Mid-Day Update: Stocks Shake Off Early Jitters, Swing to Positive; Commodities Mixed

Here's where markets stand at mid-day:

-NYSE up 16.54 (+0.21%) to 7,984.35

-DJIA up 67.55 (+0.57%) to 11,964.82

-S&P 500 up 6.60 (+0.52%) to 1,272.02

-Nasdaq up 7.93 (+0.3%) to 2,639.40


Nikkei down 1.7%

Hang Seng down 1.8%

Shanghai Composite down 1.5%

FTSE-100 down 1.5%


NYSE Energy down 10.3% at 12,913.19

NYSE Financial up 0.32% at 4,738.51

NYSE Health Care up 4.56% at 7,135.10

NYSE Arca Tech 100 up 0.01% at 1,113.47


(+) MDMD (+37.8%) will be bough by DGIT

(+) KR (+4.5%) beats on Q1, raises guidance

(+) SFD (+5.5%) beats on Q4 estimates

(+) RIMM (+0.8%) set to report results after the close

(+) OMEX (-8.0%) prices offering

(+) HD (-2.2%) initiated with a Buy

(+) LOW (+3.2%) initiated with a Buy


(-) AMD (-1.1%) upgraded

(-) FNSR (-17.7%) reports Q1 view below Street estimates

(-) PIR (-2.9%) tops Q1 estimates


Stocks are up at mid-day after a choppy start this morning as investors weighed some mildly upbeat data on the economy against continuing debt woes in Europe, which eased today on plans by the European Union to pump more money into Greece to provide a short-term fix that will prevent a default at least until September.

New building permits unexpectedly jumped 8.7% to a 612,000-unit annual pace last month, the best showing since December. Economists polled by Reuters had forecast housing starts rising to a 540,000-unit rate, while they expected overall building permits in May to fall to a 558,000 units annually.

In data released before the market open, the US Commerce Department reported that the the U.S. current account deficit increased to $119.3 billion in the first quarter. That comes to 3.2% of gross domestic product, and was up from $112.2 billion in the fourth quarter. Also, weekly US jobless claims declined 16,000 to 414,000. The four-week moving average remained flat at 424,750.

In company news:

Shares of communication networking equipment providers are trending to the downside after Finisar Corp. ( FNSR ) plunged. Negative sentiment carried over from pre-market trading after the company warned that it's likely to miss Street estimates for the current quarter. JDSU is down 3.0% while CIEN is down 1.21%. Finistar said post-bell yesterday that it expects EPS for its fiscal first quarter, ending in July, to range between 16 cents and 20 cents. Revenue is expected to range between $221 million and $236 million. Analysts are looking for a consensus 36 cents a share on $250.6 million in revenue, according to FactSet.

BSD Medical Corp. ( BSDM ), today announced positive results from its sales and distribution of MicroThermX Microwave Ablation line of products. BSDM shares are up a 12.18% increase, or $0.38, to $3.50.

Allstate ( ALL ) shares are higher after the home and auto insurer said it had $600 million in pretax losses last month from natural disasters. The figure was less than it was in April, Bloomberg noted in a report. Also, the figure compares with $636 million in catastrophe costs in the whole of last year's second quarter.

Shares of Kroger (KR) are higher after the grocer reported Q1 sales of $27.5 bln, better than the analyst consensus of $26.6 bln on Thomson Reuters. EPS was $0.70, vs. expectations of $0.64 per share. Kroger updated its identical supermarket sales and earnings guidance for fiscal 2011. The company now expects identical supermarket sales growth, excluding fuel, of 3.5% to 4.5% for the year. The previous guidance range was 3% to 4%.

Shares of Pier 1 Imports ( PIR ) are down in morning trade after the import retailer said it earned $0.12 per share in Q1. Sales were $334.603 million. A survey of analysts by FactSet Research produced consensus estimates of $0.1 a share of profit on $335.6 million of revenue.

Chevron ( CVX ) shares are higher as Reuters reports a Kazakh venture of the US oil major will invest up to $20 billion by 2016 to boost production by nearly 40%, quoting a senior company official. The company plan is to increase crude output to 36 million tonnes, the report said.

Shares of AstraZeneca are down after the company said it is planning to set up a new research center in St. Petersburg, Russia. The investment is seen as evidence of the interest drug companies are showing in the Russian market. AstraZeneca indicated that its R&D investments would contribute $1.2 billion to the Russian economy over the next five years, the report said.

Commodities are mixed as August gold contracts are up 0.08%, to $1,528 an ounce while July crude oil contacts are down 0.07% to $94.74 a barrel.

In energy ETFs, the United States Oil Fund (USO) is down 0.72% to $37.31 and the United States Natural Gas fund (UNG) is down 2.49%, to $11.35.

In precious metal ETFs, the SPDR Gold Trust (GLD) is down 0.21% at $148.80. Market Vectors Gold Miners (GDX) is down 2.09% to $51.95. iShares Silver Trust (SLV) is down 1.06% to $34.51.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Other Topics


Latest Markets Videos


    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More