Stock market sell off quickened in afternoon trading as investors continue to worry about the Euro Zone debt crisis. Fresh data out of Europe indicate the region could be facing a recession, adding even more uncertainty to the region and global markets. Financials led the S&P down with Bank of America shares down more than 2%.
Italy’s banking group UniCredit SpA reported a steep loss in its third quarter results. The company posted a loss of 10.64 billion euros ($14.5 billion). UniCredit posted a profit of 334 million euros in the same quarter last year. This news caused even more uncertainty and fueled the sell off.
Investors are realizing that there are more problems in Europe than poor governments. The debt in these countries is monumental and needs to be dealt with in some fashion. What investors need more than anything else is less uncertainty.
Let’s take a look at the most active stocks on the stock market today.
Bank of America Corporation (NYSE:BAC) is down $0.18 at $6.03 in late day trading, a loss of 2.82%. Bank of America announced today they will be selling $2.9 billion in China Construction Bank shares. BAC has traded 156 million shares so far today and looks like it will fall short of its daily average of 293 million shares. The company has a current market cap of 61.32 billion.
Cisco Systems, Inc. (NASDAQ:CSCO) is trading slightly down today at $18.94, a loss of 0.39%. CSCO has traded 36 million shares so far today, about half its daily average volume. CSCO is trading above both its 50 day and 200 day moving average. Cisco has a current market cap of 102.14 billion.
Citigroup Inc. (NYSE:C) is trading down 3.89% at $28.19. C has traded 30.25 million shares so far today, about half its usual trading volume. Citi has fallen from $34 to around $28 since late October. The company has a current market cap of 82.39 billion.
Intel Corporation (NASDAQ:INTC) is down 1.31% at $24.52. INTC has been trending higher overall since August when it was trading less than $20. INTC has traded 30 million shares so far today, less than half its normal trading volume. The company has a current market cap of 124.85 billion.
Apple Inc. (NASDAQ:AAPL) is trading down 1.43% at $379.12 as the stock follows the overall market lower. AAPL has traded 12.86 million shares so far today, 8 million shares less than its daily average. Over the past month, AAPL has fallen from over $420 to less than $380. Apple has a current market cap of 352.39 billion.
Microsoft Corporation (NASDAQ:MSFT) is trading down slightly in afternoon trading at $26.67, a loss of 0.87%. MSFT has traded 23.3 million shares so far today, down from its daily average of 55 million shares. MSFT has been trading in a range of $25 to $27 the past few months. The company has a current market cap of 224.43 billion.
Overall the market is negative, but with relatively light volume with most big name stocks trading well below their daily averages. All eyes will continue to be on Europe this week.