Market Down in Mid-Day Trading
The US stock market is currently trading lower. Dow, S&P 500 and NASDAQ are all in red. Dow Jones is currently down 10,739.54, S&P 500 is down 0.93% to 1,135.53 and finally NASDAQ is trading down 1.21% to 2,342.09.
American International Group (NYSE: AIG), the biggest recipient of government bailout funds, today announced that it is looking to raise $14.86 billion by listing the company’s Asian life insurance unit (AIA) later this month in the Hong Kong exchange and making it the second largest IPO in the world for the year. The company is expected to sell 5.86 billion secondary shares priced between HK $18.38 and HK $19.68 per share. AIA stocks are expected to start trading later this month. American International shares are currently down 0.03% to $38.85.
Microsoft Corporation (NASDAQ: MSFT) shares are still losing their value following a downgrade by Goldman Sachs (NYSE: GS) citing over the company’s mobile phone ambitions. Microsoft shares are currently down 2.26% to $23.83 a share.
A report by the Commerce Department released today said the orders for capital goods in the US rose more than estimated. The report said the orders for non military goods increased 5.1% showing the biggest gain since March.
South Korean electronics giant LG Electronics Inc. today announced it has scrapped its plans of launching a tablet based on Android 2.2 operating system in order to sort out its loss making handset division.
Google Inc (NASDAQ: GOOG) shares are trading down following the news of delay in the launch of Android-based tablet. Google shares are down 1.00% to $520.36 in the current trading session.
