Stock Market Watch

Stocks Extend Losses

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U.S stocks held losses by mid-day trading on Friday and major averages were heading to post a worst weekly performance since June as the market sentiment remained unenthusiastic due to uncertainty over the tapering of the quantitative easing by the Federal Reserve.

At last check, the Dow Jones fell 0.85%; the NASDAQ Composite Index lost 0.43% while the S&P 500 Index was down 0.57%.

On the U.S. economic data front, the wholesale inventories fell 0.2% in June. Economists polled by Reuters had forecasted 0.4% increase in wholesale inventories. In May, inventories fell by 0.5%.

Share of Blackberry Ltd. (NASDAQ: BBRY) gained about 4.40% by mid-day trade. Reuters, quoting sources familiar with the matter, said that the struggling smartphone maker was considering making itself private. These sources, according to Reuters, said that the board and   management believe that the company will be in a much better position to resurrect its sagging fortune if it operates as a private company instead of a public entity.

Shares of Priceline.com Inc. (NASDAQ: PCLN) climbed about 5% by mid-day trading. The online travel planner, late on Thursday posted better-than-expected fiscal second quarter earnings and provided optimistic outlook.

Shares of Dendreon Corporation (NASDAQ: DNDN) tumbled almost 23% by mid-day trade. The biopharmaceutical company, late on Thursday, reported wider than expected fiscal second quarter loss while revenue also fell short of street’s consensus expectation. Separately, the Company announced that the CFO, Gregory Schiffman will resign from his position at the end of the year.

In some other markets, crude oil futures climbed 1.68% to $105.14 a barrel while gold futures edged up 0.36% to $1,314.60 an ounce.

 

 

 








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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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