MIDDAY LUNCH

12:00 ET Dow 10454.65  +40.81, Nasdaq 2246.33  +8.64, S&P 1116.56  +2.55,

Stocks Move Higher.  Stocks remain higher but off the session highs today. The Telcom sector is leading the way with gains of 1.1% today.

Despite a lower GDP number, stocks have managed to say in the green helped by the latest home sales figures.  November existing home sales came in higher than expected and showed a 7.4% increase.

Treasuries continue to fall.  The benchmark 10-year Note has fallen 20 ticks this session after it dropped more than one full point in the previous session. Its yield currently stands at 3.75% for the first time since August.  I can attribute this to the rating downgrade for Greece and the fear the other Eurozone counties with financial problems may also be downgraded.

Existing Home Sales Rise.  Sales increased 7.4% from October to a seasonally adjusted annual rate of 6.54 million units.  Economist has estimated 6.25 mln.  Median prices rose slightly to $172,600 from $172,200 in October and the supply of unsold homes dipped to 6.5 months from 7.0 months.

Part of the jump may be due to the first time buyer tax credit that was set to expire in November but was extended.  This could cause a decline in future months.

Jabil Circuit (JBL) 16.69 +1.57 reported fiscal first quarter earnings that topped the consensus estimate and issued upside guidance for its second quarter.  The company reported earnings of $0.32 per share 0.03 better than the Street consensus of $0.29.

Jabil issued upside guidance for Q2, sees EPS of $0.20-0.32 vs. $0.19 consensus.  The company expects revenues to range from $2.90 billion to $3.10 billion; the consensus expects $2.88 billion.

Q3 GDP revised.   The Bureau of Economic Analysis announced that the GDP grew at a 2.2% annual rate in the third quarter versus 2.8% in the second estimate.