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4:37 PM, Aug 6, 2010 --

  • DJIA down 21 (-0.2%) to 10,654
  • S&P 500 down 4 (-0.4%) to 1,122
  • Nasdaq down 4 (-0.2%) to 2,288


GLOBAL SENTIMENT

  • Hang Seng up 0.59%
  • Nikkei down 0.12%
  • FTSE down 0.6%


UPSIDE MOVERS

(+) RL approves buyback.

(+) AMD says chips to power new Apple iMac and Mac Pro Tower.

(+) TC swings to profit.

(+) AIG earnings beat.

(+) SOLR gets upgraded.

DOWNSIDE MOVERS

(-) RBS gives up early gain; swings to profit.

(-) NVAX says Q2 loss a penny smaller than expected.

(-) EEE says president, COO resigns.

(-) GENZ downgraded.

(-) ATVI continues evening slide that followed disappointing revenue,
guidiance.

(-) ADSK downgraded.

(-) POWR down after latest results.

(-) NILE downgraded.

(-) BCS downgraded.

(-) CSUN gains after latest results; revenue does miss.

MARKET DIRECTION

Stock averages clawed back late in the day, as the DJIA recoups a triple-digit slide to end just in the red. For the week, the DJIA ends up 1.8%, while the S&P 500 was also up 1.8% this week, down 0.4% Friday. The Nasdaq Composite advanced 1.5% for the week, shaving 0.2% from that advance today.

Healthcare and consumer staple stocks fronted the recovery. Stocks tumbled broadly out of the chute in reaction to the early morning jobs report, a miss for Wall Street.

As Census hiring and layoff volatility continues to work its way out of the monthly data, markets have keyed in on private-sector job conditions. In July, private sector payrolls rose by an estimated 71,000, the Labor Department said. That's shy of the 100,000 that economists, on average, had expected.

Private payrolls in May and June were revised lower by a cumulative 34,000. Private job growth has averaged 51,000 over the past three months, down from an average growth of 154,000 in February- April, MarketWatch reported.

Total nonfarm payrolls fell by a seasonally adjusted 131,000 in July, but all the lost jobs were temporary U.S. Census positions. The nation's unemployment rate held steady at 9.5%. Economists thought it might tick up to 9.6%.

BP (NYSE:BP) shares were higher in the regular session after the company said cement poured into the damaged Gulf of Mexico well appeared to be staunching the flow. "All of the indications, so far, look very encouraging," said Doug Suttles, BP's chief operating officer for exploration and production, Reuters reported.

GenVac (NASDAQ:GNVC) inked a deal in which it will supply Novartis (NYSE:NVS) with material for the development of potential hearing loss and balance disorder treatment, Reuters reported. GenVec will receive $13 million from Novartis over four years, the report said. GenVac will make clinical trial material, the report said.

The Washington Post Co. (WPO) opened lower and plummeted to a new 52-week low of $375 in the first half-hour of trading, after disclosing that legislation pending in Congress could hurt its Kaplan postsecondary-education division, a big money-maker for the struggling media company.

Royal Bank of Scotland (NYSE:RBS) made a $3 billion sale of a majority share of it WorldPay unit, according to Reuters. The move is part of the banking giant's recovery plan following a taxpayer bailout in 2008, the report said.

Arena Pharmaceuticals (NASDAQ:ARNA) flat after the FDA notified the company of the confirmed scheduling of an Endocrinologic and Metabolic Drugs Advisory Committee meeting on September 16 to review the lorcaserin New Drug Application for obesity and weight management.

Apple inc. (NASDAQ:AAPL) was ordered to make public its fix for the company's iPod Nano music player, which was responsible for four cases of burns due to batteries catching fire, according to a Reuters report. The computer maker was getting scrutinized last week when the company's Japanese unit was ordered to explain 27 cases of overheating incidents, the report said.

In other Apple news, AMD (NYSE:AMD) shares are higher after the company said late Thursday Apple has selected AMD's ATI Radeon graphics solutions for the new line of Apple iMac and Mac Pro tower.

Polo Ralph Lauren (NYSE:RL) says its Board has approved a new $250 million stock repurchase program. The program permits the company to repurchase $250 million of its shares of Class A Common Stock, subject to market conditions.

In the last installment of the June quarter earnings season, American International Group, (NYSE:AIG) is adding gains while the broader market flags after reporting adjusted results that topped the Street, aided by improvement in its businesses and continuing restructuring.

Source: Stocks Claw Back to End Day Lower, Week Higher