Stocks headed for choppy day

  @CNNMoneyInvest November 20, 2012: 9:06 AM ET
sp821
NEW YORK (CNNMoney)

U.S. stocks could have trouble continuing their recent rally as investors turn their attention back to Europe's sovereign debt worries.

U.S. stock futures were narrowly mixed as investors took a step back, unimpressed by Tuesday's slew of corporate results.

Eurozone finance ministers were meeting Tuesday to discuss the latest release of bailout funds for Greece, which the country needs to stave off default. They meet as Moody's downgraded France's credit rating, stripping the country of its coveted AAA rating due to worries about economic weakness.

Also a concern is the escalating violence in the Middle East between Israelis and Palestinians. Oil prices have been ticking up amid growing concern about a possible ground war in Gaza. Crude prices edged down 64 cents to $88.64 a barrel. Brent crude -- Europe's benchmark -- was little changed at $111.53 a barrel.

But there were signs of a recovering housing market. The Census Bureau reported that housing starts rose to the highest level in four years.

Hewlett-Packard (HPQ, Fortune 500) shares plunged 10% in premarket trading after the computer company reported quarterly results with a multi-billion dollar writedown.

The shares of Best Buy (BBY, Fortune 500) dropped 5% in premarket trading after the electronics retailer continued to report signs of struggling.

At 12:15 p.m. ET, Federal Reserve Chairman Ben Bernanke will speak at the Economic Club of New York.

U.S. stocks rallied Monday, logging their best gains in months, as investors started the holiday-shortened week optimistic that the fiscal cliff talks are progressing.

While the rhetoric out of Washington has been mostly positive, experts say stocks will remain under pressure and trading will likely be choppy until an actual deal is finalized, which could take weeks.

Fear & Greed Index

World Markets: European stocks were mixed in afternoon trading ahead of the finance minister's meeting. Britain's FTSE 100 slipped 0.1%, while the DAX in Germany edged up 0.2% and France's CAC 40 fell 0.3%.

Asian markets closed lower. The Shanghai Composite lost 0.4%, the Hang Seng in Hong Kong dropped 0.2%, and Japan's Nikkei edged 0.1% lower.

Economy: The Census Bureau reported that housing starts rose to an annual rate of 894,000 in October, which was better than the rate of 840,000 forecast by analysts surveyed by Briefing.com. Housing permits declined slightly to an annual rate of 866,000 last month, which was less than the expected 870,000.

Cisco's head is in the clouds

Companies: Hewlett-Packard (HPQ, Fortune 500) said Tuesday that it has written down $8.8 billion of the value of Autonomy, the British software company it bought last year, after discovering that Autonomy misrepresented its finances.

Best Buy (BBY, Fortune 500) reported 3 cents in adjusted diluted earnings per share from continuing operations for the third quarter, down 94% from last year, and a decline of 4.3% in same-store sales.

Shares of Green Mountain Coffee (GMCR) surged 9% in premarket trading after company announced the appointment of a new CEO, Brian Kelley, effective Dec. 3.

Shares of Chesapeake Energy (CHK, Fortune 500) rose more than 2%. Billionaire investor Carl Icahn revealed an 8.95% stake in the natural gas producer, according to an SEC filing.

Shares of Urban Outfitters (URBN) slipped 1.5% after hours Monday, after rising 5.8% during the trading day, as the retailer reported quarterly earnings that missed expectations.

Shares of Krispy Kreme Doughnuts (KKD) jumped 13% after hours Monday following quarterly results that beat expectations.

Currencies and commodities: The dollar fell against the euro and the British pound but gained against the Japanese yen after the Bank of Japan left interest rates unchanged.

Gold futures for December delivery fell $1.70 to $1,732.70 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury edged lower, pushing the yield up to 1.63% from 1.61% late Monday. To top of page

Q


Join the Conversation
Markets
Sponsored by
Index Last Change % Change
Dow 16,501.65 0.00 0.00%
Nasdaq 4,148.34 21.37 0.52%
S&P 500 1,878.61 3.22 0.17%
Treasuries 2.69 0.00 0.07%
Data as of 5:33pm ET
Company Price Change % Change
Facebook Inc 60.87 -0.49 -0.80%
Bank of America Corp... 16.34 -0.03 -0.18%
Microsoft Corp 39.86 0.17 0.43%
Verizon Communicatio... 46.28 -1.15 -2.42%
Micron Technology In... 26.16 -0.09 -0.34%
Data as of 4:01pm ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.28%4.41%
15 yr fixed3.30%3.33%
5/1 ARM3.30%3.34%
30 yr refi4.31%4.39%
15 yr refi3.35%3.31%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.