hang Seng Index up 0.19%

Shanghai China Composite Index up 0.37%

FTSE 100 Index down 0.02%

CAC 40 down 0.64%

DAX down 0.28%

NYSE SECTOR INDICES

NYSE Energy Sector Index down 1.15%

NYSE Financial Sector Index down 0.25%

NYSE Healthcare Sector Index down 0.12%

UPSIDE MOVERS

(+) OSIR (+26.2%) Narrows its Q3 loss to $0.05 per share from $0.09 a year earlier, beating estimates for a $0.10 loss

(+) FSLR (+17.3%) Reported record quarterly net sales of $1.3 billion, a gain of $746 million from last quarter.

(+) DRAD (+15.0%) Reported Q3 adjusted earnings of $0.06 per share, reversing a loss of $0.06 per share in the year-ago quarter.

DOWNSIDE MOVERS

(-) WCG (-8.0%) Reported Q3 earnings of $1.56 per share, up from $1.05 during the same quarter last year by trailing analyst estimates by $0.05.

(-) AIG (-6.6%) EPS was in-line with estimates but revenue was below consensus.

(-) ELLI (-16.4%) Q3 EPS of $0.25 missed the Capital IQ consensus by $0.05 per share. Revenue of $33 million also fell $1.34 million short of the consensus view.



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: AIG , CVX , TCS

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