After futures had pointed to a fractional gain for the big three
U.S. stock indexes, a modest wave of selling has taken hold, with
market participants returning from the Easter holiday in a cautious
mood. Both the Dow and S&P 500 were sitting near record highs
to start the week, but disappointing domestic manufacturing data
has stymied a further move higher.
Manufacturing numbers came in below expectations after the
opening bell. The Institute for Supply Management released its
monthly manufacturing index, which weighed in at 51.3 vs. last
month's 54.2 figure. Economists polled by MarketWatch had forecast
the ISM to be unchanged from February at 54.2%. Analysts speculated
that the decline was in part due to the impact of automatic
"sequestration" budget cuts that went into effect earlier this
Construction spending for the month measured 1.2%, slightly
better than the Commerce Department's forecast for a 1% rise in
construction spending in February. Construction spending had fallen
2.1% in January. The small rise wasn't significant enough to help
stem the tide of modest selling.
Overseas, data released from China today showed manufacturing
activity is accelerating, but the government announcement of new
measures to cool the property market sent Asian markets lower.
European markets were closed for the extended holiday.
Overall, commodity prices were mostly lower at midday, with oil
down $1.12, at $96.11 a barrel. Natural gas continued to hold just
above the $4 mark, down $0.02 to $4.004 per million BTUs.
Gold futures were the lone gainer across the major commodities
complex, adding $1.80 to $1597.50 per ounce, while silver was down
$0.463, to $27.86 per ounce. Copper was down $0.0335 to
Here's where the markets stood at mid-day:
NYSE Composite down 53.65 (-0.59%) to 9,053.39
Dow Jones Industrial Average down 24.42 (-0.17%) to
S&P 500 down 7.29 (-0.47%) to 1,561.90
Nasdaq Composite Index down 22.53 (-0.69%) to 3,244.99
Nikkei 225 Index down 2.12%
Hang Seng Index down 0.12%
Shanghai China Composite Index down 0.12%
FTSE 100 Index closed.
CAC 40 closed.
NYSE SECTOR INDICES
NYSE Energy Sector Index (^NYE) down 47.84 (-0.36%) at
NYSE Financial Sector Index (^NYK) down 41.67 (-0.76%) to
NYSE Healthcare Sector Index (^NYP) down 14.87 (-0.17%) to
(+) CALI (+6.2%, but off day highs) Shares race higher, but have
pared gains of up to 18%, after the company reported non-GAAP 2012
adjusted net income per share of $1.76, down from $2.60 a year ago.
Sales were $591,315,104, up from $452,149,602 a year earlier.
(+) MHGC (+6.4% to near year highs) Stock rises, near the high
range of its 52-week top of $6.76, after the company announced a
$100 million rights offering to its stockholders and other equity
holders at a subscription price of $6.00 per share of common
(+) SCTY (+1.1%) Shares shine slightly brighter after the solar
energy company announced that it has been added to the Russell
2000, Russell 3000, and Russell Global Indexes, following Russell
Investments' first quarter IPO additions to its comprehensive set
of global equity indexes.
(-) DLLR (-19.8%) Shares establish new 52-week low of $13.12
after the company issued its Q3 guidance, expecting EPS of $0.20 -
$0.24, vs. the Capital IQ consensus estimate of $0.66. For FY13,
the company anticipates EPS of $1.70 - $1.80, down from the prior
guidance of $2.35 - $2.45. Analysts are looking for EPS of
(-) PC (-9.6%) Stock slips after the Wall Street Journal
reported U.S. authorities are investigating whether a unit of the
Japanese electronics giant paid bribes abroad to land business.
(-) SIMO (-4.7%) Issue touches new 52-week low of $11.22 after
company said that it expects Q1 FY13 to be near the midpoint of its
guidance range of down 15% to 25% versus the revenue for the prior
quarter, which was $70.61 mln. This calculates to about $52.96 mln
- $60 mln guidance range. Analysts polled by Capital IQ expect
revenues to be $56.66 mln.
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