Pall Corporation (PLL) rocketed higher on reports the manufacturer of filtration systems is in the late stages of an auction. A potential sale to Danaher (DHR) or Thermo Fisher Scientific (TMO) could value the company at more than $10 billion. Rackspace Hosting (RAX) tumbled after quarterly revenue missed estimates. Second-quarter sales guidance also disappointed as currency headwinds undermine top-line growth. The Dow moved off of session lows, recovering to just a slight decline by midday. Equities have been under pressure as bonds extend a global sell-off. The number of job openings in the U.S. fell from 14-year highs in March.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.