The market continues to be held hostage by the European crisis and the barrage of unconfirmed reports that hit the newswires each day. Also, the tape is thin, with little size on the inside market, making it easy for the market to make quick jumps in both directions. This all makes for a difficult trading environment, and traders are responding by paring back activity in the market.
Stocks were pressured further yesterday before the open after Intel (INTC) lowered revenue outlook. The stock-specific news is a mixed bag this morning. Best Buy (BBY) is off more than 8% after disappointing with third-quarter earnings. On the flip side, clothier Urban Outfitters (URBN) is up almost 12% after strong numbers in its 10Q regulatory filing last night. Southwest Airlines (LUV) is UNCH after news that it has placed a firm order with Boeing (BA) (+1% pre-market) for 150 fuel-efficient 737 MAX planes for $19 billion. The order is the largest in the history of Boeing, which will deliver the planes when they enter service in 2017.
*DISCLOSURES: Scott Redler is long SPY, AAPL.
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