| CATEGORY: MARKET REPORT - US |
US midday: Wall Street loses early gains |
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Tue 27 Jul 2010
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LONDON (SHARECAST) - US stocks opened modestly higher but soon lost all or most of those rises on the back of poor consumer confidence figures.
The Conference Board’s Consumer Confidence index for July fell to 50.4 from a revised 54.3 in June. Job concerns are hitting confidence and causing concerns about the economic recovery.
This overshadowed strong company earnings and house prices although there was a rally late in the morning.
The S&P/Case-Shiller home-price index rose a better than expected 4.6% on an annual basis in May after a 3.8% advance in the previous month. Analysts were looking for an increase of 4%.
Across the markets, the Dow Jones is 20 points higher at 10,545, with the Nasdaq losing 5 points to 2,392. The S&P 500 has barely changed at 1,115.
Chemical firm DuPont saw quarterly profits nearly triple and raised its 2010 earnings forecast to $2.90 to $3.05 a share from $2.50 to $2.70. This made it the best performer in the Dow.
"Several businesses, including electronics and titanium dioxide, delivered results that far exceeded pre-recession performance," said chairman and chief executive Ellen Kullman.
Laser and ink jet printers maker Lexmark International beat analysts forecasts for its second quarter earnings.
Rising trading revenues helped Nasdaq OMX.
Shares in Office Depot are on the rise after the company posted a smaller-than-expected loss.
Insulation installer Masco reported second quarter revenues that were lower than expected.
US Steel was hit by the revaluation of a European loan.
BP’s US shares are slightly higher after the oil giant confirmed Tony Hayward is to step down as chief executive of the group on 1 October to be succeeded by fellow executive director Bob Dudley.
The group also unveiled a $32.2bn charge for the Gulf of Mexico oil spill, including the $20bn it has already committed to putting in escrow. As a result the company reported a headline loss of $17bn for the second quarter, the largest ever by a UK company.
Boeing, Exxon Mobil, Chevron and Merck are among the other Dow components reporting this week.
S&P 500 - Risers
Lexmark International Inc. (LXK) $38.27 +9.94%
Regions Financial Corp. (RF) $7.39 +4.23%
E.I. du Pont de Nemours and Co. (DD) $40.56 +4.03%
NASDAQ OMX Group Inc. (NDAQ) $19.60 +3.18%
Supervalu Inc. (SVU) $11.92 +2.94%
Frontier Communications Co. (FTR) $7.76 +2.44%
Cummins Inc. (CMI) $79.67 +2.33%
Unum Group (UNM) $22.84 +2.33%
Wells Fargo & Co. (WFC) $28.52 +2.19%
Fluor Corp. (FLR) $48.87 +2.13%
S&P 500 - Fallers
Masco Corp. (MAS) $10.74 -9.93%
Thermo Fisher Scientific Inc. (TMO) $46.11 -9.57%
Range Resources Corp. (RRC) $36.99 -7.62%
Tellabs Inc. (TLAB) $7.29 -6.42%
Jacobs Engineering Group Inc. (JEC) $37.44 -6.33%
Amerisource Bergen Corp. (ABC) $28.58 -6.31%
United States Steel Corp. (X) $46.08 -5.75%
Office Depot Inc. (ODP) $4.47 -5.50%
Plum Creek Timber Co. (PCL) $36.63 -5.10%
Newmont Mining Corp. (NEM) $55.20 -4.99%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $40.56 +4.03%
Hewlett-Packard Co. (HPQ) $47.37 +1.72%
Pfizer Inc. (PFE) $15.25 +1.53%
Bank of America Corp. (BAC) $14.36 +1.48%
AT&T Inc. (T) $26.31 +1.35%
Verizon Communications Inc. (VZ) $28.59 +1.11%
JP Morgan Chase & Co. (JPM) $40.77 +1.09%
Procter & Gamble Co. (PG) $62.98 +0.74%
Kraft Foods Inc. (KFT) $29.89 +0.57%
Johnson & Johnson (JNJ) $58.07 +0.57%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $68.44 -2.21%
American Express Co. (AXP) $44.81 -1.36%
McDonald's Corp. (MCD) $70.20 -0.95%
Home Depot Inc. (HD) $28.72 -0.93%
Cisco Systems Inc. (CSCO) $23.40 -0.91%
United Technologies Corp. (UTX) $70.97 -0.87%
Intel Corp. (INTC) $21.53 -0.83%
3M Co. (MMM) $86.62 -0.80%
Walt Disney Co. (DIS) $34.20 -0.58%
Travelers Company Inc. (TRV) $50.27 -0.36%
Nasdaq 100 - Risers
Hologic Inc. (HOLX) $14.58 +5.42%
Costco Wholesale Corp. (COST) $56.59 +1.58%
Amgen Inc. (AMGN) $54.48 +1.51%
Apple Inc. (AAPL) $262.95 +1.42%
Cephalon Inc. (CEPH) $61.60 +1.27%
Teva Pharmaceutical Industries Ltd. ADS (TEVA) $50.73 +1.16%
Google Inc. (GOOG) $494.51 +1.13%
Sears Holdings Corp. (SHLD) $70.94 +1.00%
Logitech International S.A. (LOGI) $15.25 +0.93%
Sandisk Corp. (SNDK) $42.77 +0.85%
Nasdaq 100 - Fallers
Research in Motion Ltd. (RIMM) $53.73 -3.24%
Joy Global Inc. (JOYG) $57.60 -3.11%
Urban Outfitters Inc. (URBN) $33.55 -3.09%
Ross Stores Inc. (ROST) $54.20 -3.01%
PACCAR Inc. (PCAR) $45.74 -2.68%
Bed Bath & Beyond Inc. (BBBY) $38.52 -2.66%
Nll Holdings Inc. (NIHD) $37.75 -2.63%
Illumina Inc. (ILMN) $41.63 -2.63%
Life Technologies Corp. (LIFE) $45.62 -2.60%
First Solar Inc. (FSLR) $136.25 -2.26%
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