BUZZ-U.S. STOCKS ON THE MOVE-Microsoft, Intel, oil stocks, automakers
(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s)
Trading in all securities was halted on the New York Stock Exchange on Wednesday due to technical difficulties, although NYSE-listed issues continued to trade on other exchanges, such as those run by Nasdaq OMX Group NDAQ.O and BATS Global Markets. The halt started just after 11:30 a.m. ET, after which U.S. stocks slightly extended their losses, but in low volumes, with the S&P 500 hitting a session low and the Dow Jones Industrial Average and Nasdaq both falling more than 1 percent. The Dow Jones industrial average was down 1.00 percent at 17,598.46, the S&P 500 was down 1.15 percent at 2,057.48 and the Nasdaq Composite was down 1.27 percent at 4,934.047.
** MICROSOFT CORP, $44.49, +0.43 pct
The world's largest software company said it would cut 7,800 jobs, mostly in its phone hardware business, to reduce costs and streamline its operations.
** TESLA MOTORS INC, $258.342, -3.56 pct
Analysts at Pacific Crest cut their rating on the company's stock to "sector weight" from "overweight" on valuation.
"From root-level technology and manufacturing all the way to sales and marketing, Tesla's differentiation relative to its peer group is nothing short of total," analyst Brad Erickson wrote in a note. "We simply believe the stock price now more fully reflects these core attributes," he added. Continued...