Here's where markets stand at mid-day:
-NYSE down 3.63 (-0.04%) to 8,291.74
-DJIA down 34.10 (-0.28%) to 12,360.56
-S&P 500 down 1.72 (-0.13%) to 1,318.75
-Nasdaq up 8.10 (+0.3%) to 2,769.56
Nikkei up 1.5%
Hang Seng up 0.7%
Shanghai Composite down 0.2%
FTSE-100 up 0.4%
MID-DAY NYSE INDEX WATCH
NYSE Energy down 6.43% at 13,470.96
NYSE Financial down 0.06% at 4,937.41
NYSE Health Care up 6.65% at 7,277.64
NYSE Arca Tech 100 up 0.13% at 1,165.45
(+) GES (+11.1%) continues evening gain that followed beat.
(+) NTAP (+7.9%) continues evening gain that followed beat.
(+) BCRX (+3.7%) reports positive study results for gout treatment.
(+) BLUD (+3.3%) upgraded.
(+) LVLT (+1.2%) prices notes.
(+) ARNA (+8.7%) reports positive weight loss drug study results.
(+) SIG (+3.3%) beats Q1 estimates.
(+) ARO (+1.9%) upgraded.
(+) UBS (+1.4%) subject of WSJ story on possible company separation of banking ops.
(+) TIF (+8.8%) beats with Q1 results, guides for beat.
(+) HNZ (+0.6) beats with sales as EPS just shy.
(+) SD (+7.9%) files for SandRidge Permian Trust IPO.
(-) AEO (-0.1%) upgraded.
(-) CAVM (-1.1%) downgraded.
(-) RSH (-2.6%) downgraded.
(-) CRH (-1.2%) downgraded.
(-) LULU (-3.3%) downgraded.
(-) WAG (-1.6%) downgraded.
(-) BIG (-1.8%) guides for Q2 miss and cuts FY view.
Stocks are mixed in mid-day trading as the broader market sees pressure from disappointing data on the nation's gross domestic product and the weekly unemployment. Despite the data, earnings news provided a modicum of support.
On the economic front, the U.S. economy expanded at the same lackluster 1.8% clip that was initially forecast for Q1. Economists surveyed by MarketWatch had been expecting GDP growth to be revised upward to 2.2% for the January-March quarter. The economy expanded at a 3.1% annual rate in the fourth quarter.
Also, the number of people who filed applications for unemployment benefits rose by 10,000 to 424,000 in the week ended May 21, the Labor Department reported. The prior week's total was revised up to 414,000 from an originally reported 409,000. Claims were expected to decline in the latest week.
In company news:
Johnson & Johnson (JNJ) shares are down after the company outline plans this morning to seek approval for 11 new medicines between now and 2015 in its efforts to revive its pharmaceutical business. It will also seek approval for more than 30 product line extensions within the same time period as well as expand geographically through heightened investments in emerging markets. The company plans to launch seven drugs in Japan, which is a key growth market for the company.
US-traded shares of UBS AG (UBS) are higher after the Swiss bank denied being in talks with regulators about moving its headquarters outside Switzerland, Bloomberg reported, citing comments from the company's Chief Executive Officer Oswald Grubel. "There are no talks with regulators about reincorporating a holding company outside of Switzerland," Grubel said.
Microsoft (MSFT) shares are seeing support after influential hedge fund manager David Einhorn called on Microsoft Chief Executive Steve Ballmer to step down. Einhorn had made his name after warning about the financial well-being of Lehman Brothers' before it collapsed, Reuters reported.
Arena Pharmaceuticals ( ARNA ) is higher after it said meta-analyses of the three trials in the lorcaserin Phase 3 clinical trial program showed that lorcaserin caused statistically significant weight loss compared to placebo at one year among 7,500 obese and overweight, diabetic and non-diabetic adults.
FBR Capital reportedly downgraded Lululemon (LULU) to "underperform" from "market perform." The firm cited concerns that shares could sell-off following the company's Q1 results. It has an $80 price target for shares.
In earnings news:
--Tiffany & Co. ( TIF ) is higher after Q3 earnings jumped 25%, blowing past Street estimates, and the company lifted guidance on strong sales of luxury goods.
--Big Lots ( BIG ) reports Q1 EPS from continuing operations of $0.70 compared to $0.68 a year earlier. Sales fell 0.6% to $1.22 billion. The Street was at $0.69, theStreet.com says. Comparable store sales for stores open at least two years at the beginning of the fiscal year decreased 3.6% for the quarter.
Commodities are down. June gold contracts are down 0.48%, to $1,520 an ounce while July crude oil contacts are down 1.28% to $100.02 a barrel.
In energy ETFs, the United States Oil Fund (USO) is down 0.95% to $39.56 and the United States Natural Gas fund (UNG) is down 2.23%, to $10.97.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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