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Trading at Noon: Wall Street euphoria fades away

Monday, June 11, 2012 - 04:09

June 11 - U.S. stocks turn negative as investors focus on the upcoming Greek elections.

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The euphoria on Wall Street is worn off an aid package to Spain sent stocks surging earlier today but the three indices are now and a red. Joining me is Reuters correspondent -- last time -- Brian you know we saw a big boost in the market earlier now we're looking at losses for Dow -- -- NASDAQ are investors nervous this Spain it was good or now. Unfortunately there's no shortage of trouble when it comes to Europe. While the Spain -- deal does remove some of the uncertainty about this country's banking sector there's still the Specter of cores which is holding elections on Sunday. Depending on how that goes investors are concerned that great in Greece may have to leave the Euro -- The thought to that is uncertain so it's it's tough environment here are some of the big losers. All sectors that are tied to the pace of economic growth and demand are seeing a lot of difficulty getting any traction with their share prices. Material stocks are down sharply with US steel was the biggest decliners today. Energy shares financial these are all struggling in this environment right and your keeping your Bryant specific stocks let's start with app for the big developers conference today -- what a lot of us about what actually expecting to come from apple Apple's pretty good about keeping all of its new product information under wraps until the conference itself. But so far there's no real indication that we're gonna see something on the order of an iPad -- iPhone some kind of new product line. That said it is possible we're gonna get new versions of all products that have been announced already. And people are looking to see if there's anything new with an ITV kind of system. -- the next graph we're gonna put up is so ugly I keep looking at it it's ten -- Ryan what is happening here with this stock is just getting interest rate rise. Ugly day there. They forecast a loss of their second quarter and -- addition they cut their full year profit view by more than a dollar per share so overseeing the -- implement just about like. 20% so far. No one down as Diamond Foods it's not close to six point 7% what's the story there he. Well they are going to three files and financial statements that they said today that they're gonna miss their deadline. And that's causing a lot of uncertainty about whether the stock might be asked would you or. Whether the stock might get delisted from NASDAQ to shares are just on down about 7% today. Year to date is down about 40% and that comes on top of another 40% decline last year my out. Meantime shares of NASDAQ down about one point 7% right now. More details of being revealed on just how I looked hot spastic CEO Bob -- was during the FaceBook IPO. You call -- hanging out Mark Zuckerberg in California. On the day of the IPO he then flew back to New York thinking this stocks that you is in better shape after its rocky open. While he was in the air the problems got worse and -- that was basically incommunicado. The phone on a plane wasn't working he had no Internet access he even missed a call from the has the FCC which came into this office so obviously a bad -- now works for him. Today big news is that it's. On a preliminary list join the Russell 3000 index so tell me a little bit more about. Its significance of that for Facebook's stock was certainly being on that list is not a surprise. Vast vast majority of tradable equities are on the Russell 3000 and a company of Facebook's side there was no question that it was going to be included eventually. And certainly not this soon. But yes the stock is up today so it does seem like there was a little bit of a bottom put in although it does remain sharply below where. Debuted in treating last month New Hampshire does -- And thanks so let's get to see you here. And that's suffered trading -- new for more news check out our Twitter feed. At Reuters Insider and our Reuters YouTube TV channel writers dot com backs last Reuters TV I'm Rhonda schaffler is this Reuters.

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Trading at Noon: Wall Street euphoria fades away

Monday, June 11, 2012 - 04:09