| CATEGORY: MARKET REPORT - US |
US midday: Tech news knocks Wall Street |
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Thu 29 Jul 2010
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LONDON (SHARECAST) - US stocks have lost all their early gains and are falling with negative news from chipmakers knocking Nasdaq.
Demand for graphics chips has slumped in Europe and China according to Nvidia and it has slashed its sales outlook for the second quarter. Data storage firm Symantec warned last night that its sales are weak.
Across the markets, the Dow is 56 points lower at 10,441, with the Nasdaq down 24 points to 2,241. The S&P 500 is down 8 points at 1,098.
Exxon Mobil has lost its early gains despite a 91% rise in second-quarter net income and a rising oil price. The figures exceeded analyst estimates. Net income jumped to $7.56bn compared with $3.95bn last time, while revenue rose to $92.5bn from $74.5bn.
Colgate-Palmolive's second-quarter net income also topped the market projections. On a per share basis, earnings rose 9% to $1.17, one penny better than expectations of $1.16 per share.
Shares in digital media software supplier Akmai Technologies fell after it admitted that it had been winning new business at lower margins.
The contract research organiser Covance has cut its full year earnings forecast from $2.30 to $2.10 a share.
There was an even sharper cut in full year estimates from VistaPrint.
Genzyme continues to rise after rumours that Sanofi-Aventis may offer up to $70 a share for the biotech firm.
Two broker upgrades boosted the share price of networking software provider Citrix Systems.
Elsewhere, the Wall Street Journal reports that Microsoft, Google and other US tech giants are pushing to streamline Europe's privacy rules in order to offer more remote computing and data-storage services.
There was mildly positive news on the economic front. The Labor Department said initial jobless claims dropped 11,000 to a seasonally adjusted 457,000 in the week ended 24 July. However, there appears to be little to stimulate companies into taking on extra people.
S&P 500 - Risers
Citrix Systems Inc. (CTXS) $54.95 +16.10%
Ameriprise Financial Inc. (AMP) $42.11 +10.01%
Teradyne Inc. (TER) $10.94 +7.15%
Express Scripts Inc. (ESRX) $45.00 +6.64%
Interpublic Group of Companies Inc. (IPG) $8.77 +6.30%
Moody's Corp. (MCO) $23.80 +5.12%
National Oilwell Varco Inc. (NOV) $38.55 +3.27%
Genzyme Corp. (GENZ) $70.10 +3.10%
Medco Health Solutions Inc. (MHS) $48.87 +3.01%
CF Industries Holdings Inc. (CF) $79.97 +2.93%
S&P 500 - Fallers
LSI Logic Corp. (LSI) $4.14 -12.76%
Akamai Technologies Inc. (AKAM) $39.05 -11.31%
Symantec Corp. (SYMC) $13.12 -10.57%
Nvidia Corp. (NVDA) $9.13 -9.87%
Colgate-Palmolive Co. (CL) $76.68 -8.56%
BMC Software Inc. (BMC) $35.12 -7.36%
Owens-Illinois Inc. (OI) $27.73 -7.07%
Micron Technology Inc. (MU) $7.70 -6.55%
Life Technologies Corp. (LIFE) $42.58 -5.75%
CONSOL Energy Inc. (CNX) $36.56 -5.31%
Dow Jones I.A - Risers
Pfizer Inc. (PFE) $15.16 +1.10%
Merck & Co. Inc. (MRK) $34.98 +0.69%
Chevron Corp. (CVX) $75.68 +0.16%
E.I. du Pont de Nemours and Co. (DD) $40.33 +0.15%
Johnson & Johnson (JNJ) $57.90 +0.11%
Verizon Communications Inc. (VZ) $28.93 +0.07%
Dow Jones I.A - Fallers
Kraft Foods Inc. (KFT) $28.98 -2.49%
Procter & Gamble Co. (PG) $61.35 -2.15%
Intel Corp. (INTC) $20.89 -2.07%
Caterpillar Inc. (CAT) $68.72 -1.43%
Hewlett-Packard Co. (HPQ) $46.62 -1.08%
Cisco Systems Inc. (CSCO) $23.17 -0.96%
Walt Disney Co. (DIS) $33.71 -0.96%
Alcoa Inc. (AA) $10.94 -0.95%
McDonald's Corp. (MCD) $69.18 -0.85%
Microsoft Corp. (MSFT) $25.76 -0.74%
Nasdaq 100 - Risers
Citrix Systems Inc. (CTXS) $54.95 +16.10%
Express Scripts Inc. (ESRX) $45.00 +6.64%
Logitech International S.A. (LOGI) $15.89 +3.22%
Genzyme Corp. (GENZ) $70.10 +3.10%
Virgin Media Inc. (VMED) $20.81 +2.92%
Cerner Corp. (CERN) $76.00 +0.91%
Vodafone Group Plc ADS (VOD) $23.34 +0.73%
Lam Research Corp. (LRCX) $41.82 +0.38%
Celgene Corp. (CELG) $53.04 +0.36%
Fiserv Inc. (FISV) $48.94 +0.12%
Nasdaq 100 - Fallers
Symantec Corp. (SYMC) $13.12 -10.57%
Nvidia Corp. (NVDA) $9.13 -9.87%
BMC Software Inc. (BMC) $35.12 -7.36%
Life Technologies Corp. (LIFE) $42.58 -5.75%
Nll Holdings Inc. (NIHD) $36.66 -4.56%
Stericycle Inc. (SRCL) $61.32 -4.02%
Garmin Ltd. (GRMN) $28.60 -3.87%
Applied Materials Inc. (AMAT) $11.90 -3.68%
Marvell Technology Group Ltd. (MRVL) $14.83 -3.51%
Mylan Inc. (MYL) $17.33 -3.24%
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