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Stock Market Update for November 9th, 2012

November 9, 2012

Stocks Showing A Lack Of Direction In Early Trading

After moving sharply lower over the course of the two previous sessions, stocks are turning in a lackluster performance in early trading on Friday. The major averages are showing only modest moves after ending Thursday’s trading at three-month closing lows.

The major averages are currently posting modest losses, although the Nasdaq is down only 0.99 points or less than a tenth of a percent at 2,894.59. The Dow is down 24.09 points or 0.2 percent at 12,787.23 and the S&P 500 is down 1.74 points or 0.1 percent at 1,375.77.

The choppy trading on Wall Street comes as traders digest the sell-off that was seen over the past two days, which reflected concerns about the looming fiscal cliff as well as the ongoing difficulties in Europe.

Despite the lack of direction being shown by the broader markets, shares of Disney (DIS) have come under pressure after the entertainment giant reported fourth quarter earnings that met analyst estimates but on weaker than expected revenues.

Groupon (GRPN) and J.C. Penney (JCP) are also showing notable moves to the downside in early trading after reporting third quarter revenues that came in below analyst estimates.

Housing stocks are also seeing early weakness, resulting in a 1.9 percent drop by the Philadelphia Housing Sector Index. Hovnanian (HOV) and PulteGroup (PHM) are turning in two of the sector’s worst performances.

Meanwhile, biotechnology stocks are regaining some ground, driving the NYSE Arca Biotechnology Index up by 1.3 percent.

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