Major Indexes Volatile But Off Lows
November 30th, 2007 by 
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Watch today’s Markets Desk video.
The stock market continued to struggle for direction as it headed into the afternoon.
Just before 1 p.m. ET, the S&P 500 led the market with a 0.5% gain. The S&P 500 briefly violated its 200-day moving average line but has since climbed back above that key benchmark.
The Dow industrials rose 0.3% while the Nasdaq was down 0.1% and the NYSE composite 0.3%.
Volume was running heavier than yesterday across the board.
One bright spot has been midcap stocks. Standard & Poor’s MidCap 400 index dipped down to its 200-day moving average line intraday and found support. It was flat for the day after erasing a 1% drop. The index is comprised of companies with market capitalizations of $1.5 billion to $5.5 billion.
One of the index’s biggest movers today is Tupperware Brands (), which surged 25%. The company a household name in plastics for generations topped analysts 49-cent estimate with second-quarter earnings of 58 cents a share, excluding items. The news sent Tupperware’s shares back above the stock’s 50-day average line to a 10-year high.
Fellow S&P 400 member Intuitive Surgical (), slipped a bit today but has managed to hang onto the bulk of the gains it scored July 20. The stock hit a record high intraday Monday and is now trading about 6% below that mark.
11 a.m. ET Update: Stocks Slide After Brief Rebound
By ALAN R. ELLIOTT
Widening subprime credit problems, a sell-off in international markets and a surge in crude oil futures combined to hold stocks down in morning trading.
The NYSE composite was down 0.7%, the Nasdaq 0.8% at 10:57 a.m. ET. Sharp downturns in Nasdaq’s financial indexes led the Nasdaq’s losses. The S&P 500 gave up 0.5%, backtracking to April levels and falling below its 200-day moving average for the first time in more than a year. The Dow slipped 0.4%.
Volume was running slightly higher across the board. Losers to winners were running about 2-to-1 on the Nasdaq, 3-to-1 on the NYSE.
Electrical parts distributors, hospitals and educational software makers showed the greatest losses.
Asian and European markets were hard hit with downturns. The Shanghai composite tumbled to a 3.8% loss. Tokyo’s Nikkei 225 followed close behind with a 2.2% decline. London’s FTSE 100 was trading down 1.0% late in the session.
Oil futures spiked to neare $79 a barrel after the Energy Information Administration reported crude inventories suffered a steep, 6.5 million barrel drawdown for the week.
In Treasuries, 10-year yields fluctuated but held at 4.73%, just below 4.74% late Tuesday.
General Cable () lost 14.50 to 65 on a massive gap down loss. The cable distributor’s Q2 earnings topped views by 8% and sales beat forecasts by a neat margin. But the Highland Heights, Ky. Company lowered its Q3 guidance to well below consensus views. Competitor Houston Wire & Cable () was also nicked by the news, giving up 4.91 to 20.86.
On the upside, Affiliated Managers Group () reversed higher, adding 6.66 to 119.66. The fund and asset manager’s Q2 earnings rose 17%, topping views.
Munitions maker Alliant Techsystems () also staged a reversal, gaining 2.45 to 101.56. The Edina, Minn.-based company said Tuesday it wom a $14 million order for small-caliber ammunition.
Waste Industries USA () gapped up, rising 2.07 to 34. The trash collector reported Q2 earnings 20% above views. The stock climbed back above its 50-day moving average.
10 a.m. ET Update: Stocks Mixed In Volatile Trade
Wall Street’s rollercoaster continues to throw investors for a loop.
After opening modestly higher after a very volatile pre-market session, the major averages quickly turned south, then roared back to positive territory, only to weaken again
At 10 a.m. ET, the ISM manufacturing index fell to 53.8 in July from 56 in June. That’s lower than expected. Meanwhile, pending-home sales soared 5%, much better than expected.
