US midday: Dow claws back most of early loss
30 Jul 2010
US stocks got off to a poor start after disappointing US economic data but they have recovered most of their losses.
Gross domestic product (GDP) data rose at an annualised rate of 2.4% in the second quarter, a significant slow-down from the 3.7% annualised gain in the first quarter. Meanwhile, US consumer sentiment tumbled in July to its lowest level since November 2009.
The Dow Jones 30-share industrial average is down 12 points at 10,455, the S&P 500 is 1 point lower at 1,100 and the NASDAQ Composite is 1 point to the good at 2,253.
Corporate news flow failed to engender much enthusiasm. Oil giant Chevron's second quarter earnings more than tripled but the shares fell back as revenues came in below analysts' estimates.
Drug company Merck was another casualty as second quarter earnings more than halved, due to acquisition and other exceptional charges. The company also trimmed the upper end of the guidance range for full year sales.
A lack of available solar modules hit First Solar's second quarter sales. The company kept modules for its own projects.
There was a more positive response to security software supplier McAfee's better than expected second quarter profit and acquisition of Tencube, a provider of the WaveSecure mobile security service.
Theme park operator and film studio Walt Disney wilted after announcing it will sell Miramax Films to a consortium of investors for more than $660m after a six-month search to find a buyer.
"Our current strategy for the Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands," said Disney chief executive Robert Iger.
Mortgage guarantor and life insurer Genworth Financial is being subpoenaed by New York Attorney General Andrew Cuomo as part of the state's life-insurance fraud probe.
S&P 500 - Risers
McAfee Inc. (MFE) $32.78 +8.36%
Expedia Inc. (EXPE) $22.53 +6.93%
Monster Worldwide Inc. (MWW) $13.94 +4.54%
MetLife Inc. (MET) $41.88 +4.18%
Kellogg Co. (K) $49.89 +3.98%
King Pharmaceuticals Inc. (KG) $8.74 +3.68%
Sunoco Inc. (SUN) $35.47 +3.44%
Aon Corp. (AON) $37.81 +3.22%
Eastman Chemical Co. (EMN) $61.58 +3.05%
CB Richard Ellis Group Inc. (CBG) $16.98 +3.03%
S&P 500 - Fallers
MEMC Electronic Materials (WFR) $9.34 -17.03%
Genworth Financial Inc. (GNW) $13.40 -15.14%
Tellabs Inc. (TLAB) $6.78 -8.25%
First Solar Inc. (FSLR) $126.80 -6.42%
ITT Corp. (ITT) $46.88 -6.09%
Micron Technology Inc. (MU) $7.34 -5.65%
Dun & Bradstreet Corp. (DNB) $67.06 -5.36%
DTE Energy Co. (DTE) $46.15 -4.17%
Pactiv Corp. (PTV) $30.36 -3.74%
Advanced Micro Devices Inc. (AMD) $7.49 -3.73%
Dow Jones I.A - Risers
Bank of America Corp. (BAC) $14.13 +0.71%
Boeing Co. (BA) $67.63 +0.61%
Verizon Communications Inc. (VZ) $29.02 +0.50%
Alcoa Inc. (AA) $11.07 +0.45%
Kraft Foods Inc. (KFT) $29.24 +0.45%
International Business Machines Corp. (IBM) $128.57 +0.43%
E.I. du Pont de Nemours and Co. (DD) $40.68 +0.42%
Home Depot Inc. (HD) $28.16 +0.39%
Johnson & Johnson (JNJ) $58.05 +0.38%
Caterpillar Inc. (CAT) $69.62 +0.32%
Dow Jones I.A - Fallers
Merck & Co. Inc. (MRK) $34.29 -2.20%
Microsoft Corp. (MSFT) $25.66 -1.42%
Intel Corp. (INTC) $20.75 -1.31%
Pfizer Inc. (PFE) $14.95 -0.93%
Chevron Corp. (CVX) $75.37 -0.86%
Travelers Company Inc. (TRV) $50.10 -0.83%
General Electric Co. (GE) $16.03 -0.74%
Exxon Mobil Corp. (XOM) $59.92 -0.69%
Hewlett-Packard Co. (HPQ) $46.16 -0.54%
3M Co. (MMM) $85.88 -0.54%
Nasdaq 100 - Risers
Expedia Inc. (EXPE) $22.53 +6.93%
Warner Chilcott Plc (WCRX) $25.96 +6.44%
Dentsply International Inc. (XRAY) $29.90 +2.96%
Sears Holdings Corp. (SHLD) $70.68 +2.76%
Vertex Pharmaceuticals Inc. (VRTX) $33.46 +2.59%
Research in Motion Ltd. (RIMM) $57.11 +2.53%
Baidu Inc. (BIDU) $80.98 +2.25%
Teva Pharmaceutical Industries Ltd. ADS (TEVA) $48.22 +2.23%
Staples Inc. (SPLS) $20.27 +2.12%
Amgen Inc. (AMGN) $54.47 +2.06%
Nasdaq 100 - Fallers
First Solar
