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After days of being stuck in neutral, the stock market finally made a move, but it wasn't one that made investors very happy. Most analysts pointed to weak confidence figures from Europe as a reminder that the sovereign-debt situation on the Continent is far from solved. Nervousness about tomorrow's speech from Ben Bernanke also took its toll, as the Dow Jones Industrials (INDEX: ^DJI ) traded down more than 100 points this morning.
Around 10:45 a.m. EDT, just one Dow component traded higher: Coca-Cola (NYSE: KO ) , by a single penny. News reports that the beverage company got the go-ahead to produce energy drinks in India is a sign of the continuing importance of emerging markets to Coca-Cola's overall growth, even if the energy-drink segment is coming under pressure from regulators and government officials.
Meanwhile, losses were consistent across most sectors. AT&T (NYSE: T ) was off 0.6% even as it announced plans to open its first flagship retail location, choosing Chicago's high-profile Magnificent Mile shopping district for the store. With increasing competition from Verizon as the companies prepare for the coming release of the iPhone 5, AT&T hopes to take a page from Apple (Nasdaq: AAPL ) and duplicate the iPhone-maker's retail success.
Finally, Johnson & Johnson (NYSE: JNJ ) fell 0.7%. The company's Janssen subsidiary announced a deal by with Danish biotech Genmab to gain the global licensing rights to daratumumab, a cancer-fighting antibody in development. Although the upfront license fee of $55 million is relatively small, J&J also agreed to invest $80 million in Genmab shares. The move shows how important it is for big pharma companies like J&J to keep their pipelines full.
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