US midday: Rebound from early losses
08-02-2010 17:42
US stocks recovered their falls in early dealings and they are now slightly higher on the day. Investors remain concerned about the euro zone's mounting fiscal woes but positive corporate news has offset those worries.
With no economic reports out in the US today, the economic focus remains on Greece and the euro zone's other heavily-indebted members; Portugal, Ireland, Spain and Italy.
Greek unions say they will go ahead with a planned 24-hour walk-out on Wednesday in protest over the government's austerity measures. A general strike could take place later this month. The walkouts come after Greece announced plans to cut its budget deficit below 3% of GDP by the end of 2012.
The Dow Jones is barely changed at 10,013, the Nasdaq is 10 higher at 2,151, while the broader S&P 500 has risen 2 to 1,068.
Financials are holding the Dow back. The bottom four performers are all financials with Bank of America heading the list.
Small business lender CIT Group has named ex-Merrill Lynch chief executive John Thain as its new chairman and chief executive.
Home Depot is on the rise after Morgan Stanley upped its stance on the DIY retailer to "overweight" from "equal-weight" and added it to the brokerage's "Best Ideas" list.
Toys maker Hasbro easily beat analysts estimates for its fourth quarter earnings. Hasbro expects to report even higher profits this year.
Drugs distributor CVS Caremark reported slightly higher than expected fourth quarter profits.
Solar has been a weak sector with First Solar the worst performing Nasdaq index share. There are worries about an oversupply of solar panels.
Japanese car giant Toyota's woes look set to worsen with the group poised to recall 300,000 Prius hybrid models because of concerns over the brakes.
Toyota already faces a $2bn bill for the recall of over 8m cars worldwide due to problems with accelerators sticking, but this latest setback to the Prius, its flagship 'green technology' model, will be another major blow to its diminishing credibility.
Dow components Coca-Cola and Walt Disney are due to update the market on recent trading tomorrow.
S&P 500 - Risers
Hasbro Inc. (HAS) $34.99 +13.60%
Cvs Corp. (CVS) $33.03 +6.30%
Lennar Corp. Class A (LEN) $15.60 +6.05%
E*Trade Financial Corp. (ETFC) $1.54 +5.48%
Sprint Nxtel Corp. (S) $3.60 +4.96%
Pulte Homes Inc. (PHM) $11.37 +4.50%
Motorola Inc. (MOT) $6.66 +4.06%
Jds Uniphase Corp. (JDSU) $8.23 +4.05%
D R Horton Inc. (DHI) $13.15 +3.79%
Tyson Foods Inc. Class A (TSN) $15.20 +3.75%
S&P 500 - Fallers
NASDAQ OMX Group Inc. (NDAQ) $18.19 -3.24%
The Dun & Bradstreet Corp. (DNB) $72.00 -2.60%
DeVry Inc. (DV) $60.74 -2.33%
Simon Property Group Inc. (SPG) $71.73 -2.22%
Newmont Min Corp. (NEM) $45.23 -2.16%
Bank Of America Corp. (BAC) $14.68 -2.14%
AFLAC Inc (AFL) $46.66 -2.08%
Plum Creek Tim Reit (PCL) $35.74 -1.83%
Monsanto Company (MON) $75.35 -1.81%
Wells Fargo & Co (WFC) $26.95 -1.71%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $28.86 +3.15%
Alcoa Inc. (AA) $13.40 +1.67%
Hewlett-Packard Co. (HPQ) $47.99 +1.42%
Walt Disney Co. (DIS) $29.91 +1.25%
Intel Corp. (INTC) $19.69 +1.13%
Exxon Mobil Corp. (XOM) $65.16 +0.56%
Merck & Co. Inc. (MRK) $36.92 +0.52%
Kraft Foods Inc. (KFT) $28.58 +0.49%
Cisco Systems Inc. (CSCO) $23.79 +0.38%
Boeing Co. (BA) $58.50 +0.17%
Dow Jones I.A - Fallers
Bank Of America Corp. (BAC) $14.68 -2.14%
Travelers Company Inc. (TRV) $49.65 -1.24%
American Express Inc. (AXP) $37.40 -1.19%
JP Morgan Chase & Co. (JPM) $37.86 -1.16%
3M Co. (MMM) $77.67 -1.11%
United Technologies Corp. (UTX) $66.03 -0.71%
Du Pont E I De Nemours and Co. (DD) $32.50 -0.70%
International Business Machines Corp. (IBM) $122.67 -0.69%
General Electric Co. (GE) $15.69 -0.60%
AT&T Inc. (T) $25.11 -0.52%
Nasdaq 100 - Risers
Priceline.Com Inc. (PCLN) $203.76 +3.45%
Electronic Arts Inc. (ERTS) $17.80 +3.13%
Dell Inc. (DELL) $13.64 +3.02%
Sandisk Corp. (SNDK) $26.84 +2.87%
Expedia Inc. (EXPE) $21.82 +2.63%
Seagate Technology (STX) $18.47 +2.49%
Flextronics International Ltd. (FLEX) $6.69 +2.46%
Virgin Media Inc. (VMED) $14.31 +2.00%
Marvell Technology Group Ltd. (MRVL) $18.52 +1.93%
Nvidia Corp. (NVDA) $16.51 +1.79%
Nasdaq 100 - Fallers
First Solar Inc. (FSLR) $112.43 -1.54%
Research In Motion Ltd. (RIMM) $66.79 -1.42%
Cintas Corp. (CTAS) $24.48 -1.41%
News Corp. Class A (NWSA) $12.81 -1.16%
Sears Holdings Corp. (SHLD) $90.33 -1.08%
Genzyme Corp. (GENZ) $54.63 -0.98%
Adobe Systems Inc. (ADBE) $32.46 -0.95%
Oracle Corp. (ORCL) $23.35 -0.85%
Vodafone Group Plc ADR (VOD) $21.90 -0.78%
BMC Software Inc. (BMC) $36.13 -0.77%
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