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Stocks Lower Despite Positive Economic News

After the Open… Stocks are modestly lower shortly after the open this morning. Concern about the Fiscal Cliff negotiations in Washington are overshadowing what seems like a deal reached by European leaders that aims to keep Greece afloat. Also out today, the Case-Shiller 20-city index shows home prices rose by 3% in September, roughly inline with estimates. Consumer confidence came in at 73.7 for November, beating estimates, and registering the highest level seen in several years.

Industries trading higher this morning include Food Processing, Casinos and Gaming and Footwear. Trading lower this morning are Computer Storage Devices, Gold and Silver and Real Estate Operations. Research in Motion (RIMM) is down 7%. Pandora Media (P), Public Storage (PSA), VeriSign (VRSN) and Zions Bancorporation (ZION) are down 3%. Abercrombie and Fitch (ANF), CIT Group (CIT), FedEx (FDX) and Oracle (ORCL) are up 1%. ConAgra Foods (CAG) is up 3%.
The VIX is down 0.10 at 15.40 after closing yesterday at 15.50. Options on Anadarko Petroleum Corp. (APC) have appeared on the most-active list today with more than 26,175 contracts of the February 2013 $80 call changing hands. The put-call volume ratio is 0.93 (382,412/409,320). NYSE Adv/Dec 1,292/1,579. Nasdaq Adv/Dec 1,111/1,110. [InvestorsKeyhole, various news and data sources]    

Bobby Raines

Bobby Raines is the Managing Editor of the Market Intelligence Center. He has degrees in Mass Communications and History from Emory & Henry College. Bobby worked at a mid-sized daily newspaper before making a switch to covering the financial industry full time in the years leading up to the financial crisis. He has been a member of the Fresh Brewed Media team since 2011 and has served as a writer and analyst. You can write to him at braines@marketintelligencecenter.com or follow him on Twitter: @BRatMICenter.