Market movers
Dow Jones: -53 at 13,254
S&P 500: -9 at 1,429
NASDAQ Composite: -32 at 3,104
LONDON (SHARECAST) - After markets trod water in the morning session, as hopes for central bank stimulus cancelled out continuing concerns over Europe, the bears took control in the afternoon session.
The fate of Greece is still hanging in the balance after the country’s Prime Minister Antonis Samaras failed to convince his coalition partners to sign up to the latest round of cuts demanded by lenders.
In Germany, the entire future of the Eurozone’s bailout mechanism is in the balance as the nation’s Constitutional Court decides on the legality of Germany contributing to the European Stability Mechanism. A decision is expected this month.
Stateside, markets are eagerly awaiting an announcement on possible stimulus action by the Fed. If the US central bank decides to go down that road it will make the announcement on September 13th.
Increasing the uncertainty have been disappointing numbers out of China where both the industrial production figure for August (+8.9%) and imports (-2.6%) came in below expectations.
Intel threatened by mobile revolutionIntel fell after analysts at Morgan Stanley cut their earnings forecast for the stock. Many believe Intel has been caught unawares by the emergence of mobile computing, which relies on lower power computer chips, an area in which Intel is not seen as a market leader.
The world’s biggest maker of paper and pulp, International Paper, also got hit by broker commentary, as Deutsche Bank analysts said it would struggle to push price increases on to customers.
In contrast, bubble-wrap envelope maker Sealed Air got a lift from JPMorgan Chase, which initiated coverage with an "overweight" rating and a $19 price target. The company's shares have taken a dive since it acquired Diversey last June, raising the prospect that it could become a takeover victim itself. "While we understand the reasons, and the stock has bounced a bit, we still think shares are oversold," JPMorgan Chase said.
Mobile phone network Sprint Nextel put on a bit of a spurt, after Nomura upgraded the stock to "buy" from "neutral" on the back of projected cost savings expected from the company's network improvement plan.
One of the main victims of the financial crisis in 2008, American International Group dropped on news the US Treasury is planning to sell up to $18bn of shares in the nationalised financial services company.
The technology, financial and industrial sectors were the hardest hit.
Other marketsAs equities retreated, so US Treasuries headed higher. The yields on 10-year notes dipped 2/100 of a percentage point to 1.66%, having risen to 1.69% at one point.
The front month futures contract for West Texas intermediate crude eased 29 cents to $96.25 a barrel on NYMEX.
S&P 500 - Risers
Sealed Air Corp. (SEE) $15.65 +3.92%
R.R. Donnelley & Sons Co. (RRD) $11.99 +3.18%
Vulcan Materials Co. (VMC) $41.44 +2.70%
Sprint Nextel Corporation (S) $5.15 +2.39%
PPG Industries Inc. (PPG) $115.79 +2.34%
O'Reilly Automotive Inc. (ORLY) $85.06 +2.17%
Fluor Corp. (FLR) $55.86 +2.03%
Chipotle Mexican Grill Inc. (CMG) $332.81 +1.98%
Urban Outfitters Inc. (URBN) $39.48 +1.94%
Janus Capital Group Inc. (JNS) $9.04 +1.92%
S&P 500 - Fallers
Apollo Group Inc. (APOL) $28.04 -7.43%
Teradata Corp. (TDC) $74.63 -6.95%
International Paper Co. (IP) $34.79 -4.16%
Intel Corp. (INTC) $23.26 -3.84%
Chesapeake Energy Corp. (CHK) $19.57 -3.79%
F5 Networks Inc. (FFIV) $96.63 -3.63%
Federated Investors Inc. (FII) $20.92 -3.42%
DeVry Inc. (DV) $20.59 -3.38%
E*TRADE Financial Corp. (ETFC) $8.75 -3.37%
Staples Inc. (SPLS) $11.25 -3.35%
Dow Jones I.A - Risers
Verizon Communications Inc. (VZ) $44.06 +0.78%
International Business Machines Corp. (IBM) $200.95 +0.73%
Merck & Co. Inc. (MRK) $44.26 +0.48%
Johnson & Johnson (JNJ) $68.18 +0.44%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $23.26 -3.84%
Bank of America Corp. (BAC) $8.58 -2.50%
Boeing Co. (BA) $71.08 -2.48%
3M Co. (MMM) $90.67 -2.32%
Cisco Systems Inc. (CSCO) $19.15 -2.10%
JP Morgan Chase & Co. (JPM) $38.76 -1.37%
Caterpillar Inc. (CAT) $87.10 -1.14%
United Technologies Corp. (UTX) $78.61 -1.01%
Nasdaq 100 - Risers
Green Mountain Coffee Roasters Inc. (GMCR) $30.36 +9.09%
O'Reilly Automotive Inc. (ORLY) $85.06 +2.17%
Expeditors International Of Washington Inc. (EXPD) $38.35 +1.51%
Costco Wholesale Corp. (COST) $100.45 +0.73%
Gilead Sciences Inc. (GILD) $59.66 +0.67%
KLA-Tencor Corp. (KLAC) $52.17 +0.62%
Warner Chilcott Plc (WCRX) $12.93 +0.54%
Nasdaq 100 - Fallers
Apollo Group Inc. (APOL) $28.04 -7.43%
Intel Corp. (INTC) $23.26 -3.84%
F5 Networks Inc. (FFIV) $96.63 -3.63%
Staples Inc. (SPLS) $11.25 -3.35%
Avago Technologies Ltd. (AVGO) $34.99 -3.34%
Garmin Ltd. (GRMN) $40.35 -2.82%
Flextronics International Ltd. (FLEX) $6.55 -2.67%
Marvell Technology Group Ltd. (MRVL) $10.20 -2.62%
Apple Inc. (AAPL) $662.74 -2.60%
Expedia Inc. (EXPE) $52.75 -2.51%
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