Stocks waver amid eurozone caution

Traders weigh signs of weakness in the region's private sector as the ECB prepares to discuss a bond-buying program. FedEx cuts its guidance. Facebook climbs as Zuckerberg vows to hold his shares.

By TheStreet Staff Sep 5, 2012 9:04AM
Updated at 12:21 p.m. ET


By Andrea Tse

 

Stocks traded in a narrow range Wednesday as investors weighed ongoing global worries and gloomy European economic data against hopes for stimulus ahead of the European Central Bank meeting on Thursday.

 

The Dow Jones Industrial Average ($INDU) was up 30 at 13,066. The S&P 500 ($INX) was up 1 at 1,406. The Nasdaq Composite ($COMPX) was up 3 at 3,078.

 

The Bureau of Labor Statistics provided a revised read on U.S. second-quarter nonfarm business productivity, up 2.2% versus the 1.8% gain expected by economists. Unit labor costs were revised to a 1.5% increase, as expected. The previous read showed a 1.7% gain.


The European Union's statistics office said retail trade in the region fell 0.2% in July from June as worsening economic conditions hurt consumer demand.

 

Also, Markit published data showing its August composite PMI index on manufacturing and services declined to a revised 46.3, down from the flash reading of 46.6 and the July level of 46.5.

On the corporate front, FedEx's (FDX) now expects earnings of $1.37 to $1.43 a share in its fiscal first quarter ended in August, well below its original forecast for a profit of $1.45 to $1.60 a share. FedEx said global weakness "constrained revenue growth at FedEx Express more than expected in the earlier guidance." Analysts were expecting earnings of $1.56 a share in the first quarter.

 

Facebook (FB) shares rose after CEO Mark Zuckerberg indicated he has no plans to sell any of his stock in the social network for at least 12 months.

 

Apple confirmed Tuesday it is holding a big event, which is widely expected to be the launch of the iPhone 5, on Sept. 12. The stock finished Tuesday's regular session at $674.97, up 1.5%. The shares are up more than 60% in 2012.

 

Nokia (NOK) and Microsoft (MSFT) are expected to unveil Nokia's new Lumia 920 smartphone in New York. The phone, Nokia's most powerful yet, will feature Windows Phone 8, the latest version of Microsoft's operating system. (Microsoft owns and publishes Top Stocks, an MSN Money site.)

 

Dollar General (DG) hiked its full-year earnings guidance after posting stronger fiscal-second-quarter profit as demand for basic goods and cheaper foods grew. The discount retailer also announced its board has approved the buyback of up to an additional $500 million of its common stock.


More from TheStreet.com

 

170Comments
Sep 5, 2012 10:54AM
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When will this class warfare BS be put to rest? This perpetuated diversion has been used by desperate politicians with no answers since the fall of the Roman empire in it's last days. In Obama's mind even the poorest of Americans are rich by world standards, so through the enrichment of other countries, we will not be viewed as an elitest society that wants to dominate the world. Enormous amounts of our money is being sent overseas that is debasing our currency. His communist mentors encouraged him to embrace a philosophy that those with wealth can be taxed up to 100% if society as a whole would benefit from services equal to those services provided by those collected taxes. The policies of today are only a small step closer to a total globalization agenda. A second term will be dominated by executive orders to fulfill the underlying agenda and this is a very dangerous path. 
Sep 5, 2012 10:54AM
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Yes. we are up 46, 47 points but be cautious...Once again a bad combo of low volume and plenty of manipulators ready to make their move; in fact at 1047 hrs they just called for the first wave of selling...Be careful today, we call it as we see it and we don't trust these scumbags as far as we can see them...More later.
Sep 5, 2012 10:52AM
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What's this?

 

A 13-page marketing brochure obtained by NBC News shows how New American City, a nonprofit that is closely affiliated with the official Democratic convention host committee,  offered package deals to corporate contributors — with different benefits  starting at levels of $100,000 and escalating to the top “Tryon Street Level” of $1 million.

 

Got this from MSN homepage news. Seems if the reason is right, corporate money is OK with the democrats. Evil corporations!

Sep 5, 2012 10:52AM
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 Both Facebook and Google will end up selling any and all info they gather on you to the highest bidder, be it your Boss, Iran , the Feds or China Their STOCKHOLDERS will eventually say screw the ethics, they are there to make money
Sep 5, 2012 10:52AM
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Look up a movie on the net, its called Inside Job really show how corupt wall st. and the goverment  are. Tells about the crash of 08. and how all this bullcrap could have been avoided except for the greed of a few.
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Free monies Europe is going to join the USA and JAPAN and prints monies to infinity and beyond

 

FREE MONIES EVERYONE

 

FREE MONIES EVERYONE

 

just show your super rich card at the Federal Reserve pick up window and they will give you tons of cash they printed last night.

 

Short $1 trillion dollars from being able to buy that Greek Island -- no worries Uncle Sam will just give you the monies as you are part of the golden ones the super rich.

