U.S. stocks are down today with the Dow Jones Industrial Average Index (INDEXDJX:.DJI) losing the most points, after unsatisfactory economic report from China increased concerns about a slowdown in the world’s second biggesteconomy. Disappointing U.S. economic data also weighed investors sentiment.
The U.S. Department of Agriculture released a report today showing that 2012-2013 corn yields are expected to hit the lowest level since 1995-1996 because of a drought blanketing the Midwest. The report raised fears that corn prices, which have grown over 60% in the last seven weeks, will continue to move up. An update related to the federal budget is scheduled to be released in the afternoon.
Among the Dow 30 components, majority are in red territory with Cisco Systems, Inc. (NASDAQ:CSCO) one of the worst stock today after an analyst at Lazard Capital Markets LLC, Ryan Hutchinson said the prospects for the largest maker of computer-networking equipment may be worse than predicted.
The decline came a day after it received two analyst upgrades, less than a week ahead of the networking company’s fiscal 2012 fourth quarter, that pointed to improving demand from customers and tighter cost controls. The upgrades yesterday from Goldman Sachs and Piper Jaffray boosted the stock to its best since its previous earnings report in May.
Cisco Systems fell -1.41% to $17.45 during mid day trading and its overall traded volume was 14.42 million shares. It has outstanding shares of 5.36 billion and its total market capitalization is 93.48 billion. CSCO has earnings per share of $1.35.
Intel Corporation (NASDAQ:INTC) is trading near breakeven line, attempting to extend gains for a sixth day in a row. The stock is currently trading at $26.77and gained +0.26% with the total traded volume of 7.37 million shares. Its opening price was $26.70 and its shares are trading within the range of $26.53-$26.80. It has market capitalization of 133.93 billion.
American Express Company (NYSE:AXP) is down today after appointment of Marc D. Gordon as executive vice president and CIO. He will begin work in New York on September 4 and will report to Stephen J. Squeri, group president of global corporate services.
The stock dropped -1.42% to $55.67 during mid day trading and its total traded volume was 1.80 million shares. AXP ahead its 52 week low with 37.39% and its last month price volatility remained 1.99%. Its beta coefficient was 1.81 with a target price of $62.42.
In its share capital AXP has 1.13 billion outstanding shares while 1.13 billion shares have been floated in market. The company has insider ownership of 0.20% with its institutional ownership remained 84.68%. Company’s current year earnings per share grew with 21.97% while the five year EPS growth rate was 6.91%.
The Home Depot, Inc. (NYSE:HD) fell -0.88% to $52.68 during mid day trading and its overall traded volume was 2.37 million shares. It has outstanding shares of 1.53billion and its total market capitalization is 80.64 billion. HD has earnings per share of $2.65.