Reuters: Global Markets: Mid caps to post worst week in 8 months

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Mid caps to post worst week in 8 months May 18th 2012, 19:44 NEW YORK | Fri May 18, 2012 3:44pm EDT NEW YORK (Reuters) - Mid cap stocks were on course for their worst week in eight months and a broad measure of stocks turned negative for the year on Friday as Facebook's IPO stumbled and investors continued to be cautious about Europe's ongoing debt crisis. The S&P MidCap 400 index .MID was down around 6 percent for the week ahead of Friday's close, making it the worst week for the index since the week ended September 25. At the same time the NYSE Composite index .NYA, a measure of all stocks traded on the New York Stock Exchange, turned negative for the year. It was the first broad U.S. stock index to do so. "All major indicators remain on sell signals," said Larry McMillan, president of options research firm McMillan Analysis Corp in a report on Friday. "We expect a powerful but short-lived rally should be coming soon. But at this point, barring some major shifts in our indicators, it may only be a rally in a larger down trending market." The S&P MidCap 400 index .MID fell 1 percent while the S&P SmallCap 600 index .SML fell 0.6 percent. In comparison, the benchmark S&P 500 .SPX fell 0.7 percent. The small cap index was down 4.7 percent for the week ahead of the close, making it the worst week for the index since late November. After a delay in the opening print of Facebook's stock that drove up anxiety levels among traders and onlookers outside the Nasdaq, the company's closely watched stock began trading at $42.05, compared with an IPO price of $38. It rose as high as $45 before pulling back. While much of the market's focus was on Facebook, uncertainties continued to swirl around Europe, and investors remained skittish even as a poll showed Greek voters are returning to the establishment parties that negotiated its bailout. In company news, shares in Ann Inc (ANN.N) rose 3.8 percent to $26.82. The women's clothing retailer reported a quarterly profit that beat estimates for the seventh time in a row as fewer promotions helped lift margins at its Ann Taylor stores. Shoe companies were also a stand out among apparel retailers. The warmest U.S. winter in years fueled higher sales of running shoes and other footwear at Foot Locker and Brown Shoe Co, and they are expected to benefit from tight inventory management in the next few quarters. Foot Locker Inc (FL.N) rose 8.9 percent to $30.51, while Brown Shoe Co Inc (BWS.N) climbed 19.4 percent to $10.46. (Additional reporting By Doris Frankel; Editing by Chizu Nomiyama) Link this Share this Digg this Email Reprints

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