Stocks are holding gains at mid-day on a brighter global
economic picture, despite a new round of data showing some pullback
in purchasing by business and a dimmer outlook among US consumers.
Adding to the mix was new data on US home prices showing a
continued slide in the residential real estate market.
In today's slate of economic data, the Chicago PMI dropped
sharply to a reading of 56.6% in May from April's 67.6%. Economists
polled by MarketWatch had expected a reading of 60. Production, new
orders and order backlogs also all dropped sharply, Marketwatch.com
Meanwhile, the Conference Board's consumer-confidence index also
fell to 60.8 in May from a revised 66.0 in April - the lowest
reading in six months. Economists surveyed by MarketWatch had
expected an increase to 67.5.
Also, the cost of single-family homes in the largest 20 US
cities declined 0.2% from February to March, according to the
S&P/Case-Shiller home price index. That was in line with
In company news:
Shares of Affymax (
) are higher after the drug maker and its partner, Takeda
Pharmaceuticals, said Tuesday that they have asked regulators to
approve a drug for anemia patients and have chronic kidney disease,
according to a statement from the company. Peginesatide is a
synthetic, PEGylated peptidic compound that binds to and activates
the erythropoietin receptor and thus acts as an erythropoiesis
stimulating agent (
). The agent is being co-developed by Affymax and Takeda.
Shares of Nokia (NOK) are sharply lower after the company said
multiple factors are hurting its Devices & Services business in
Q2 to a greater extent than previously expected. The factors
include competitive dynamics and market trends across multiple
price categories, particularly in China and Europe, pricing tactics
and a product-mix shift towards devices with lower average selling
prices and lower gross margins.
) is up after it said late Friday the FDA approved the company's
antibacterial drug DIFICID tablets to treat Clostridium
difficile-associated diarrhea (CDAD) in adults 18 years of age and
Shares of Goldman Sachs (GS) are higher as Bloomberg reports the
company may increase its return on equity by taking capital from
the businersses that invest its own funds, citing an analyst from
JPMorgan Chase (JPM). According to the report, analyst Kian
Abouhossein boosted his recommendation on Goldman to
OverweightÃ¢â¬Â from Neutral.
FuelCell Energy (
) today announced receiving a $129 mln order for 70 megawatts of
fuel cell kits from South Korea's POSCO Power, it's largest order
ever, according to a Reuters report. The company said it will
deliver said kits every month for two years starting this October
to POSCO Power, with 40% of the contract value to be paid in the
same month as well.
Commodities are up as August gold contracts are up 0.02%, to
$1538 an ounce while July crude oil contacts are up 1.53% to
$102.11 a barrel.
In energy ETFs, the United States Oil Fund (USO) is up 1.61% to
$40.35 and the United States Natural Gas fund (UNG) is up 2.52%, to
In precious metal ETFs, the SPDR Gold Trust (
) is down 0.07% at $149.56. Market Vectors Gold Miners (GDX) is
down 0.5% to $57.63. iShares Silver Trust (SLV) is up 0.51% to