Iron miner Rio Tinto (RTP) is down $5.21, or 2.5%, at $203.67, after China’s Iron and Steel Association issued a statement early this morning contesting Rio’s proposed joint venture with BHP Billiton (BHP) as an attempt at monopolization that the steel industry should resist.
Canadian gold miner Agnico-Eagle’s (AEM) American Depository Receipts slipped $5.52, or 9%, to $54.68 after the company yesterday issued forecasts for its 2010 through 2014 production that left investors unimpressed. Gold prices slumped today $32.20, to $1,103.30 per ounce.
Shares of truck maker Oshkosh (OSK) are up $1.21, or 3.4%, at $37.19, after the company announced the Government Accountability Office today upheld a $3 billion contract awarded by the Army. Oshkosh shares had fallen sharply on Monday on word that London’s BAE Systems (BAESY.PK) contested the deal. BAE’s American Depository Receipts fell 29 cents, or 1.3%, to $22.14.
Hovnanian (HOV) is down 7% at $3.93 following last night’s disappointing Q4 results, though the stock has pared its losses; it was earlier down as much as $3.79.
Federal Express’s (FDX) shares have deepened their fall after the company this morning forecast Q3 profit well below estimates. The stock fell 4% in pre-market trading but is now down about 6%.
Retail stocks Rite-Aid (RAD) and Pier 1 Imports (PIR) have added to gains coming off of better-than-expected quarterly results this morning, with Pier 1 up 45 cents, or 9%, at $5.43, and Rite-Aid rising 20 cents, or 15%, to $1.53.
The dollar rose and bond yields fell as the market continued to flee risk amidst yesterday’s downgrade by Standard & Poor’s of Greece’s sovereign debt rating. The ICE U.S. Dollar Futures Index rose 0.9% to $78.03, and the dollar rose to $1.43 against the Euro at mid-day.
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