| CATEGORY: MARKET REPORT - US |
US midday: Positive economics reduces decline |
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Wed 09 Dec 2009
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LONDON (SHARECAST) - Positive economic figures have helped to offset worries about European economies following S&P’s downgraded credit rating for Spain. This follows the financial concerns about Greece.
However, US shares remain lower, although above their low for the day.
U.S. total wholesale inventories rose 0.3 percent in October, according to data from the Commerce Department, reversing a 12-month declining trend. Analysts were expecting inventories to fall 0.5 percent.
There was also a decline in crude oil inventories which suggests a possible upturn in demand.
The US Treasury is preparing to sell $34bn of bonds in the next couple of days. Yesterday’s $40bn issue of three-year notes was at the lowest yield since January.
Treasury Secretary Tim Geithner said the Troubled Asset Relief Programme (TARP) will be extended beyond its current expiration date of 31 December 2009 to October of next year.
The Dow Jones 30-share industrial average is down 2 points at 10,284 and the S&P 500 is 3 points lower at 1,089. The tech-heavy NASDAQ Composite is down 5 points at 2,168.
Post-it notes maker 3M is the biggest riser in the Dow after being upgraded to ‘buy’ from ‘hold’ by Citigroup. Citigroup made the same recommendation upgrade for mobile carrier Sprint Nextel making its the best performer in the S&P 500.
Drugs developer Pfizer is sitting on a healthy gain after entering into a collaborative agreement with Crown Bioscience to research and develop novel therapeutics for Asian cancers.
The share price of drinks firm Dr Pepper Snapple Group is fizzing after it announced a $900m deal to licence some brands to fellow fizzy drink maker PepsiCo. The latter reacts less well to the news and is the second biggest faller on the S&P 500.
Chip-maker Texas Instruments disappointed the market when it spurned an opportunity to move the top end of its revenue forecast range higher in a mid-quarter update. The company said it expects fourth quarter earnings per share to be within the range of 47 cents to 51 cents.
S&P 500 - Risers
Sprint Nxtel Corp. (S) $4.14 +5.88%
Jabil Circuit Inc. (JBL) $13.76 +3.81%
Jds Uniphase Corp. (JDSU) $8.14 +3.43%
A K Steel Holdings Corp. (AKS) $19.89 +3.11%
United States Steel (X) $45.57 +3.03%
3M Co. (MMM) $79.32 +2.87%
Nvidia Corp. (NVDA) $15.73 +2.78%
Massey Energy Co (MEE) $36.42 +2.74%
Comerica Inc. (CMA) $28.50 +2.70%
Walgreen Co (WAG) $38.02 +2.54%
S&P 500 - Fallers
Frontier Communications Company (FTR) $7.73 -5.50%
Pepsico Inc. (PEP) $61.16 -3.65%
Autodesk Inc. (ADSK) $23.72 -3.18%
Lockheed Martin Corp. (LMT) $75.38 -2.94%
Gap Inc. (GPS) $20.75 -2.81%
Cb Richard Ellis Group (CBG) $11.70 -2.66%
CBS Corp. Class 'B' (CBS) $13.61 -2.58%
Amazon.Com Inc. (AMZN) $130.67 -2.57%
L-3 Comm Holdings Inc. (LLL) $80.10 -2.48%
Texas Instruments (TXN) $25.68 -2.47%
Dow Jones I.A - Risers
3M Co. (MMM) $79.32 +2.87%
Pfizer Inc. (PFE) $18.11 +1.97%
Hewlett-Packard Co. (HPQ) $49.62 +1.39%
American Express Inc. (AXP) $39.52 +1.00%
McDonald's Corp. (MCD) $61.03 +0.69%
Merck & Co. Inc. (MRK) $36.53 +0.50%
Microsoft Corp. (MSFT) $29.68 +0.37%
Procter & Gamble Co. (PG) $62.10 +0.37%
International Business Machines Corp. (IBM) $127.27 +0.37%
Travelers Company Inc. (TRV) $50.08 +0.32%
Dow Jones I.A - Fallers
United Technologies Corp. (UTX) $67.20 -1.51%
Intel Corp. (INTC) $19.75 -1.20%
Du Pont E I De Nemours and Co. (DD) $31.38 -0.79%
General Electric Co. (GE) $15.60 -0.78%
Verizon Communications Inc. (VZ) $33.13 -0.78%
Wal-Mart Stores Inc. (WMT) $54.00 -0.75%
Boeing Co. (BA) $55.35 -0.56%
AT&T Inc. (T) $27.48 -0.47%
Home Depot Inc. (HD) $27.55 -0.43%
Kraft Foods Inc. (KFT) $26.58 -0.30%
Nasdaq 100 - Risers
Steel Dynamics Inc. (STLD) $17.96 +3.10%
Research In Motion Ltd. (RIMM) $63.02 +3.04%
CA Inc. (CA) $22.57 +3.01%
Nvidia Corp. (NVDA) $15.73 +2.78%
Warner Chilcott Plc (WCRX) $25.91 +1.67%
Apple Inc. (AAPL) $192.91 +1.60%
Joy Global Inc. (JOYG) $51.68 +1.57%
Dell Inc. (DELL) $13.00 +1.48%
Symantec Corp. (SYMC) $17.58 +1.27%
Infosys Technologies Ltd. (INFY) $52.37 +1.18%
Nasdaq 100 - Fallers
Liberty Media Corp. (LINTA) $10.36 -3.36%
Autodesk Inc. (ADSK) $23.72 -3.18%
Illumina Inc. (ILMN) $26.97 -2.67%
Amazon.Com Inc. (AMZN) $130.67 -2.57%
Celgene Corp. (CELG) $53.29 -1.90%
Verisign Inc. (VRSN) $21.77 -1.54%
Cerner Corp (CERN) $74.10 -1.53%
Urban Outfitters Inc. (URBN) $31.90 -1.51%
Staples Inc. (SPLS) $23.90 -1.40%
O'Reilly Automotive Inc. (ORLY) $37.56 -1.34%
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