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4:08 PM, Aug 5, 2009 --

  • NYSE down 11.8 (0.2%) to 6,557.38.
  • DJIA down 39.2 (0.4%) to 9,281.
  • S&P 500 down 3 (0.3%) to 1,003.
  • Nasdaq down 18.4 (0.9%) to 1,993.


GLOBAL SENTIMENT

  • Hang Seng down 1.45%
  • Nikkei down 1.18%
  • FTSE down 0.52%


DOWNSIDE MOVERS

(-) Transocean (NYSE:RIG) misses with earnings results.

(-) Procter & Gamble (NYSE:PG) disappoints with earnings.

(-) American Capital Strategies (NASDAQ:ACAS) reports wider loss.

(-) Boyd Gaming (NYSE:BYD) earnings well below year-ago quarter but better than Street expected.

(-) Vonage (NYSE:VG) earnings top year-ago results.

(-) Analogic (NASDAQ:ALOG) gets downgrade.

UPSIDE MOVERS

(+) AIG jumps in move analyst pins on short-covering.

(+) Citigroup (NYSE:C) gains as CEO reportedly says some consumer finance businesses to be sold.

(+) Whole Foods (WFMI) continues evening gains seen in wake of improved guidance.

(+) On2 (ONT) sold to Google (NASDAQ:GOOG); GOOG up 0.6%.

(+) Garmin (NASDAQ:GRMN) beats with Q2 earnings.

(+) Novavax (NASDAQ:NVAX) achieves pandemic H1N1 influenza production milestone.

(+) Devon Energy (NYSE:DVN) beats with Q2 EPS, sales miss.

(+) Anesiva (ANSV) inks merger deal with privately held Arcion.

(+) Agrium (NYSE:AGU) beats with earnings.

(+) Inovio (NYSEMKT:INO) reports positive antibody response in DNA vaccine.

(+) SciClone (NASDAQ:SCLN) swings to Q2 profit.

MARKET DIRECTION

Stock averages ended lower but pared earlier losses. Investors opted to pocket some of the recent rally amid Wednesday's tepid economic data and mixed earnings and outlooks. A report on private-sector jobs and a separate release on the services economy were slightly worse than Wall Street expected. Factory orders rose in June for the fourth time in five months, however. Oil futures ended higher, reversing earlier losses.

Stocks were considerably lower around midday after higher-than-expected private-sector job losses and mixed reports on factory orders, oil inventories and service-sector activity tempered investor enthusiasm about the economy.

The private ADP Employer Services report clocked 371,000 lost jobs in July, compared with a revised 463,000 drop in June. The figure topped economists' estimates for a loss of 345,000 jobs, according to a Reuters poll. But some analysts noted that the job losses are slowing. The government's more definitive report on non-farm payrolls for July will provide more evidence on the economy's direction.

The Commerce Department reported that factory orders rose 0.4%, after a 1.1% increase in May. Economists expected a 1% drop, according to a survey by Thomson Reuters. But the Institute for Supply Management said its non-manufacturing index fell to 46.4 in July from June's 47.0. A reading above 50 signals expansion. Economists expected a reading of 48.0.

Domestic crude oil inventories rose by 1.7 million barrels, topping estimates for a build of 800,000 barrels, causing oil futures to tumble. The September contract has pared some losses to trade down 44 cents at $70.98 a barrel on the New York Mercantile Exchange. The Energy Information Administration also reported that gasoline supplies fell fractionally by 200,000 barrels and distillate stockpiles fell 1.1 million barrels. Economists were looking for distillate stocks to rise by 1.2 million barrels and projected gasoline supplies to fall by 1 million barrels.

In corporate news, Procter & Gamble (PG) posted a stronger-than-expected quarterly profit, but declined as weak sales guidance undercut the Street beat.

Source: Closing Update for Wednesday, August 5