Midday movers: Ford, Yamana Gold, MicroVision
Stocks slide following disappointing monthly jobs report.
All the major automakers declined more than the broader market after reporting their May sales figures, with Chrysler owner Fiat (FIATY) lower by 5%, Ford (F) down over 3.5%, and General Motors (GM) and Toyota (TM) shares both faring only a bit better, off by about 2.5%.
Numerous gold-mining stocks rose amid the negative global macro reports, with Barrick Gold (ABX), Goldcorp (GG), Newmont Mining (NEM) and Yamana Gold (AUY) all higher by at least 7%.
Among the notable gainers were PharmAthene (PIP), up 42%, after a court issued its final judgment awarding the company 50% of the net profits over a period of ten years from all sales of SIGA Technology's (SIGA) smallpox antiviral treatment, and MicroVision (MVIS), up 21%, after announcing it has received purchase orders from Pioneer valued at over $4M.
Noteworthy losers included OmniVision (OVTI), down 15%, after reporting lower than expected Q4 earnings and predicting that its EPS for the current quarter would come in below consensus, and Leap Wireless (LEAP), down nearly 10%, following a downgrade at BMO Capital, which cited the stock's relative valuation and margin pressure on the company from its new iPhone deal.
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Stocks sag as the Fed chairman says a stronger economy may let the central bank start to end its bond-buying program late this year. But Bernanke sees low rates lasting into 2015.
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