| Follow Us on Twitter | | | | preceding quarter, while sales at the Detroit-based |
| Penny Stocks Twitter | | | | company came in at $33.2 billion, versus $31.5 billion in |
| Stocks Well Off Lows But Still Down In Mid-Morning | | | | the first quarter. |
| Trading | | | | Sector News |
| Stocks have moved well off of their worst levels | | | | Tech stocks are among the morning's worst |
| since the opening bell but remain mostly lower in | | | | performers, with networking, electronic storage and |
| mid-morning trading on Thursday. Prospects of a | | | | semiconductor stocks all markedly lower. |
| dwindling economic recovery, concerns over the job | | | | The NYSE Arca Networking Index is down by 4.2 |
| market and disappointing quarterly results from Cisco | | | | percent, falling to its intraday level in over a month, |
| (CSCO) are driving selling pressure, with the tech | | | | with Cisco helping to lead the way lower. |
| sector experiencing a particularly sharp decline. | | | | The Philadelphia Semiconductor Index is posting a 1.9 |
| The tech heavy Nasdaq is down by 28.07 points or | | | | percent loss after setting a six-month intraday low in |
| 1.3 percent at 2,180.56, the Dow is down by 74.62 | | | | earlier dealing. |
| points or 0.7 percent at 10,304.21 and the S&P | | | | Housing, trucking and defense stocks are also seeing |
| 500 is down by 9.63 points or 0.9 percent at 1,079.84. | | | | heavy selling, while gold stocks are higher, benefiting |
| Before the start of trading, the Labor Department | | | | from the day's risk aversion. The NYSE Arca Gold |
| reported that initial jobless claims rose to 484,000 in | | | | Bugs Index is up by 2 percent, while the price of gold |
| the week ended August 7th from the previous | | | | is up by $15.60 to $1,214.80 an ounce. |
| week's revised figured of 482,000. Economists had | | | | Stocks Driven By Analyst Comments |
| been expecting jobless claims to fall to 465,000 from | | | | Electronic storage firm NetApp (NTAP) is notably |
| the 479,000 originally reported for the previous | | | | lower after being downgraded at Merriman from Buy |
| week. | | | | to Neutral. The stock is down by 7.1 percent after |
| Commenting on the data, Peter Boockvar, equity | | | | setting its lowest intraday price in nearly five weeks. |
| strategist at Miller Tabak, said, "Bottom line, seasonal | | | | Networking firm Finisar (FNSR) is also under pressure |
| distortions or not, initial claims are still too high and | | | | after analysts at Auriga U.S.A. lowered their rating on |
| point to a still lame labor market." | | | | the stock from Buy to Hold. The broker also |
| Earlier in the day, RealtyTrac, an online marketplace | | | | downgraded its target on the stock from $19 to $16. |
| for foreclosure properties, said that foreclosure filings | | | | Shares are currently down by 7.6 percent and also |
| in July dropped 10 percent from last year but grew 4 | | | | set a five-week intraday low. |
| percent from the previous month. | | | | Weakness is also present in shares of tech firm |
| The market researcher said one in every 397 U.S. | | | | Flextronics (FLEX), which are lower after Ticonderoga |
| housing units received a foreclosure filing during the | | | | dropped its rating on the stock from Neutral to Sell. |
| month. July's bank repossession increased both | | | | The stock is posting a loss of 3.9 percent after falling |
| year-over-year and sequentially. | | | | to its lowest intraday level in nearly six weeks in |
| Cisco Systems, which reported its fourth quarter | | | | earlier trading. |
| results after the closing bell yesterday, is also | | | | Other Markets |
| weighing on the markets. The firm said its fourth | | | | In overseas trading, stock markets across the |
| quarter earnings per share, excluding items, beat | | | | Asia-Pacific region ended on the downside Thursday. |
| analyst estimates by penny, but its quarterly sales | | | | Hong Kong's Hang Seng Index and Japan's benchmark |
| were short of estimates. | | | | Nikkei 225 both fell by 0.9 percent. |
| While Cisco also said it expects first quarter revenues | | | | The major European markets are also under |
| to increase by 18 to 20 percent, analysts had been | | | | pressure. The French CAC 40 Index and the German |
| expecting slightly stronger growth. | | | | DAX Index are both down by 0.5 percent, while the |
| This morning, Kohl's Corp. (KSS) reported | | | | U.K.'s FTSE 100 Index is down by 0.2 percent. |
| second-quarter net income and revenues that edged | | | | In the bond markets, treasuries are moderately |
| out forecasts, although the firm's third quarter | | | | lower. Subsequently, the yield on the benchmark |
| earnings guidance missed expectations. | | | | ten-year note, which moves opposite of its price, is |
| General Motors reported a profit for the second | | | | trading at 2.724 percent, posting a gain of 3.9 |
| quarter of $1.3 billion, up from $865 million in the | | | | percent. |