US mid-morning: Shares turn around as JP Morgan gains

Date: Wednesday 13 Jun 2012

The main US equity benchmarks have turned around and are now moving higher, after having begun today’s session with moderate falls, of 0.5% on average. That despite yesterday’s gains on the back of speculation of further monetary easing and after the release of weaker than expected economic data this morning.

PC manufacturer Dell is in the spotlight after announcing that it will begin to pay-out a dividend.

JP Morgan is climbing almost 3% as its embattled chief executive Jamie Dimon responds before the Senate Banking Committee for the $2bn in derivate losses incurred by its traders.

Shares of Mc.Donald’s are holding up despite a downgrade from Goldman Sachs. Johnson&Johnson’s acquisition of Synthes has received regulatory approval; while JP Morgan has upgraded its recommendation on shares of the company to buy from neutral.

Philip Morris has announced a plan to buy-back approximately $18bn of its own shares over the next three years.

From a sector stand-point the best performing industrial groups now are: Airlines (3.51%), tobacco (1.19%) and electronic office equipment (1.11%).

Retail sales moderately below forecasts

Retail sales (ex-automobiles) contracted at an 0.4% month-on-month rate in May (Consensus: 0.0%).

Business inventories rose by 0.4% month-on-on-month in April (Consensus: 0.3%).

Producer prices came down at a 1.0% month-on-month clip in May (Consensus: -0.6%). Core producer prices increased at a 2.7% year-on-year rate (Consensus: 2.8%).

Modest losses in oil and bonds

Front month West Texas crude futures are now falling by 0.10% to the 83.05 dollar level in NYMEX trading.

10 year US treasuries are off by 4/32 dollars, with yields at 1.66%.

S&P 500 - Risers
Alpha Natural Res (ANR) $8.64 +4.47%
Dell Inc. (DELL) $12.49 +4.34%
JP Morgan Chase & Co. (JPM) $34.77 +2.96%
Celgene Corp. (CELG) $64.67 +2.54%
VeriSign Inc. (VRSN) $41.30 +2.48%
SunTrust Banks Inc. (STI) $22.18 +2.31%
MEMC Electronic Materials (WFR) $1.86 +2.20%
Supervalu Inc. (SVU) $4.27 +2.15%
E*TRADE Financial Corp. (ETFC) $8.13 +2.14%
Cablevision Systems Corp. (CVC) $11.78 +2.08%

S&P 500 - Fallers
First Solar Inc. (FSLR) $13.94 -6.76%
Progressive Corp. (PGR) $21.02 -3.13%
Urban Outfitters Inc. (URBN) $26.92 -2.99%
Macy's Inc. (M) $35.87 -2.84%
Expedia Inc. (EXPE) $47.50 -2.52%
Chesapeake Energy Corp. (CHK) $17.13 -1.95%
Aetna Inc. (AET) $42.07 -1.89%
CBS Corp. (CBS) $31.90 -1.73%
Coach Inc. (COH) $60.97 -1.63%
NRG Energy Inc. (NRG) $15.06 -1.57%

Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $34.77 +2.96%
McDonald's Corp. (MCD) $88.81 +1.49%
Johnson & Johnson (JNJ) $63.96 +1.40%
Bank of America Corp. (BAC) $7.57 +1.07%
Pfizer Inc. (PFE) $22.40 +0.95%
Intel Corp. (INTC) $26.76 +0.90%
Alcoa Inc. (AA) $8.58 +0.70%
Verizon Communications Inc. (VZ) $43.19 +0.58%
Chevron Corp. (CVX) $101.18 +0.44%
Microsoft Corp. (MSFT) $29.41 +0.41%

Dow Jones I.A - Fallers
Home Depot Inc. (HD) $51.61 -1.21%
Hewlett-Packard Co. (HPQ) $21.44 -1.20%
Caterpillar Inc. (CAT) $86.25 -0.92%
Cisco Systems Inc. (CSCO) $16.72 -0.45%
Wal-Mart Stores Inc. (WMT) $67.44 -0.41%
Procter & Gamble Co. (PG) $62.51 -0.40%
Coca-Cola Co. (KO) $75.00 -0.27%
E.I. du Pont de Nemours and Co. (DD) $49.76 -0.26%
General Electric Co. (GE) $19.43 -0.26%
Merck & Co. Inc. (MRK) $38.77 -0.21%

Nasdaq 100 - Risers
Dell Inc. (DELL) $12.49 +4.34%
Seagate Technology Plc (STX) $24.15 +4.14%
Research in Motion Ltd. (RIMM) $10.97 +3.39%
Celgene Corp. (CELG) $64.67 +2.54%
VeriSign Inc. (VRSN) $41.30 +2.48%
Vertex Pharmaceuticals Inc. (VRTX) $56.91 +1.72%
Biogen Idec Inc. (BIIB) $136.06 +1.42%
Activision Blizzard Inc. (ATVI) $11.85 +1.37%
Baidu Inc. (BIDU) $119.50 +1.32%
Sandisk Corp. (SNDK) $36.40 +1.25%

Nasdaq 100 - Fallers
First Solar Inc. (FSLR) $13.94 -6.76%
Urban Outfitters Inc. (URBN) $26.92 -2.99%
Expedia Inc. (EXPE) $47.50 -2.52%
Logitech International S.A. (LOGI) $9.73 -2.01%
Check Point Software Technologies Ltd. (CHKP) $52.95 -1.29%
Whole Foods Market Inc. (WFM) $90.28 -1.13%
Apollo Group Inc. (APOL) $32.91 -0.99%
Garmin Ltd. (GRMN) $39.15 -0.91%
Mylan Inc. (MYL) $20.86 -0.71%
Patterson Companies Inc. (PDCO) $32.83 -0.64%

AB

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