US midday: Market rebounds after initial decline

LONDON (ShareCast) - There was a turnaround in US markets after their initial negative response to higher than expected US unemployment figures.

October non-farm payrolls data showed the US unemployment rate rose to 10.2% from 9.8% in September. The number of jobs lost in October was 190,000, versus expectations of 175,000 job losses.

The Dow Jones is 22 points higher at 10,028, while the S&P 500 is broadly unchanged at 1,067. The tech-heavy NASDAQ Composite (NASDAQ: news) is 6 points ahead at 2,105.

A recommendation upgrade to outperform by Sanford C Bernstein helped boost General Electric (NYSE: GE - news) . The broker reckons that the rise posed by financial services subsidiary GE Capital has reduced.

The world's biggest maker of slot machines International Game Technology shot up after forecasting beating earnings of 20 cents a share for the company's fourth quarter.

Also on the up is JDS Uniphase (NASDAQ: JDSU - news) . The phone equipment maker dialled the right numbers, turning in first quarter sales of $298m, marginally ahead of market expectations.

Graphics chips manufacturer Nvidia reported third quarter earnings nearly double analysts expectations.

Coffee shops operator Starbucks (NASDAQ: SBUX - news) is also wanted after underlying earnings per share in the company's fourth quarter topped market expectations at 24 cents.

Fallen insurance giant AIG is a major faller despite posting its second successive quarterly profit. Net income in the three months to end September was $92m, versus a staggering loss of $24.5bn in the corresponding quarter of 2008. Third quarter revenues fell.

The shares were marked lower, however, after new company boss warned that shareholders should 'expect continued volatility in reported results in the coming quarters' as the company works through its restructuring programme.

VeriSign (NASDAQ: VRSN - news) , which issues certificates authenticating e-commerce sites, was another big faller, after it lowered fourth quarter sales guidance to no more than $262m. The median point of sales forecasts from the investment community prior to the new guidance was $263m.

Drinks maker Hansen Natural was punished after third quarter underlying earnings per share came in at 60 cents, some way below market expectations.

Slumping fuel demand hit US refiner Sunoco (NYSE: SUN - news) and pushed it into loss in the third quarter.

Shares in prospective Cadbury (LSE: CBRY.L - news) bidder Kraft continued to fall. The processed food producer has to announce a bid for Cadbury on Monday or walk away.

S&P 500 - Risers International Game Tech (IGT) $20.36 +9.70% General Electric Co. (GE) $15.43 +6.93% Nvidia Corp. (NVDA) $13.09 +6.68% Starbucks Corp. (SBUX) $20.98 +6.50% Macy's Inc. (M) $19.05 +5.72% JDS Uniphase Corp. (JDSU) $6.39 +5.27% Amazon.Com Inc. (AMZN) $125.94 +4.42% M B I A Inc (NYSE: MBI - news) . (MBI) $4.24 +3.92% Newmont Min Corp. (NEM) $49.09 +3.89% Lennar Corp. Class A (LEN) $13.97 +3.40%

S&P 500 - Fallers Sunoco Inc. (SUN) $28.01 -10.85% American International Group Inc. (AIG) $35.45 -9.75% Verisign Inc. (VRSN) $22.25 -7.31% Motorola Inc (NYSE: MOT - news) . (MOT) $8.89 -4.51% Tesoro Corp (NYSE: TSO - news) . (TSO) $14.13 -3.94% Prologis Sbi (NYSE: PLD - news) (PLD) $11.54 -3.19% Avalonbay Communities (AVB) $67.60 -2.89% Flowserve Corp. (FLS) $99.55 -2.79% Boston Pptys Inc. (BXP) $60.46 -2.72% Genworth Financial (NYSE: GNW - news) (GNW) $10.38 -2.63%

Dow Jones I.A - Risers General Electric Co. (GE) $15.43 +6.93% Travelers Company Inc. (TRV) $51.79 +2.27% Home Depot Inc (NYSE: HD - news) . (HD) $26.16 +2.07% Procter & Gamble Co. (PG) $61.10 +1.04% McDonald's Corp. (MCD) $62.02 +0.88% Intel Corp (NASDAQ: INTC - news) . (INTC) $19.00 +0.56% Johnson & Johnson (JNJ) $60.23 +0.42% Verizon Communications Inc. (VZ) $29.41 +0.34% Hewlett-Packard Co. (HPQ) $48.98 +0.27% AT&T Inc. (T) $25.98 +0.16%

Dow Jones I.A - Fallers Walt Disney Co. (DIS) $28.59 -1.41% JP Morgan Chase & Co. (JPM) $43.33 -1.24% Caterpillar Inc (NYSE: CAT - news) . (CAT) $57.32 -1.16% Kraft Foods Inc. (KFT) $26.76 -1.00% Bank Of America Corp (NYSE: IKJ - news) . (BAC) $15.00 -0.86% United Technologies Corp. (UTX (A045880.KQ - news) ) $65.05 -0.61% Cisco Systems Inc (NASDAQ: CSCO - news) . (CSCO) $23.79 -0.59% Boeing Co (NYSE: BA - news) . (BA) $49.50 -0.54% Pfizer Inc. (PFE) $16.93 -0.53% Merck (MERK.JK - news) & Co. Inc. (MRK) $32.55 -0.49%

Nasdaq 100 (NASDAQ: news) - Risers Nvidia Corp. (NVDA) $13.09 +6.68% Starbucks Corp. (SBUX) $20.98 +6.50% Amazon.Com Inc. (AMZN) $125.94 +4.42% Activision Blizzard Inc (NASDAQ: ATVI - news) . (ATVI) $11.32 +4.14% Comcast Corp. (CMCSA) $14.64 +3.10% Electronic Arts Inc. (ERTS) $18.59 +2.40% Baidu Inc (NASDAQ: BIDU - news) . (BIDU) $403.95 +1.95% Celgene Corp (NASDAQ: CELG - news) . (CELG) $52.69 +1.66% Maxim Integrated Prod Comm Stk (MXIM) $17.57 +1.62% Directv Group Inc. (DTV) $28.95 +1.44%

Nasdaq 100 - Fallers Hansen Natural Corp. (HANS) $34.01 -8.03% Verisign Inc. (VRSN) $22.25 -7.31% Steel Dynamics Inc. (STLD) $14.09 -2.31% Joy Global Inc (NASDAQ: JOYG - news) . (JOYG) $53.90 -2.30% First Solar Inc (NASDAQ: FSLR - news) . (FSLR) $118.17 -2.15% Flextronics International Ltd. (FLEX) $6.95 -2.11% Illumina Inc. (ILMN) $32.35 -2.09% Network Appliance Inc (NASDAQ: NTAP - news) . (NTAP) $28.25 -1.81% Seagate Technology (NASDAQ: STX - news) (STX (011810.KS - news) ) $15.14 -1.50% J.B. Hunt Transport Services Inc. (JBHT) $31.85 -1.48%