Reply #61: 11:40 check before the lunch break

[54anickel]

Dow 10,575.36 -45.67 (-0.43%)
Nasdaq 2,086.08 -10.96 (-0.52%)
S&P 500 1,185.05 -5.20 (-0.44%)
10-yr Bond 4.267% -0.011
30-yr Bond 4.805% -0.022
NYSE Volume 571,789,000
Nasdaq Volume 884,808,000

11:30 ET Dow -49, Nasdaq -10, S&P -5.43
Major indices continue to sport losses as market breadth remains decisively bearish... Decliners on both the NYSE and the Nasdaq continue to outpace advancers by a more than 2 to 1 margin... Down volumes also hold a convincing edge over up volumes while total activity on the Big Board has recently surpassed 500 mln while the Composite continues its push toward 1.0 bln shares by midday... Meanwhile, the Nasdaq remains about 15 points off its 50 day moving average near the 2100 level while the S&P continues to hover just above its January low/50-day moving average near 1182... ..NYSE Adv/Dec 941/2109. ..NASDAQ Adv/Dec 856/2014.

11:00 ET Dow -51, Nasdaq -11, S&P -6.40
With no economic news out this morning, all eyes remain fixated on earnings as catalysts to support broad-based profit taking... Alcoa (AA 29.83 -0.64), the first to report Q4 results, posted earnings of $0.39 per share but missed expectations by three cents, blaming higher energy costs and a weaker dollar... Shares, which were off 1.4% in after-hours trading, have fallen another 2.0% today; but while Alcoa's leadership as the world's largest producer of aluminum holds merit, its smaller weighting on the Dow has held less of an influence on the index's overall performance... Trading lower in sympathy, despite its recent ability to better capitalize on elevated aluminum prices, has been rival Alcan (AL 45.66 -0.38)... ..NYSE Adv/Dec 832/2164. ..NASDAQ Adv/Dec 769/2031.

10:30 ET Dow -52, Nasdaq -12, S&P -6.65
Equities remain on the defensive following disappointments in the semiconductor space... Lower Q4 sales guidance of $1.24 bln from Advanced Micro Devices (AMD 15.88 -4.25), due to lower sales and an operating loss in its flash memory business, have left shares tumbling more than 20%... Analysts had anticipated total sales to reach $1.35 bln based on previous guidance that called for Flash memory sales to be flat to up slightly... The downside revision has prompted Piper Jaffray to downgrade AMD to Underperform from Market Perform, citing difficult pricing from rival Intel (INTC 22.69 -0.19), while UBS has cut its rating on to Reduce from Neutral... Meanwhile, STMicroelectronics (STM 17.96 -0.60), despite guiding Q4 revenues of $2.3 bln in line with analysts' expectations, now expects gross margins to be about 36.6%, below prior guidance of 38-39%... Shares of the European chipmaker have fallen more than 3.0% in early trading... ..NYSE Adv/Dec 758/2140. ..NASDAQ Adv/Dec 699/2004.

Advances & Declines
NYSE Nasdaq
Advances 1009 (30%) 831 (27%)
Declines 2065 (63%) 2070 (68%)
Unchanged 184 (5%) 118 (3%)

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Up Vol* 122 (23%) 232 (27%)
Down Vol* 381 (74%) 588 (70%)
Unch. Vol* 8 (1%) 16 (1%)

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New Hi's 35 32
New Lo's 15 29