 

Short $100 billion from being able to build a new apartment building in New York no worries just ask Unle Sam he will give it to you if you show your super rich card to him.

 

Yep tons of monies for the super rich and not a penney for laid off hard working Americans who must now live in the street on hand outs. Yep teach those bums that the government doesn't have time nor money to waste on those losers.

 

FREE MONIES TO THE SUPER RICH FOLKS

 

GET YOURS NOW

 

YOU AREN'T super rich ... ROFL losers

Sep 5, 2012 10:46AM
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Psyched.....It's actually been a fairly tough year for us...It's seem's very hard to break through certain thresholds..?

 

You get a few equities on speculation that drag you down ie: solar or recently coal.

Then you get some pumping you up like pipelines or home improvement, tobacco, etc..

And miners are always a crap shoot..

Have added larger amounts to positions, using dividends and profits taken...If and when they catch hold it could be break out time..

Everything just in slow uptrend...Waiting on finality in elections, EU and a stronger recovery...

Basically more jobs and demand..Yes we need another form of stimulus and cut certain spending.

Sep 5, 2012 10:44AM
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 I can honestly say that I have never clicked an online ad.  Except by mistake. Facebook's model falls flat with guys like me because the whole point is to get me to click on ads
Sep 5, 2012 10:43AM
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EXTRA: Government buys stock through banking surrogates. Vows never to allow dow to drop below 13,000 again.
Sep 5, 2012 10:38AM
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TOG says - I guess you could just hold a gun to Grandpa's head; Tell Grandma to spend more money or else.

 

After Grandma gets back off the floor, she would probably tell you the funerals already paid for, or she might pull a Dirty Harry on you and...."Make my day, mufrkr..." 

 

I could not have expressed it better myself.............

Sep 5, 2012 10:37AM
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 Some chartists made a bundle on Facebook no doubt. Dead cats tend to bounce when they fall, this one several times-- and it will again.19 to 21 yields 10% in  a week
Sep 5, 2012 10:34AM
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Offer a website for $5 a month that does the same thing as Facebook with NO ads and guaranteed privacy and Facebook goes bust
Sep 5, 2012 10:32AM
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I guess you could just hold a gun to Grandpa's head; Tell Grandma to spend more money or else.

 

After Grandma gets back off the floor, she would probably tell you the funerals already paid for, or she might pull a Dirty Harry on you and...."Make my day, mufrkr..." 

Sep 5, 2012 10:30AM
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If we get a bad number on Friday, won't the market celebrate because  it will mean that QE3 is that much closer?  At this point, the worst possible thing for the market is for the UE rate to tick down.
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WHAT???

Facebook () shares rose after CEO Mark Zuckerberg indicated he has no plans to sell any of his stock in the social network for at least 12 months.

 

I saw a press conference where Mark and his new wife were going to sell about 1 million of his shares so they could start a new life together

 

Those shares were sold a long time ago so I guess Mark is half way right

Sep 5, 2012 10:19AM
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Seems investors or traders are always waiting for next day's news or reports to come out..

It either gives them something to talk or argue about in the trading pits...

 

Or a reason to justify their trades or trading habits....

Yeah Friday will be important, but so is dribble out of the EU and ongoing speculation on our Fed..

Seems only a few years back 20-30, that only major events moved the markets "more" then a couple of percentage points...Even after some catastrophes, we recovered fairly quickly or at least stagnated for a few weeks or months.

Nowadays we can have 1-3% overall moves in a weeks trading period...Only to go even by week's closing...Yes I would call that manipulation...But trends are still in place, and better investors, watch that instead of day to day news...Sometimes they get lucky.?  

Sep 5, 2012 10:17AM
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Brutus, about the physical attributes, Dems tend to have more brains than brawn.
Sep 5, 2012 10:12AM
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VL says - Here in the USA let's put some pressure on seniors living off what should be recovering us and hoarding the nest egg. That's just stupid thinking gone very wrong.

 

How do you recommend we pressure senior citizens V_L?

Sep 5, 2012 10:09AM
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Brutus, some of your points are well taken, and in a perfect world I agree that the government does too much for too few usually, especially the entitled rich as well as the entitled poor. Still, we are the world's largest economy so far and still the world's strongest draw of most of the world's aspiring poor.  So in spite of it all, with all our warts, we are the most attractive.

You know Brutus, rich people like having showy things around them.  Whether it's expensive cars or expensive women.  That's the draw of wealth.

Sep 5, 2012 10:09AM
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"will be moving in 6 years.  will cash in my chips on the current home and move to a lower rent district.  >>>>My finances have never been better and when housing prices recover, I can add another zero to my net worth.<<<<"

You can't have that type of attitude and make it. We have begun to shift. You likely will see your home sell but not for what you think. All of our investments are still exposed to the reconciliation from fiat printing and financial corruption. No one knows the extent of THAT correction yet. The wisest choice is to think about your health and durability. You should have been crafted an alternative cash flow generator built in the lull not on the hill. I can only keep mentioning the sub-economy. Millions world wide know it and it will have legs going forward. Will you?
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