MIDDAY LUNCH

Dow 10982.72  -27.63, Nasdaq 2406.07  +3.71, S&P 1163.87  -1.45 

Stocks are trading in the red but off session lows.  There is strength in the NASDAQ, led by large cap tech stocks.  Apple (AAPL) 296.88, +1.52 and Google (GOOG) 544.49, +5.65 are both posting nice gains today.

King Pharmaceuticals (KG) 14.16, +4.01 is up more than 40% today after it was reported that Pfizer (PFE) 17.40, +0.02 announced it would be purchasing the company for $14.25 per share.

Today’s biggest sector losses are coming from Basic Materials -1.06% and Transportation -0.78%.

After today’s close Intel (INTC) is due to report earnings.  Consensus estimates are for the company to report earnings of $0.50 versus 0.33 a year ago.