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Date Posted: 06:34:26 07/31/12 Tue
Author: Facebook fell 2.3%, marking its lowest-ever closing value.
Subject:

Coca Cola Beverages Monday 30/7/2012

U.S. Stocks Close Slightly Lower in DJIA's Ninth-Consecutive Monday Drop
31/07/2012 6:41AM

By Alexandra Scaggs

NEW YORK--J.P. Morgan Chase dragged the Dow Jones Industrial Average into negative territory, marking the ninth-consecutive Monday the blue chips have closed down.

The New York lender's shares fell 2%, serving as the single-biggest weight on the Dow. It pulled the average into the red after the bank was downgraded by Deutsche Bank. The downgrade was J.P. Morgan's first from a large bank since its surprise trading loss earlier this year raised questions about risk management and regulatory concerns. Absent the bank's share-price slide, the Dow would have gained on the day.

"Banking, in general, is a difficult industry to invest in," said Peter Tuz, portfolio manager with $630 million Chase Investment Counsel. "Because of the interest-rate environment, because of the unclear regulatory environment, and because of the economic uncertainty, I find it very difficult to make good earnings projections on a bank a year or two out. If you can't make good earnings projections, I don't feel like that's a group that warrants a lot of interest from us."

The Dow fell 2.65 points to 13073.01 in light Monday trading. Friday, the index jumped over 13000 for the first time since May 7, capping its biggest three-day point gain this year, on pledges from Europe's leaders to work to preserve the euro zone.

The Standard & Poor's 500-stock index fell 0.67 point to 1385.30, and the Nasdaq Composite Index fell 12.25 points, or 0.4%, to 2945.84.

"We've seen this pattern several times. The market is focusing primarily on expectations for stimulus," said Adrian Day, president of Adrian Day Asset Management, which manages $170 million. "The market gets excited, and then for some reason turns around and realizes that things aren't quite as positive as we thought."

A reading of manufacturing activity in the Dallas region in July came in at negative 13.2, a steep drop from the previous month's measure of 5.8.

European markets rose, however, with the Stoxx Europe 600 up 1.6%, as expectations of new stimulus measures there overshadowed weak economic data. Spain's IBEX-35 index climbed 2.8%.

U.S. Treasury Secretary Timothy Geithner is set to meet with European Central Bank President Mario Draghi and German Finance Minister Wolfgang Schaeuble, as euro-zone policy makers seek to put together a package of initiatives that would reassure bond investors ahead of its Thursday meeting. But investors remained wary of whether progress would be made.

"There is some hesitation ahead of the [ECB] meeting," said Randy Frederick, managing director of trading and derivatives with Charles Schwab. "Markets move on anticipation," but if the commitment pledged by Mr. Draghi last week "turns out to be less substantive, we could see the markets pull back a little bit."

Business and consumer confidence in the euro zone fell in July from June, with a significant weakening evident in France and Germany, and a reading on Spain's second-quarter gross domestic product fell 0.4% from the first quarter, its third quarterly contraction in a row. In the U.K., mortgage lending fell in June to the lowest level since December 2010.

Asian markets were mostly higher, with Japan's Nikkei Stock Average rising 0.8% and Australia's S&P/ASX 200 gaining 0.9%. China's Shanghai Composite fell 0.9% to close at the lowest level seen since March 2009.

Crude-oil futures for September delivery eased 0.4% to $89.78 a barrel, while gold futures for August delivery edged up 0.1% to $1,619.70 a troy ounce. The U.S. dollar strengthened against the euro but weakened against the yen. The yield on benchmark 10-year U.S. Treasury bonds fell to 1.503% as demand rose.

In corporate news, Facebook fell 2.3%, marking its lowest-ever closing value. The company posted earnings per share Thursday that were in line with Wall Street expectations, but showed slowing revenue and didn't provide many details on the social-network's future performance.

AT&T rose 0.8% after the blue-chip telecom company said it increased its stock-repurchase program by 300 million shares, which represents about 5% of the company's shares outstanding.

American depositary shares of Trina Solar fell 11% after the solar-panel provider lowered its guidance for the second quarter, citing lower-than-expected shipment volume.

In deal news, Shaw Group soared 55% after the engineering-and-construction company agreed to be acquired by Chicago Bridge & Iron in a deal valued at $3 billion.

MWI Veterinary Supply gained 5.1% after it beat estimates for the fiscal third quarter, and raised its outlook for fiscal-year revenue and earnings.

Progenics Pharmaceuticals tumbled 50% after the company and Salix Pharmaceuticals said the Food & Drug Administration requested additional clinical data following a review of its constipation treatment. Salix shares fell 13%.

Write to Alexandra Scaggs at alexandra.scaggs@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

July 30, 2012 16:41 ET (20:41 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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