Here's where markets stand at mid-day:
-NYSE down 24.21 (-0.34%) to 7,055.20
-DJIA down 59.33 (-59.33%) to 10,931.25
-S&P 500 down 3.42 (-0.3%) to 1,137.23
-Nasdaq up 1.72 (+0.07%) to 2,382.21
Nikkei down 2.5%.
Hang Seng down 3%.
Shanghai Composite down 1%.
FTSE-100 down 1.5%.
MID-DAY NYSE INDEX WATCH
NYSE Energy down 0.36% at 11,441.96
NYSE Financial down 0.56% at 4,016.61
NYSE Health Care down 5.81% at 6,427.54
NYSE Arca Tech 100 down 0.16% at 974.45
(-) HPQ (-20.3%) continues Thursday slide that followed guidance warning, reshuffling; downgraded today.
(-) LDK (-16.1%) continues evening slide after lowering outlook.
(-) SCG (-0.9%) says sale rumors are false.
(-) BAC (-0.3%) cutting jobs.
(-) CRM (-0.8%) continues evening gain after revenue beat, in-line guidance.
(+) ITW (+0.4%) updates forecast to straddle Street view.
(+) DELL (+3.3%) gets mixed analyst coverage.
(+) MRVL (+8.1%) continues evening gain that followed earnings beat.
(+) CLWR (+30.5%) jumps on buyout speculation.
(+) YGE (+2.8%) beats with earnings.
Stocks are off session lows reached when the Dow Jones Industrial Average dropped over 100 points off the open, to now trade mixed. The Nasdaq moved into positive territory while the Dow and S&P 500 remained in the red on continued worries about the economy on both sides of the Atlantic and its effect across the globe.
Economists at J.P. Morgan on Friday further cut estimates for U.S. economic growth and warned that recession risks are "clearly elevated." The bank cuts its Q4 view to 1% from a previous projection of 2.5%. They also lowered their Q1 2012 growth forecast to 0.5% from 1.5%.
Deutsche Bank on Friday downgraded its forecast for China, saying the slowdown, and even potential for recession, in Europe and the United States, now outweighed domestic credit tightening as the biggest risk to China's economy.
In company news:
Shares of Hewlett-Packard ( HPQ ) are plunging after a day of inflection for the technology giant that saw a flurry of news that shows, above all, the company is looking to move to a model that looks more like IBM ( IBM ) than that of a consumer technology company. HP is looking at a possible exit from the personal computer business, which was the subject of a protracted battle under former CEO Carly Fiorina during its acquisition of Compaq in the early part of last decade. Needham analyst Richard Kugele noted that, with the move," HP may have eroded what remained of Wall Street's confidence in the company and its strategy," Forbes quoted the analyst as saying.
ADRs of Novo Nordisk ( NVO ) are higher as Bloomberg reports the health care company was sued by Sandoz, a unit of Swiss firm Novartis ( NVS ). The Novartis unit is asking the court in Detroit to find that its proposed generic version of a Novo Nordisk diabetes drug does not infringe on patents. Sandoz has asked the U.S. Food and Drug Administration for permission to market a generic version of the diabetes drug Prandin, the report said.
Clearwire ( CLWR ) has surged after a report by Bloomberg says that Sprint Nextel (S) is talking with cable companies including Cablevision (CVC) and Comcast (CMCSA) about a possible investment that may lead to an acquisition of the company.
Shares of DexCom (DXCM) are higher as the company is seen engaging in takeover talks starting next year if the company can achieve a profit, Bloomberg reports. The company is hoping a newly introduced version of its Seven Plus sensor, which it plans to introduce next year, will help to boost its stock price to $20 or above.
Bank of America (BAC) shares are down as Reuters reports the bank will cut 3,500 jobs by the end of next month and join an expanding list of banks repositioning themselves amid the slow economic recovery.The job cuts, which were reportedly disclosed in a memo, will be supplemented by cost-cutting measures, the report said.
Commodities are up as December gold contracts are up 1.6% to $1,851 an ounce while September crude oil contacts are up 0.68% to $82.94 a barrel.
In energy ETFs, the United States Oil Fund (USO) is up 1.73% to $32.27 and the United States Natural Gas fund (UNG) is up 0.71%, to $9.96.
In precious metal ETFs, the SPDR Gold Trust (GLD) is up 1.31% to $180.04. Market Vectors Gold Miners (GDX) is up 2.73% to $61.37. iShares Silver Trust (SLV) is up 3.4% to $41.01.
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