Closing Bell Report
Slowing consumer spending along with a drop in personal income sent the markets tumbling to a sharply lower close with the Dow skidding 171 points to 11,544. Nasdaq plummeted 44 points to 2368.
On the upside
After swinging to a second quarter loss, Jamba (Nasdaq: JMBA) announced cost cutting measures including the closure of underperforming stores and a change in its business strategy from corporate owned stores to franchising.
Novell (Nasdaq: NOVL) widened third quarter losses due to losses from auction rate securities but the software maker reported higher revenue that surpassed expectations.
OneBeacon Insurance Group (NYSE: OB) announced a quarterly dividend of 21 cents payable on September 24 to shareholders of record September 15.
On the downside
The Bank of China has reduced its holdings in securities issued by Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) by 25% since June 30.
FuelCell Energy (NYSE: FCEL) stock continued to fall after widening third quarter losses.
Shares of Apple (Nasdaq: AAPL) fell as customers complained of more flaws with the 3G iPhone.In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 8 points to 739.
