| CATEGORY: MARKET REPORT - US |
US midday: Consumer confidence hits Dow |
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Tue 29 Jun 2010
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LONDON (SHARECAST) - US shares are on the slide due to poor consumer confidence figures and worries about the world economic recovery.
US consumer confidence figures were disappointing. The consumer confidence index slumped from 62.7 to 52.9, compared with expectations of a small decline. Fears about unemployment are tempering any urge by consumers to spend.
Housing news was slightly more positive. The Case-Shiller index of home prices rose 0.8% in April compared with March and was up 3.8% over the past year. Economists were looking for a 3.4% annual rise.
There are indications that Japan’s recovery is slowing and US based research group the Conference Board said last night that its China leading economic index rose just 0.3% in April, a sharp downward revision from its preliminary estimate of a 1.7% rise.
There are no risers on the Dow Jones and it slumped 229 points to 9,909, while the Nasdaq fell 66 points to 2,154. The S&P 500 is down 28 points at 1,047.
On the corporate front, electric car firm Tesla Motors made its debut on the Nasdaq after raising over $226m in an IPO on Monday.
The Silicon Valley firm, run by PayPal founder Elon Musk, increased the number of shares for sale by 20% to 13.3m and the price from $14-16 to $17 each, valuing the business at $1.6bn. The share price reached $19 at one point on its debut and it remains above $18, which is a good performance on such a poor day for shares.
Search engine giant Google has backed down in its censorship battle with China and is no longer redirecting enquiries from users on the Chinese mainland to its uncensored Hong Kong site.
A statement on Google’s official blog said the company had been warned that it could lose its licence to operate in China if it continued with its policy of redirecting requests to access Google.cn to Google.com.hk.
Negative broker comment hit casino operators Wynn Resorts, Las Vegas Sands and MGM Resorts International. US growth is expected to be weak and there are fears of government intervention in Macau.
Memory chips maker Micro Technology fell even though it reported a third quarter profit of $939m. This included a non-recurring gain of $488m.
S&P 500 - Risers
Newmont Min Corp. (NEM) $61.80 +0.55%
Zimmer Holdings Inc. (ZMH) $54.86 +0.53%
HCP Inc. (HCP) $32.62 +0.40%
Autozone Inc. (AZO) $196.30 +0.05%
Millipore Corp. (MIL) $106.69 +0.04%
S&P 500 - Fallers
Micron Technology Inc. (MU) $8.74 -12.77%
Textron Inc. (TXT) $17.05 -8.63%
Titanium Metals Corp. (TIE) $17.96 -8.32%
A K Steel Holdings Corp. (AKS) $12.28 -7.81%
Cliffs Natural Resources Inc. (CLF) $50.36 -7.49%
Janus Capital Group Inc. (JNS) $9.02 -7.30%
Slm Corp. (SLM) $10.87 -7.09%
Office Depot Inc. (ODP) $3.96 -7.04%
Teradyne Inc. (TER) $10.05 -6.77%
Legg Mason Inc. (LM) $29.00 -6.60%
Dow Jones I.A - Fallers
Boeing Co. (BA) $63.97 -4.94%
Caterpillar Inc. (CAT) $61.43 -4.61%
Alcoa Inc. (AA) $10.55 -4.35%
American Express Inc. (AXP) $40.31 -4.27%
Bank Of America Corp. (BAC) $14.61 -4.15%
General Electric Co. (GE) $14.40 -3.98%
Cisco Systems Inc. (CSCO) $21.60 -3.66%
JP Morgan Chase & Co. (JPM) $37.17 -3.55%
United Technologies Corp. (UTX) $64.81 -3.43%
Microsoft Corp. (MSFT) $23.49 -3.37%
Nasdaq 100 - Risers
Teva Pharmaceutical Industries Ltd. Ads (TEVA) $52.00 +1.36%
Nasdaq 100 - Fallers
Flextronics International Ltd. (FLEX) $5.72 -7.29%
Baidu Inc. (BIDU) $69.41 -6.76%
Foster Wheeler AG (FWLT) $21.23 -6.52%
Sandisk Corp. (SNDK) $43.02 -6.15%
Dish Network Corp. (DISH) $18.49 -6.14%
Wynn Resorts Ltd. (WYNN) $80.14 -5.83%
Nii Holdings Inc. (NIHD) $33.73 -5.78%
Amazon.Com Inc. (AMZN) $112.11 -4.83%
Millicom International Cellular S.A. (MICC) $82.53 -4.81%
Autodesk Inc. (ADSK) $24.78 -4.69%
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