Ouch...we didn't want that kind of close...

Well, instead of making a comeback, stocks sold off hard in the last hour to close at the lows of the day:

Dow -276
Nas 52
S&P -31

Blame more political uncertainty in Europe yet again.  Even with today's performance, October was a good one for stocks.  Let's hope we have seen the lows for the year.

Stocks reporting after the bell today...

Here are a few that we follow, reporting tonight after the close:

Avalon Bay (AVB)
Herbalife (HLF)
Allstate (ALL)
Anadarko Petroleum (APC)

There are some gainers...

Here are a few stocks that are bucking the trend today:

Polypore Int'l (PPO) +1.05 to 53.65
Dollar Tree (DLTR) +1.59 to 80.46
Apple (AAPL) +2.07 to 407.04
Family Dollar (FDO) +1.07 to 59.09
Perrigo (PRGO) +1.06 to 91.00
Intuitive Surgical (ISRG) +2.32 to 438.85
Hansen Natural (HANS) +3.02 to 89.74

At 2:40 pm...

More of the same.  Only groups moving higher are Utilities and REIT's...in other words traders are moving into the high dividend payers.

Dow -165
Nas -31
S&P -18

At 1:00 pm...

Stocks having a rough day.

Dow -181
Nas -33
S&P -19

I don't think it is as bad as it looks.  I think we still have a chance to rally this afternoon.

Apple selling out of iPhone 4S...

Apple (AAPL) is outperforming after R.W. Baird says its checks show Best Buy (BBY) is sold out of the iPhone 4S at "the vast majority" of locations. In addition, UBS is joining in on speculation that China Telecom (CHA), which added 9M subscribers in Q3, will soon offer the iPhone for its EV-DO 3G network.

Wells Fargo and Bank of America rethink $5 Debit Card Fee...

Wells Fargo (WFC) cancels a proposed $3 debit-card fee, following a bigger-than-expected backlash from consumers over the charges big banks tried to tag consumers with after the Durbin Amendment limited debit card swipe fees. Waiting in the wings: BofA (BAC) rumored to be mulling over its own unpopular $5 monthly fee.

Oppenheimer likes Cisco...

Oppenheimer is making a bullish call on Cisco (CSCO), claiming its checks suggest  the company will meet FQ1 estimates (results due next Wednesday) and "build momentum" for FQ2. Meanwhile, RBC is upgrading rival Juniper (JNPR) to Outperform, echoing Morgan Keegan's call that new products will drive growth.

Cisco's chart is not looking to bad these days:

At 10:30 am...

Stocks are selling off.  Looks like traders decided to sell the futures last night, and so far that is carrying over to today's action.  Something tells me that we may get some buying as the day wears on.  Let's see what happens.

Right now:

Dow -148
Nas -33
S&P -17 to 1267

Today's Upgrades and Downgrades...

These are some of Monday’s top analyst upgrades, downgrades, and initiations seen from Wall Street research calls.

Aetna Inc. (NYSE: AET) Raised to Conviction Buy List at Goldman Sachs.

AMERIGROUP Corporation (NYSE: AGP) Raised to Buy at Goldman Sachs.

Eni SpA (NYSE: E) Raised to Buy at S&P.

JB Hunt Transport Services Inc. (NASDAQ: JBHT) Cut to Hold at Stifel Nicolaus.

Juniper Networks, Inc. (NYSE: JNPR) Raised to Outperform at RBC.

The Kroger Co. (NYSE: KR) Started as Neutral at JPMorgan.

News Corp. (NASDAQ: NWSA) Started as Neutral at UBS.

RPC, Inc. (NYSE: RES) Raised to Buy at Canaccord Genuity.

Safeway Inc. (NYSE: SWY) Started as Neutral at JPMorgan.

Salesforce.com (NYSE: CRM) Cut to Equal-weight at Global Equities Research.

SanDisk Corporation (NASDAQ: SNDK) Cut to Neutral at Stern Agee; named value stock of the day at Zacks.

Tanger Factory Outlet Centers Inc. (NYSE: SKT) Cut to Neutral at Credit Suisse.

TMS International Corp. (NYSE: TMS) Started as Outperform with $11 target at Credit Suisse.

Vodafone Group Plc (NYSE: VOD) Cut to Underperform as Bear of the Day at Zacks.

Watson Pharmaceuticals, Inc. (NYSE: WPI) named as Bull of the Day at Zacks.

Weyerhaeuser Co. (NYSE: WY) Raised to Hold at Deutsche Bank.

Whole Foods Market Inc. (NASDAQ: WFM) Started as Neutral at JPMorgan.

Some decent news from Netflix...

Netflix Inc. (NFLX). The company said it has extended its license agreement with ABC Television Group, a division of Walt Disney Co (DIS), to continue to stream TV shows over the Internet. With the extension of the existing license agreement, Netflix will also add new TV show episodes from ABC Studios, Disney Channel and the ABC Family to its existing library, it said in a statement.

Loew's Corp. misses earnings...

Loews Corp. (L). The company posted third-quarter earnings below analysts' expectations, hurt by higher catastrophe losses and lower revenue at its biggest holding CNA Financial (CNA). Net income attributable to Loews rose to $162 million, or 40 cents per share, from $36 million, or 9 cents per share, a year ago.


L is currently down 0.94 to 40.37

Stocks open lower...

Stocks are opening  lower on creeping doubts about the European debt crisis solution.


Wall Street is on track to post some impressive October numbers as today is the month's final trading day. 

At this point, the Dow is poised to post its best monthly point gain on record and its best monthly percentage gain since January 1987.

The S&P 500 is on track for its second best monthly gain ever, trailing only October 1974.