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Mid-Day Update: Stocks Move Slightly Higher By Mid-Day as Investors Seek Solid Direction

06/07 12:27 PM

12:27 PM Eastern Daylight Time, 06/07/2010 (MidnightTrader) --

Here's where markets stand at mid-day:

-NYSE up 1.28 (0.02%) to 6,603.12
-DJIA up 26.15 (0.25%) to 9,958.12
-S&P 500 up 2.87 (0.28%) to 1,067.91.
-Nasdaq down 13.63 (0.61%) to 2,205.80.


GLOBAL SENTIMENT

Hang Seng down 2.03%

Nikkei down 3.84%

FTSE down 1.11%

MID-DAY NYSE INDEX WATCH

NYSE Energy up 1.07% at 9,865.82
NYSE Financial down 0.03% at 4,339.68
NYSE Health Care up 0.27% at 5,702.77
NYSE Arca Tech 100 down 0.44% at 867.66


UPSIDE MOVERS

(+) BP (+1.24%) rebounding due to weekend developments; some reports of issue with collecting oil this morning.
(+) BMY (+8.02%) gets upgraded, reports positive study results.
(+) FBN (+4.41) gets favorable Barron's coverage.
(+) FRPT (+3.01) inks new contract.
(+) CELG (+4.29%) upgraded.
(+) MET ( +0.75%) upgraded.
(+) JAV (+6.06%) gets notice from Hospira on funding loan, expediated trial.
(+) S (+0.73%) reports record sales of Evo phone.
(+) AMZN (+1.56%) upgraded at Goldman Sachs.
(+) MMC (-0.19%) selling Kroll to Altegrity for $1.3 Bln cash.
(+) VVUS (+0.40%) says Avanfil meets all three primary endpoints in study.


DOWNSIDE MOVERS

(-) AIG (-0.1%) down as Barron's piece says shares overpriced.
(-) APPY (-53.25%) says more data needed before submitting application to FDA for AppyScore.
(-) ACOM (-0.37%) gets favorable Barron's coverage.
(-) TXN (-0.44) gets favorable Barron's coverage.
(-) GIII (-2.64) beats with Q1, guides mostly above Street.
(-) IMMU (-3.48%) gains on pancreatic cancer therapy results.
(-) INTU (-0.46%) started at Buy at UBS.
(-) CRXX (-0.49%) gets milestone payment.
(-) ONCY (-9.52%) updates study results for cancer treatment.


MARKET DIRECTION

Stocks started the session out strong, lost steam through the morning, but then moved back into positive territory at mid-day. The moves in U.S. equities followed similar declines in Asian and European stock markets on worries that Hungary's debt situation could be Greece redux and Friday's U.S. Labor Department figures that showed weak private sector hiring in the U.S.

The U.S. economic calendar is relatively light, with consumer credit figures for April due out at 3 p.m. ET.

Apple (AAPL:$254.3325,$-1.6325,-0.64%) shares are lower in morning trading ahead of a keynote address from Chief Executive Steve Jobs at the company's Worldwide Developer Conference in San Francisco. Jobs is scheduled to speak at 1 pm EST, 10 am PST.

Apple (AAPL:$254.3325,$-1.6325,-0.64%) followers expect the company to unveil the newest version of the popular iPhone smartphone. Apple (AAPL:$254.3325,$-1.6325,-0.64%) shares are down $1.88, or 0.74%, to $254.08.

Meanwhile, shares of BP PLC (BP:$37.432,0$0.272,00.73%) are higher in late morning trading after the British energy giant said it will double the amount of oil it is siphoning from the broken well pipe at the bottom of the Gulf of Mexico to 20,000 barrels per day, according to a Reuters report. BP shares are up 0621%, or $0.23, to $37.39.

Also, Marsh & McLennan Companies Inc (MMC) is on the rise pre-market as the insurance group will be selling its Kroll risk consulting unit to Altegrity Inc. for $1.13 billion. Altegrity is headed by Kroll's former CEO Michael Cherkasky, who was with the company from 2001 to 2004. Marsh & McLennan (MMC:$20.94,00$-0.05,00-0.24%) shares were down 0.10%, or $0.02, to $20.97.

Britsol Myers Squibb Co. (BMY) is on the rise in morning trade as hopes for its skin cancer drug rise. Ipilimumab, which is designed to treat those with advanced melanoma, added an average of four months to life expectancy for those with the disease. The drug is designed to improve the body's immune system, and Bristol-Meyers Squibb is expected to file the drug with the FDA for market approval later this year. Britsol Myers shares were up $1.68, or 7.49%, to $24.12.

In commodity futures, gold for August delivery was up 1.38%, or $17, to $1,235 per ounce while crude oil for July delivery was down $0.32, or 0.45%, to $71.19 a barrel.


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