Stocks Fall For The Sixth Straight Session On Europe Fears (DF, SFLY, LYB, SGEN, EXK)

U.S. stocks slumped for the sixth straight session on renewed concerns about Europe’s sovereign-debt crisis, illustrated by rising borrowing costs in Spain and Italy.The Dow Jones Industrial Average fell -112.09 (-0.87%) to 12,820.00, and the Standard & Poor's 500-stock index fell -11.08 (-0.81%) at 1,352.64. Both benchmarks are on pace to fall for the fourth session in a row. The Nasdaq Composite declined -19.62 (-0.67%) to 2926.65.

This morning, Wholesale inventories increased 0.3 percent to a record $480.4 billion, the Commerce Department said, after an unrevised 0.9 percent rise in February.The increase was half what economists polled by Reuters had expected, leaving them to conclude that the government would likely lower its first-quarter GDP estimate to an annual pace of 1.9 percent from the 2.2 percent rate it reported last month.

Spain will demand banks set aside another $45 billion against loans to builders as it battles to rebuild confidence, sources told Reuters. Huge bank losses have raised fears the country may need an international bailout.
Political gridlock in Greece also dented sentiment. The country moved closer to a second snap election after the head of the biggest party launched a new attack on leftist leader Alexis Tsipras, saying his plans for a new government would push Greece out of the euro zone. ​

Dean Foods Company(NYSE:DF) shares soared 10.38% to $14.04 and made a new 52-week high of $14.10 after the company reported a stronger than estimated quarterly profit and lifted its 2012 forecast.
Shutterfly, Inc.(NASDAQ:SFLY) rose 4.57% to $28.13. Recently, Eastman Kodak Co. (EK) will close its online photo service on July 2 after a federal bankruptcy judge approved selling the business to Shutterfly Inc. for $23.8 million.
LyondellBasell Industries NV(NYSE:LYB) added 4% to $40.40 it hikes its quarterly dividend 60% to $0.40/share, signaling its operational strength and progress in debt restructuring. CEO Jim Gallogly says the plastics and chemical company expects to steadily increase dividends over time. Morgan Stanley raises its price target on LYB to $53 from $48, citing the likelihood of higher ethane prices.
Seattle Genetics, Inc.(NASDAQ:SGEN) was up 2.80% after falling 105 earlier in the session despite the company reported first-quarter net loss of $12.3 million or $0.11 per share, as compared to $32.7 million or $0.30 per share in the same quarter last year. Revenues grew to $48.2 million from $12.2 million in the first quarter last year. Analysts expected loss of $0.12 per share on revenues of $52.33 million for the quarter.
Endeavour Silver Corp. (CAN)(NYSE:EXK) added 7.71% after reporting Q1 adjusted EPS of $0.22 vs. $0.15 analyst consensus and a 39% Y/Y rise in revenues. Silver equivalent production rose 21% to 1.39M oz., and the company sees Q2 silver production and cash costs comparable to Q1.