US midday: Markets up but the Facebook plunge continues

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BTU17.42+0.11
^GSPC1,875.39-4.16

LONDON (ShareCast) - Good news on the housing front pushed Wall Street higher on Tuesday morning (NasdaqGS: TUES - news) . The value of homes in 20 US cities monitored by the S&P/Case-Shiller index was 2.6% down on the prior year by the end of March. This rate of decline is actually the slowest in 12 months. Less encouraging was news from the official Xinhua Chinese news agency implying the Chinese government would not be injecting large scale stimulus as it did in 2009. Despite the rise in equities, there are still serious concerns over Spain as the central government fights to support collapsed lender Bankia by a possible issue of more debt - debt the government can ill afford. The US market is also factoring in the results of opinion polls from Greece showing support growing for the pro-austerity party, New Democracy. The Greek public has been warned from several quarters that reneging on the terms of the current bailout could force the country out of the Eurozone. Companies

It is very easy to spot the most interesting story today: the fall and fall of Facebook. Since the flotation on May 21st the stock has fallen 22.7%. Given the original price was 100 times trailing earnings, this cannot be too much of a shock, or can it? S&P 500 (SNP: ^GSPC - news) - Risers Chesapeake Energy Corp (NYSE: CHK - news) . (CHK) $16.68 +5.50% Peabody Energy Corp (NYSE: BTU - news) . (BTU) $24.94 +4.44% MEMC Electronic Materials (NYSE: WFR - news) (WFR) $1.66 +4.40% Genworth Financial Inc (NYSE: GNW - news) . (GNW) $5.40 +4.05% SAIC Inc. (SAI (SNP: ^SAIY - news) ) $11.02 +3.81% Baker Hughes Inc (EUREX: BHIF.EX - news) . (BHI) $43.00 +3.51% Jabil Circuit Inc (NYSE: JBL - news) . (JBL) $19.92 +3.51% Southwestern Energy Co (NYSE: SWN - news) . (SWN) $29.70 +3.23% NetApp Inc. (NTAP) $29.52 +3.18% R.R. Donnelley & Sons Co. (RRD) $11.05 +3.08% S&P 500 - Fallers Western Digital Corp. (WDC) $33.16 -3.07% J.C. Penney Co. Inc. (JCP (Taiwan OTC: 4747.TWO - news) ) $27.47 -2.17% Netflix Inc (NasdaqGS: NFLX - news) . (NFLX) $68.87 -1.92% Newmont Mining Corp (NYSE: NEM - news) . (NEM) $47.98 -1.72% Integrys Energy Group Inc. (TEG) $53.99 -1.35% Family Dollar Stores Inc. (FDO) $66.70 -1.33% Abercrombie & Fitch Co. (ANF) $35.76 -1.30% Sears Holdings Corp (NasdaqGS: SHLD - news) . (SHLD) $56.22 -1.09% Citrix Systems Inc. (CTXS) $74.63 -1.06% LSI Logic Corp. (LSI (NYSE: LSI - news) ) $6.83 -1.01% Dow Jones I.A - Risers Caterpillar Inc (NYSE: CAT - news) . (CAT) $92.43 +2.77% United Technologies Corp. (UTX) $74.58 +2.14% Bank of America Corp (NYSE: IKJ - news) . (BAC) $7.30 +2.03% Dow Jones I.A - Fallers McDonald's Corp. (MCD) $90.67 -0.42% Exxon Mobil Corp (NYSE: XOM - news) . (XOM) $81.77 -0.38% Nasdaq 100 (Nasdaq: ^NDX - news) - Risers Nll Holdings Inc. (NIHD) $11.69 +4.94% NetApp Inc. (NTAP) $29.52 +3.18% Baidu Inc (NasdaqGS: BIDU - news) . (BIDU) $120.38 +2.37% Virgin Media Inc (NasdaqGS: VMED - news) . (VMED) $22.77 +2.29% Research in Motion Ltd. (RIMM) $11.25 +2.27% Broadcom Corp. (BRCM) $32.38 +2.21% Infosys Technologies Ltd. (INFY) $43.32 +2.03% Dell Inc (NasdaqGS: DELL - news) . (DELL) $12.70 +1.93% eBay Inc. (EBAY (NasdaqGS: EBAY - news) ) $41.07 +1.78% Costco Wholesale Corp. (COST) $85.93 +1.72% Nasdaq 100 - Fallers Vertex Pharmaceuticals Inc (NasdaqGS: VRTX - news) . (VRTX) $55.45 -14.49% Seagate Technology Plc (STX (KSE: 011810.KS - news) ) $25.09 -4.18% Activision Blizzard Inc (NasdaqGS: ATVI - news) . (ATVI) $12.04 -1.63% Sears Holdings Corp. (SHLD) $56.22 -1.09% Citrix Systems Inc. (CTXS) $74.63 -1.06% Teva Pharmaceutical Industries Ltd. ADS (MCX: APDS.ME - news) (TEVA) $38.27 -0.88% Expedia Inc (NasdaqGS: EXPE - news) . (EXPE) $44.58 -0.70% Vodafone Group Plc ADS (VOD) $26.99 -0.70% Maxim Integrated Products Inc. (MXIM) $25.36 -0.63% BMC Software Inc. (BMC) $43.49 -0.47%

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