| CATEGORY: MARKET REPORT - US |
US midday: Recovery loses steam |
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Mon 30 Nov 2009
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LONDON (SHARECAST) - US markets tried to recover early in the day but fell back later in the morning. Investors are disappointed by post-Thanksgiving shopping figures and Dubai's debt situation.
A survey showed that more Americans went shopping over Thanksgiving weekend than last year, though they spent less money.
The National Retail Federation estimates that 195m people visited shopping malls and online retailers between Thursday and Sunday.
Retailers Home Depot, Wal-Mart, Macy’s and JC Penney were all down on the day, although Ebay bucked the trend. Abercrombie & Fitch also rose on the back of an upgrade by FBR Capital Markets to outperform.
The Dow is currently 25 points lower at 10,284. Nasdaq is 12 down at 2,126, while the S&P 500 bucked the trend and added one point at 1,088.
Stocks in the United Arab Emirates suffered record one-day losses on Monday. The savage slump reflected pent-up selling pressure following the Eid holiday, which has seen markets closed since state-owned Dubai World threatened to default on its debt.
Dubai’s leading index tumbled more than 7%, its worst day in over a year. An 8.3% plunge on the Abu Dhabi exchange was its biggest single-day decline ever.
CreditSights Inc estimates US bank exposure to Dubai is $9.9bn with European bank exposure nearer nine times that level. CreditSights reckons that Citigroup is owed about $5.9bn and JPMorgan Chase approximately $2.5bn.
That reassured banks and financials with JPMorgan Chase, Bank of America and American Express all among the biggest risers on the Dow. Many smaller banks in the S&P rose and helped the index rise when the Dow and Nasdaq are down.
In contrast, insurer American International Group was the biggest loser among larger companies after Sanford Bernstein cut its target price by 40% to $12 – still less than one-half the current price.
US Steel has been added to Goldman Sachs’ ‘conviction buy’ list.
S&P 500 - Risers
Huntington Bancshares Inc. (HBAN) $3.76 +4.74%
Fifth Third Bancorp (FITB) $10.01 +4.60%
Regions Financial Corp. (RF) $5.78 +3.58%
United States Steel (X) $44.51 +3.39%
AFLAC Inc (AFL) $45.10 +3.32%
Ebay Inc. (EBAY) $23.98 +3.27%
US Bancorp (USB) $23.67 +3.14%
Keycorp (KEY) $5.73 +2.87%
Southwest Airlines (LUV) $9.21 +2.45%
Suntrust Banks (STI) $23.11 +2.31%
S&P 500 - Fallers
American International Group Inc. (AIG) $29.17 -12.40%
Macy's Inc. (M) $16.03 -5.54%
Gamestop Corp. (GME) $24.09 -4.86%
GANNETT CO INC (GCI) $9.84 -4.65%
Compuware Corp. (CPWR) $6.82 -4.62%
Penney J C Co Holdin (JCP) $28.30 -4.29%
Tenet Hlthcre Corp. (THC) $4.76 -3.84%
CBS Corp. Class 'B' (CBS) $12.69 -3.64%
Supervalu Inc. (SVU) $13.90 -3.57%
N Y Times Class A (NYT) $8.45 -3.54%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $41.85 +1.26%
Bank Of America Corp. (BAC) $15.63 +1.03%
Caterpillar Inc. (CAT) $57.99 +0.94%
American Express Inc. (AXP) $41.05 +0.51%
Travelers Company Inc. (TRV) $51.86 +0.41%
Verizon Communications Inc. (VZ) $31.74 +0.34%
Procter & Gamble Co. (PG) $62.52 +0.06%
Alcoa Inc. (AA) $12.66 +0.04%
3M Co. (MMM) $76.77 +0.03%
Dow Jones I.A - Fallers
Home Depot Inc. (HD) $27.01 -2.17%
Merck & Co. Inc. (MRK) $35.97 -0.90%
Walt Disney Co. (DIS) $30.08 -0.89%
AT&T Inc. (T) $26.78 -0.78%
Boeing Co. (BA) $52.07 -0.72%
Wal-Mart Stores Inc. (WMT) $54.25 -0.70%
Kraft Foods Inc. (KFT) $26.51 -0.49%
McDonald's Corp. (MCD) $63.32 -0.44%
United Technologies Corp. (UTX) $66.91 -0.43%
Chevron Corp. (CVX) $77.85 -0.41%
Nasdaq 100 - Risers
Ebay Inc. (EBAY) $23.98 +3.27%
Apollo Group Inc. (APOL) $56.93 +2.10%
Amazon.Com Inc. (AMZN) $133.98 +1.70%
Ryanair Holdings Plc Adr (RYAAY) $26.16 +1.28%
Steel Dynamics Inc. (STLD) $16.84 +1.23%
Wynn Resorts Ltd. (WYNN) $63.61 +1.00%
Starbucks Corp. (SBUX) $21.63 +0.94%
Celgene Corp. (CELG) $55.46 +0.89%
Infosys Technologies Ltd. (INFY) $50.94 +0.73%
Hansen Natural Corp. (HANS) $35.01 +0.72%
Nasdaq 100 - Fallers
Liberty Global Inc. Series A (LBTYA) $19.00 -3.94%
Garmin Ltd. (GRMN) $29.91 -3.55%
Seagate Technology (STX) $15.06 -3.09%
Check Point Software Technologies Ltd. (CHKP) $31.00 -2.94%
Urban Outfitters Inc. (URBN) $30.96 -2.70%
Marvell Technology Group Ltd. (MRVL) $15.23 -2.56%
Flextronics International Ltd. (FLEX) $6.96 -2.52%
Baidu Inc. (BIDU) $429.84 -2.25%
Lam Research Corp. (LRCX) $33.72 -2.23%
Activision Blizzard Inc. (ATVI) $11.35 -2.02%
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