U.S. stocks are lower at mid-day, sinking for a second day
following disappointing earnings from three Dow component
companies, among others. A slightly larger-than-expected drop in
existing home sales also hurt investment sentiment a little,
sending the major averages to their lowest levels of the morning.
All 10 industry sectors in the S&P 500 are in the red, led by
declines among shares of materials and technology companies.
Utility stocks are the best relative performers, trading just
underwater as a group today. Commodities are mostly lower.
Shares of fast-food restaurant chain McDonalds Corp (
) are down over 3% and moving closer to year low levels today, the
steepest decline among the 30 components of the Dow Jones
Industrial Index, after reporting weaker-than-expected Q3 profits.
Per-share earnings were $1.43 a share, including $0.08 a share of
negative currency impact. The Street was at $1.47.
Also weighing is General Electric (
), falling about 2.8% from nearish to year highs, after missing
both revenue and per-share earnings expectations.
) is down about near 3% after reporting adjusted fiscal Q1 profit
of $0.53 a share on revenue of $16 billion. Analysts surveyed by
FactSet had forecast Microsoft to earn $0.56 a share on $16.5
billion in sales. It also deferred $1.36 billion in revenue for its
Office software offer and Windows 8 pre-sales and upgrades. missed
on the bottom line but beat revenue esimates.
Overseas, European Union leaders in Brussels agreed late
yesterday to establish a eurozone-wide banking supervisor starting
in 2013 who would help prevent future banking failures in the
region. Meanwhile, the meeting between the leaders will continue to
Existing home sales slowed 1.7% last month to a seasonally
adjusted 4.75 million annualized pace, according to new data
released this morning by the National Association of Realtors.
Economists polled by MarketWatch were expecting a 4.8 million rate
for September. Home prices continued their rise, however, as
inventories declined, falling 3.3% to 2.32 million units.
Commodities are mostly lower. Crude oil for November delivery is
down 52 cents at $91.58 a barrel. November natural gas is up 4
cents at $3.63 per 1 million BTU. December gold is down $26.30, or
over 1.5%, at $1,718.40 an ounce while December silver is down 85
cents at $32.02 an ounce. December copper is down 9 cents at $3.65
Among energy ETFs, the US Oil Fund is down near 2% while the US
Natural Gas Fund is up 1.5%. Among precious-metal funds, the Market
Vectors Gold Miners ETF is down 58 cents at $50.94 and the SPDR
Gold Shares ETF is now down more than 1% to around $166.60. The
iShares Silver Trust is down more than 2% at just over $31.
Here's where the markets stood at mid-day:
NYSE Composite Index down 86.46 (-1.02%) to 8,356.36
Dow Jones Industrial Average down 152.30 (-1.12%) to
S&P 500 down 17.26 (-1.18%) to 1,440.08
Nasdaq Composite Index down 52.67 (-1.71%) to 3,020.20
Nikkei 225 Index up 0.22%
Hang Seng Index up 0.15%
Shanghai China Composite Index down 0.16%
FTSE 100 Index down 0.35%
NYSE SECTOR INDICES
NYSE Energy Sector Index down 0.86% to 12,999.06
NYSE Financial Sector Index down 1.16% to 4,909.91
NYSE Healthcare Sector Index down 0.75% to 8,060.25
(+) AONE, (+57.3%) Settles with Johnson Controls.
(+) RVBD, (+14%) Issues Q4 guidance In line with
(+) CALL, (+10%) Beats Q3 earnings estimates.
(-) CBLI, (-23.8%) Selling stock and warrants in Offering.
(-) CMG, (-14.9%, hit year lows) Misses on Q3; Weak FY13
(-) MRVL, (-14.1%, hit year lows) Lowers Q3 revenue outlook
below estimates; CFO departs.
(-) ATHN, (-9.9%) Q3 beats on EPS but misses on revenues.
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