MIDDAY LUNCH

Dow 11036.80  -88.57, Nasdaq 2484.00  -20.57, S&P 1195.28  -10.66 

Greece is one of the main causes for today’s selloff as traders again focus on the country’s fiscal problems.  As it turns out Greece’s budget deficit for 2009 was worse than expected.  Moody’s (MCO) announced that they downgraded Greece's sovereign ratings to A3 and have the grade on review for further possible downgrades.  This has caused the dollar to gain strength against foreign currencies; the dollar is trading up +0.5%.

Reliance Steel (RS) 50.55 -3.02, -5.64% is one of the worst performing steel stock today after the company announced earnings that missed estimates.  Wall Street estimates were for earnings of +0.64 and the company announce a loss of -0.60.  This has caused steel stocks to lose -0.8%.

Additional, US Airways (LCC) 6.38 -0.38,-5.62% and UAL Corporation (UAUA) 21.69 +0.26, +1.21% announced that they are no longer in merger talks.

Companies beating earnings estimates today that are of interest are: Ensco (ESV) 50.31 +2.13, +4.42%, ITT Educational (ESI) 113.63 -4.52, -3.83%, PepsiCo (PEP) 64.64 -1.33, -2.03% and Sybase (SY) 45.20 -1.90, -4.03%.