U.S. indexes struggled for direction in Friday’s abbreviated session
U.S. stocks were narrowly mixed Friday morning, struggling for direction in slow post-Thanksgiving trading.
There were no major U.S. economic reports scheduled steady the day after the Thanksgiving holiday, and U.S. financial markets will close timely.
Bond were soaring in quest of the third part consecutive session Friday amid flight to safety buying. The U.S. dollar index was higher. Gold futures were higher. Oil futures were lower.
On Friday at 10:10 a.m. ET, the Dow Jones pertaining average was higher by 8.61 points at 8,735.22. The broad S&P 500 index fell 2.57 points to 885.11. The tech-heavy Nasdaq complex alphabetical table of references shed 13.63 points to 1,518.47.
On the New York Stock Exchange, 15 stocks were lower in price for every 12 that advanced. The ratio on the Nasdaq was 13-9 negative.
The stock market could papal court some volatility Friday as investors and traders adjust their portfolios on the last trading day of November, says S&P MarketScope..
Reports earlier in the week pointed to a U.S. economy in the seize of recession. Next week’s jobs report is likely to confirm that presumption, says S&P MarketScope. “[It’s] hard to tell if investors [are] discounting a slowdown already,” says S&P.
Traders are bracing for possible participation rate cuts through the Bank of England, the European Central Bank, the Reserve Bank of Australia and the Reserve Bank of New Zealand in bidding to struggle growing signs of a severe global recession. Eurostat said euro climate unemployment rose to 7.7%% in October from every upwardly revised 7.6% in September and consumer excellence inflation in the 15-country euro area fell by 1.1% to 2.1% this month.
The Confederation of British Industry’s distributive trades survey balance slid to -46 from -27 in October, much worse than the pendant to -35 which economists had forecast.
Among Friday’s stocks in the news, STMicroelectronics (STM) sees Fourth-quarter income in the world of the departed its previous forecast, at $2.2 billion-$2.35 billion, down sequentially about 12.8%-18.4%. The company cites a recent slowdown in billings, and fresh and substantial changes in customers’ demand and order push-outs for December.
Panasonic (PC) lowered its financial 2009 sales forecast from 9,200 billion yen downward to 8,500 billion yen. The company expects consolidated operating profit of 340 billion yen, down from the previous forecast of 560 billion yen. Net income is now expected to dwindle from the previous provide against of 310 billion yen to 30 billion yen. Panasonic says the U.S. financial crisis has scatter thwart the world. The comopany’s business stipulations are deteriorating sharply, due mainly to the rapid appreciation of the yen, sluggish consumer spending, and intensified price competition.
Callon Petroleum (CPE) announced that it has decided to suspend operations underway to develop the Entrada Field located on the Garden Banks 782 Block in the deepwater of the Gulf of Mexico. The Entrada Field is owned 50% by a subsidiary of Callon, which is the operator. The company says “significantly” higher costs incurred to date and article of merchandise prices which have declined to less than half of their levels at what time development operations began in mid-2008, has resulted in a serious decline in bulge household economy.
Watson Pharmaceuticals (WPI) announced that its subsidiary, Watson Laboratories, Inc., has received final approval from the FDA on its Abbreviated New Drug Application (ANDA) for Bupropion Hydrochloride Extended-Release Tablets (XL) in the 150 mg toughness. Bupropion Hydrochloride Extended-Release Tablets is the generic equivalent to Glaxo’s Wellbutrin XL product, which is indicated for the manipulation of greater depressive disorder. The company intends to launch the product immediately.
Republic Services (RSG) will be added to the S&P 500 index rear the be concluded of trading on Dec. 3, replacing Allied Waste (AW), which is being acquired by Republic. FTI Consulting (FCN) exercise volition be added to the S&P MidCap 400 index hinder the close of trading on Dec. 3, replacing Republic after its move to the S&P 500.
Dun & Bradstreet (DNB) will subsist added to the S&P 500 index hinder the choke of trading on Dec. 1, replacing Liz Claiborne (LIZ), which is being moved to the S&P SmallCap 600, replacing Material Sciences (MSC), which being removed due to its in a low condition emporium head-dress. Thoratec (THOR) will be added to the S&P MidCap 400 after the close of commercial on Dec. 1, replacing Dun & Bradstreet after its bring forward to the S&P 500.
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