Replies to post #604007 on *SCALPSWINGSTRADDLE* ($$$)

[madrose1]

Mid Day Fly Wrap

Stocks on Wall Street were mixed at midday, with the Nasdaq being held up in positive territory for the second day in a row by a post-earnings advance from one of its most high-profile members. Today it was Facebook (FB) however, not Apple (AAPL), as the social network's stock surged over 25% higher after its results beat expectations. In addition to an extremely busy earnings calendar, investors were reacting to weekly unemployment claims data and a report on durable goods orders in June. ECONOMIC EVENTS: In the U.S., initial jobless claims rose 7K to 343K in the week ended July 20, which were a bit above the 340K forecast. Durable goods orders increased 4.2% overall in June, versus an expected increase of 1.4%. With transportation items excluded, durable goods orders were unchanged, versus an expected increase of 0.5%. COMPANY NEWS: Facebook reported earnings and revenues last night that soundly beat analysts' consensus forecast, fueled by its improved success in monetizing mobile traffic. Following its report, Facebook was upgraded by at least three firms, at least eight others raised their price targets on the shares and the stock jumped 26% in midday trading... Among other notable companies reporting earnings last night or this morning, Boston Scientific (BSX), Mead Johnson (MJN), and Visa (V) advanced, while Western Digital (WDC), United Continental (UAL), Las Vegas Sands (LVS) and General Motors (GM) all declined. MAJOR MOVERS: Among the notable gainers was ONEOK (OKE), which gained 19% after its board approved a plan to separate its natural gas distribution business into a standalone publicly traded company. Among the noteworthy losers were a number of homebuilders following their earnings reports, including PulteGroup (PHM), which fell over 10%, and D.R. Horton (DHI), which slid 8%. INDICES: Near noon, the Dow was down 53.00, or 0.34%, to 15,489.24; the Nasdaq was up 9.94, or 0.28%, to 3,589.54; and the S&P 500 was down 2.67, or 0.16%, to 1,683.27. :theflyonthewall.com