As of 10:06 a.m. ET, The Nasdaq and NYSE composite fell 0.4% and the S&P 500 sank 0.1%. The Dow was slightly higher.
At 10:30 a.m. ET, the Energy Dept. releases weekly oil inventory data, with crude prices just below record highs.
For a second straight day, some of the big-cap techs that had held up last week are falling, notably Apple (), Amazon () and Baidu ().
Investment banks and lenders also continued to sell off as investors digest the latest hedge fund and lending woes and try to sift through rumors of more problems.
GPS-related firms found their target Wednesday.
Garmin’s () Q2 profit rose 82% to $1 a share 26 cents over estimates. The maker of consumer GPS devices soared 6.5% to a new high in the early going, extending a big 3-month run.
Digital mapmaker Navteq ()shot up 13% to a new high after reporting strong results last night. Shares gapped higher early last week on speculation that Garmin or another GPS firm might bid for Navteq.
And Trimble Navigation () also gapped up 13% to a new high after its quarterly results. Trimble provides GPS products and services for construction and other commercial uses.
Mittal Steel () jumped 6% after the world’s largest steel maker said adjusted net income rose nearly 50% to $2.72 bil, above forecasts. Sales rose 21% to $27.2 billion.
Stratasys, which makes machines that quickly build prototypes from computer designs, rose 4% after reporting Q2 results.
Educational software maker Blackboard () tumbled 14% in the early going. The company appeared to beat quarterly forecasts, but it guided third-quarter targets lower.
Health insurance giant Cigna () gapped down 6% after beating profit forecasts, though revenue may have a hair light.
First Solar () fell 6% even though the thin-film solar panel maker beat Q2 views late Tuesday. Shares are off their lows, though.
9:15 a.m. ET Update: Futures Point To Soft Open
By Vincent Mao
Stock futures pointed to a lower open Wednesday as credit worries continued, with heavy selling in overseas markets. But futures rallied well off their lows. The Nasdaq is down 5 points vs. fair value, the S&P 500 - 5 and the Dow -31.
Bear Stearns () reportedly has a third hedge fund in trouble over mortgage holdings. The investment bank, which is down in the pre-market, has already had to shut 2 other funds.
Australia’s Macquarie Bank warned that two of its debt funds stand to lose about 25% of their values. But the funds have no direct exposure to the U.S. subprime markets.
In M&A news, Dow Jones () agreed to bought by Rupert Murdoch’s News Corp. () for $5.6 billion, or $60 a share
On the economic front, the ADP employment report said private nonfarm payrolls climbed by 48,000 in July. Economists expect Friday’s jobs report to show an increase of 135,000 private and gov’t jobs.
At 10:00 a.m. ET, the ISM factory index for July will be released. Economists expect a small dip to 55.5 from June’s 56. Pending home sales for June will also be out. After a 3.5% drop in May. Expectations are calling for a much smaller 0.6% decline.
Crude oil dipped below $78 ahead of the weekly inventory data, but it’s still very close to an all-time high.
Apple (), which dropped 7% on big trade Tuesday, edged up in pre-market trading. Citigroup upgraded shares to buy from hold.
MasterCard () dropped about 5% premarket. The credit card firm delivered Q2 earnings excluding items ahead of views.
Insurance firm Aon () late Tuesday said second-quarter profit jumped 32% to 74 cents a share, beating views. It’s also spinning off its Combined Insurance Company of America unit.
Dow component Boeing () slipped in pre-market trading despite receiving an order for 20 737 jets from Canadian airline WestJet.
Navteq () rallied about 8% premarket. Late Tuesday, the provider of digital map data trounced views and raised its full-year earnings and sales outlook.
Chipotle Mexican Grill () was trading about 6% higher. Late Tuesday, the firm delivered Q2 earnings well ahead of views on strong sales.
But Buffalo Wild Wings () looks set for a bad open. The sports bar chain only met Q2 profit forecasts and missed revenue targets.
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