Stocks are slipping for another session with all three major
indexes firmly in red on continued worries over the economic
recovery and Europe's debt crisis, despite stronger-than-expected
non-farm payroll data released this morning. The losses come atop
steep declines yesterday, when the Dow Jones Industrial Average
closed down more than 500 points - the biggest one-day decline
since 2008 during the height of the financial crisis.
The U.S. economy, which has shown signs of weakness lately,
added 117,000 jobs last month, better than the 75,000 to 90,000
jobs expected. Data show an even larger 154,000 new jobs in the
private sector. The unemployment rate fell to 9.1% from 9.2%,
partly because 193,000 people dropped out of the labor force,
according to the latest government data, reported by
Job gains in May and June were also revised up by a combined
56,000, the Labor Department reported. Average hourly wages rose 10
cents, or 0.4%, to $23.13. The workweek was unchanged at 34.3
In company news:
Shares of Apple (
) are down after Comscore reported this morning that Apple was the
lead gainer in mobile phone market share. Apple added a percentage
point of market share, Barron's reported, for an 8.9% market share.
Samsung led with 24.5% market share, followed by LG and Motorola
with 20.9% and 15.8% respectively.
Shares of Bank of America (
) are down as amid reports that its legal bills could reach $2.3
billion to cover litigation and investigation costs on home
foreclosure practices claims, citing a filing with the Securities
and Exchange Commission.
Wells Fargo (
) shares are down after the bank said it would pay $590 million to
settle claims related to investments sold by Wachovia Securities
between 2006 and 2008. The settlement brings to an end claims in a
class-action in U.S. District Court in New York. Investors allege
Wachovia misrepresented facts while selling mortgage securities,
The Wall Street Journal reports on the matter.
Shares of Exxon Mobil (
) are down after the company said in a statement that the
development of the Indonesian Banyu Urip field in the Cepu block in
East Java has achieved a "major milestone" with the award of the
first of five engineering, procurement and construction contracts
for work on major facilities at the development. Exxon Mobil is the
operator of the Cepu block with a 45 percent interest. Full field
development is planned to produce 165,000 barrels of oil per day,
the company said in the statement.
In the latest earnings news:
--Shares of Proctor & Gamble (
) are up after it beat estimates with its earnings figures. The
company reported FQ4 EPS of $0.84, which beats by $0.02. Revenue
increased 10.2% from the previous year period to $20.9 billion,
topping estimates by $270 million.
--Weight Watchers (WTW) sinks by double digits after it reports
Q2 revenue of $486 mln, better than the analyst consensus of $470
mln on Thomson Reuters. EPS was $1.17, a nickel higher than
--Shares of LinkedIn (LNKD) have pared gains from the pre-market
session and are now down 2.1%, or $2.01, to $93.51. The company
late Thursday reported Q2 non-GAAP EPS of $0.10 on sales of $121
million. The Street view is for a loss per share of 0.03 on sales
of $104.73 million.
--Novavax says Q2 net loss was $0.04 per share on sales of $3
million. The Street view was for a loss per share of $0.07 on sales
of $2.7 million.
Commodities are mixed. December gold contracts are up 0.06% to
$1,660 an ounce, while September crude oil contacts are down 1.44%
to $85.43 a barrel.
In energy ETFs, the United States Oil Fund (USO) is down 1.59%
to $33.19 and the United States Natural Gas fund (UNG) is up 0.15%,
In precious metal ETFs, the SPDR Gold Trust (GLD) is up 0.29% at
$161.11. Market Vectors Gold Miners (GDX) is down 2.84% to $54.31.
iShares Silver Trust (SLV) is down 1.22% to $37.15.
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