Stocks are tipping lower after last week's heady gains and
Europe remains a focal point for investors. Also, new data released
after today's opening bell showed a decline in purchasing activity
while one financial name saw its shares halted as it filed for
Chapter 11 bankruptcy protection.
In U.S. data, the Chicago Purchasing Managers Index - a
barometer of of manufacturing and non-manufacturing activity in the
Chicago area - scaled back to 58.4% in October from 60.4% in the
prior month, according to a MarketWatch report. That was in line
with a poll from the news service.
On the international stage, attention shifts to focus on a
summit of the Group of 20 leaders in Cannes, France. The leadership
faces issues like restoring global growth and redressing economic
distortions, implementing Europe's recently inked Greek debt and
bank recapitalization plan, among other topics.
Leaders of the Group of 20 industrialized and developing nations
need to take bold, coordinated action to keep the global economy on
track after a dramatic rise in "uncertainties" surrounding the
short-term outlook, Organization for Economic Cooperation and
Development Secretary-General Angel Gurria said in a "briefing
note" released Monday.
MF Global (
MF
) filed for bankruptcy protection in a New York court this morning.
The company listed $10 million to $50 million in estimated
liabilities. Separately, ICE Futures reportedly Monday barred MF
Global brokers from its trading floors, according to Reuters, and
said the brokerage's customers will be limited to liquidation-only
trading, effective immediately.
In mid-day company news:
Shares of Wells Fargo (
WFC
) are down while Bloomberg reports that the bank has canceled plans
to charge a $3 monthly fee for using its debit cards after
customers in a five-state pilot program opposed the charge.
Merck & Co. (
MRK
) shares are down while Bloomberg reports that the U.S. Supreme
Court allow a ruling that allows the drug maker to block Teva
Pharmaceuticals (
TEVA
) from selling a generic form of Temodar, a brain cancer drug,
until 2013.
Shares of Google (
GOOG
) are down while Fortune magazine reports that the Internet giant
will begin placing some of its AdSense advertisements inside apps
that employ its Admob advertising. The move could siphon some iAds
user-developers away from Google competitor Apple (AAPL), the
report said.
State Street Corp. (STT) shares are down while Reuters reports
that a judge has dismissed a case against two former executives of
the financial services firm who were accused of misleading
investors about the firm's exposure to sub-prime mortgage-related
stakes.
Wal-Mart Stores (WMT) shares are down while the retail giant and
tax preparation service H&R Block (HRB) said this morning that
the latter will provide tax preparation services in approximately
300 locations starting in December, according to a statement.
JetBlue (JBLU) is down after a snowstorm this weekend stranded a
number of flights at Connecticut's Bradley International Airport.
At least six JetBlue planes were diverted to the airport because of
multiple instrument failures at John F. Kennedy and Newark Liberty
International airports, according to reports in MarketWatch and
other media outlets.
JetBlue (JBLU) is down after a snowstorm this weekend stranded a
number of flights at Connecticut's Bradley International Airport.
At least six JetBlue planes were diverted to the airport because of
multiple instrument failures at John F. Kennedy and Newark Liberty
International airports, according to reports in MarketWatch and
other media outlets.
In earnings news:
--Integra LifeSciences (IART) has tumbled 9.5% to $34.96 a share
after it reports Q3 EPS of $0.77 on revenue of $202.2 million.
Analysts looked for EPS of $0.77 on revenue of $204.15 million. The
company is lowering its 2011 EPS guidance range to $2.88-$2.96,
from a prior range of $2.92-$3.02. The Street is at $2.93.
Commodities are down as December gold contracts are down 1.32%
to $1,724 an ounce while December crude oil contacts are down 1.04%
to $92.36 a barrel.
In energy ETFs, the United States Oil Fund (USO) is down 1.1% to
$35.63 and the United States Natural Gas fund (UNG) is down 1.42%,
to $8.88.
In precious metal ETFs, the SPDR Gold Trust (GLD) is down 1.2%
to $167.56. Market Vectors Gold Miners (GDX) is down 1.79% to
$59.40. iShares Silver Trust (SLV) is down 2.06% to $33.56.