Author: FX_Trdr

Preliminary data out Europe suggest the 2nd quarter real GDP in the euro area contracted by 0.2% QoQ, down from a 0% growth in the 1st quarter. Contraction was largely driven by the weakness in the periphery countries, such as Portugal, Spain and Greece. Core countries like Germany recorded growth supported by domestic and external demands, but these demands were not enough to counter the overall slowdown. The elevated financial tensions in June through July surely affected consumer and business sentiment, which in turn are weighting down on consumption and investment in all countries. For more news and updates, keep it right here at the Financial News Network. I’m Julia Sun, follow us online for more news on the go.

Avago Technologies (AVGO) had its price target raised to $45 by Citigroup (C) with a buy rating, as strong wireless growth is expected towards the end of the year due to the iPhone 5 introduction. Shares are about even on the day.

As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let’s look at two noteworthy recent insider buys.

Safety-Kleen announced today that it filed a registration statement on Form S-1 with the US Securities and Exchange Commission for a proposed initial public offering of its common stock. The offered shares will be sold by certain of its stockholders.

Pfizer Inc (NYSE: PFE) is finally breaking away from its animal health division through an initial public offering. The new company named Zoetis filed for the IPO on Monday following reports Pfizer was ready to sell the business.The number one U.S drugmaker hopes to raise $100 million by selling about 20% of Zoetis to the public. According to Bloomberg, Pfizer may give the rest of the stock to current shareholders or save it to be sold later. This move comes as Pfizer has been making an effort to consolidate itself and focus only on its prescription drug business, having sold its infant nutrition unit in April. Juan Ramon Alaix, the current head of the division, will continue on as CEO of the new Zoetis.

In trading on Tuesday, auto dealerships shares were relative leaders, up on the day by about 1%. Leading the group were shares of Advance Auto Parts (AAP), up about 1.9% and shares of Penske Automotive Group (PAG) up about 1.8% on the day.

Home Depot (HD) announced that it earned $1.53 billion, or $1.01 per share, in its second fiscal quarter that ended on July 29, up from $1.36 billion, $0.86 per share in the same period last year. Analysts had expected earnings of of 97 cents per share.

This is your Mid-day Market Update for August 13. Stocks falling into the red Monday with investors finding no reason to bid shares higher on a lack of U.S. economic data.The big reason for the dip in stocks can be blamed on Japan. Wall Street looking overseas today to gauge growth in the global markets. Japan’s gross domestic product expanded just 0.3% in the April-June period, half of what was being expected. Stocks fell on this negative outlook even after the gains this past week over hopes of European stimulus. Oil and Gold trading down so far today Oil is down just under $93 a barrel but has gained since July, when the price was at $78 a barrel. Gold is down just $1 on the day to $1,622 an ounce.A big winner so far in today’s session is Tesoro. Its stock is up over 9% due to a spike in oil prices over the past month. One of the biggest losers is Harbinger Group. Its shares are down over 8% after the recent purchase of one million shares of Spectrum Brands.Currently, the Dow is down over 90 points to 13,117. The S&P is lower by over 7 points and the Nasdaq is has lost over 15 points so far today.For more market updates and analysis of the business world follow us on twitter @FNNOnline or check out our website at fnno.com

One of the most successful businessmen in the computer industry is having some problems today. Not business problems though, family problems.CEO of Dell Computers Michael Dell spends close to $2.7 million a year on a security for is family and his daughter has systematically thrown that money down the drain. How did she do it? Through twitter.Alexa Dell decided to take to the micro-blogging site and dish on her family’s life, including where they lived, as well as her exact location when traveling to New York and on vacation in Fiji. Both her posts and twitter have been deleted by Dell’s security team and it seems the damage has been mitigated, at least for now.Good thing too. Michael Dell’s net worth is reportedly $15.9 billion. Since taking the company public in 1988, he’s landed the 41st spot on Forbes Magazine’s Billionaire’s List.

The United States’ largest airline is taking its base of operations to the nation’s tallest building. It was announced Monday that United Airlines will be moving its headquarters to Chicago’s Willis Tower. The airline giant signed a lease with Willis Tower that would last through 2028. Current plans to move its headquarters would see United taking over 16 floors, about 25% of the entire building. United’s Network Operations Center is already located within Willis Tower. Once the move is completed, 4,000 United Employees would be working in the general area, with 14,000 total employees working in the city and nearby areas. Willis Tower is currently the tallest building in the United States, but will soon be dethroned by New York’s new World Trade Center tower.