US midday: Wall Street hit by profit-taking

Date: Thursday 30 Sep 2010

Investors are taking profits following Wall Street’s biggest September rally since 1939.

The market had opened significantly higher after slightly better than expected GDP figures but it has been consistently declining since just after the opening and was in the red after the first couple of hours trading.

The latest US GDP figures show an annual growth rate of 1.7%, which is slightly better than expected but it still marks a downturn in the rate of growth. The revised figure showed larger gains in consumer spending and inventories than the previous figure.

There is little expectation of any improvement in the rate of growth for the rest of the year, though.

This week’s initial dole claimants figure of 453,000 was slightly less than expected.

The Dow Jones is down 74 at 10,761, the Nasdaq Composite has fallen 19 to 2,357, while the broader S&P 500 is 7 lower at 1,138.

Meanwhile, the sabre rattling with China over the value or the remninbi continues. Representatives voted 348 to 79 for laws to open the way for the US to slap tariffs on Chinese goods, though the move could fall in the Senate and in the face of White House opposition.

AIG has agreed a plan to pay down its US government bail-out money alongside a deal to sell its Japan-based divisions for $4.8bn.

Hewlett-Packard predicts 2011 earnings of $5.05 to $5.15 a share, which is above previous expectations.

Greetings cards maker American Greetings disappointed the market by reporting earnings of 29 cents a share, while analysts’ were expecting 38 cents a share.

Urban Outfitters has fallen sharply after poor figures from fellow retailer Hennes & Mauritz.

Discount retailer Family Discount Stores moved to its highest share price level since 1980 when it announced that it may buy back up to $750m of shares.

Electronic payments software firm Hypercom has rejected a $5.25 a share bid approach from VeriFone Systems.



S&P 500 - Risers
American International Group Inc. (AIG) $38.71 +3.36%
Robert Half International Inc. (RHI) $26.07 +2.68%
Tyson Foods Inc. (TSN) $15.77 +2.27%
QUALCOMM Inc. (QCOM) $45.26 +2.16%
Ace Ltd. (ACE) $58.71 +1.68%
Morgan Stanley (MS) $24.89 +1.67%
Comerica Inc. (CMA) $37.12 +1.64%
McCormick & Co. (MKC) $41.77 +1.63%
Bank Of New York Mellon Corp. (BK) $26.21 +1.63%
Huntington Bancshares Inc. (HBAN) $5.73 +1.60%

S&P 500 - Fallers
JDS Uniphase Corp. (JDSU) $12.20 -4.84%
Prudential Fincl Inc. (PRU) $54.23 -4.07%
CF Industries Holdings Inc. (CF) $95.48 -3.90%
NetApp Inc. (NTAP) $49.13 -3.31%
Limited Brands Inc. (LTD) $26.68 -3.30%
Tellabs Inc. (TLAB) $7.42 -3.26%
Nabors Industries Ltd. (NBR) $17.97 -3.13%
Sandisk Corp. (SNDK) $36.47 -3.11%
Deere & Co. (DE) $69.71 -2.82%
Cameron International Corp. (CAM) $42.70 -2.71%

Dow Jones I.A - Risers
Boeing Co. (BA) $66.50 +0.80%
Exxon Mobil Corp. (XOM) $61.80 +0.34%
Travelers Company Inc. (TRV) $52.16 +0.33%
Verizon Communications Inc. (VZ) $32.70 +0.12%
Bank of America Corp. (BAC) $13.11 +0.00%

Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $78.71 -1.60%
Hewlett-Packard Co. (HPQ) $41.85 -1.60%
International Business Machines Corp. (IBM) $134.08 -1.03%
Pfizer Inc. (PFE) $17.23 -0.98%
American Express Co. (AXP) $42.59 -0.98%
Kraft Foods Inc. (KFT) $30.95 -0.83%
Johnson & Johnson (JNJ) $61.80 -0.82%
3M Co. (MMM) $86.50 -0.77%
General Electric Co. (GE) $16.24 -0.73%
Chevron Corp. (CVX) $80.70 -0.71%

Nasdaq 100 - Risers
Logitech International S.A. (LOGI) $17.47 +3.71%
QUALCOMM Inc. (QCOM) $45.26 +2.16%
Henry Schein Inc. (HSIC) $58.27 +1.15%
Cerner Corp. (CERN) $83.29 +0.95%
Electronic Arts Inc. (ERTS) $16.38 +0.92%
Patterson Companies Inc. (PDCO) $28.62 +0.60%
Staples Inc. (SPLS) $20.73 +0.39%
Virgin Media Inc. (VMED) $22.97 +0.37%
Research in Motion Ltd. (RIMM) $48.52 +0.33%
PACCAR Inc. (PCAR) $47.74 +0.29%

Nasdaq 100 - Fallers
NetApp Inc. (NTAP) $49.13 -3.31%
Sandisk Corp. (SNDK) $36.47 -3.11%
Baidu Inc. (BIDU) $100.79 -2.83%
Ross Stores Inc. (ROST) $54.23 -2.57%
Nll Holdings Inc. (NIHD) $40.17 -2.45%
Sears Holdings Corp. (SHLD) $70.66 -2.36%
O'Reilly Automotive Inc. (ORLY) $52.83 -2.29%
Citrix Systems Inc. (CTXS) $68.60 -2.29%
eBay Inc. (EBAY) $24.42 -2.28%
Maxim Integrated Products Inc. (MXIM) $18.28 -2.19%

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