Midday on the fly: AOL surges, Molina tumbles
Stocks on Wall Street are lower this afternoon, in a delayed reaction to Friday's disappointing jobs report.
Around 2:00 PM Monday, the Dow was down 101.22, or 0.78%, to 12,958.92; the Nasdaq was down 27.86, or 0.90%, to 3,052.64; and the S&P 500 was down 13.15, or 0.94%, to 1,3884.93.
Investors and analysts continue after the long weekend to try to connect the dots to determine whether Friday's jobs report is a sign of a slow down in the economic recovery or if it indicates a pause.
The move Monday has been broad based, as all of the S&P sectors are lower and at one point 99% of all the S&P 500 stocks were lower. The averages have shown virtually no improvement since the open and continue to drift. The lack of economic data today has left investors with nothing new to focus on to move past the jobs report.
Domestically, little of note was on the economic calendar, leaving investors to react to the disappointment from the the 120K increase in nonfarm payrolls reported Friday while the equity markets were closed. Internationally, the Nikkei was down and the Hang Seng and the European markets were closed.
AOL (AOL) shares surged over 45% after the company agreed to sell over 800 of its patents to Microsoft (MSFT) for a bit over $1B. Microsoft's stock was down close to 1% near noon following the announcement.
Among the notable gainers were magicJack (CALL), after it provided guidance above the Street's view and said it will look to increase its stock buyback program, and Randgold (GOLD), after the company said its gold production and 2012 production guidance were not affected by a coup in Mali. Noteworthy losers included Molina Healthcare (MOH) and Centene (CNC), after the state of Ohio did not renew its Medicaid contract with the two companies. Also lower were shares of InterMune (ITMN), following a downgrade to Sector Perform at RBC Capital.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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