October 2008 Archives

While consumer spending dropped, the markets closed higher with the Dow surging 144 points to 9325 as bargain hunters snapped up stocks.  Nasdaq soared 22 points to 1721.

On the upside

Comcast (Nasdaq: CMCSA) will develop and distribute entertainment and lifestyle content for distribution through ABC Radio Networks, which is owned by Citadel Broadcasting (NYSE: CDL).

AmTech Research upgraded Applied Materials (Nasdaq: AMAT).

CIGNA (NYSE: CI) reassured investors that it is well capitalized above regulatory requirements and will not issue equity.

On the downside

Robert W. Baird downgraded Powerwave Technologies (Nasdaq: PWAV).

Hexion's $6.5 billion acquisition of Huntsman (NYSE: HUN) was placed in jeopardy after a judged denied Hexion's bid to extend Credit Suisse's and Deutsche Bank's agreement to fund the deal.

Although third quarter earnings for Cummins (NYSE: CMI) rose, the results fell short of estimates and the company cut its full year outlook.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 12 points to 527.

Markets Advance As Income Rises

|

The markets advanced during the midday with the Dow climbing 79 points to 9259 despite a drop in consumer spending as income increased.  Nasdaq gained 14 points to 1713.

On the upside

Gramercy Capital (NYSE: GKK) reported higher third quarter funds from operations that surpassed expectations and increased its liquidity by withdrawing its third quarter dividend.

Shares of Research in Motion (Nasdaq: RIMM) climbed after Motley Fool gave three reasons to purchase the maker of the Blackberry.

Robert W. Baird upgraded (Nasdaq: PDGI) PharmaNet Development Group after the company reported lower earnings that topped estimates.

On the downside

Electronic Arts (Nasdaq: ERTS) widened third quarter losses despite higher revenue, announced the elimination of approximately 540 positions and lowered its full year outlook.

JPMorgan cited weak operating margins for downgrading CommScope (NYSE: CTV).

Carnival (NYSE: CCL) announced the suspension of its first quarter dividend in order to preserve cash.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 12 points to 526.

Personal spending fell by 0.3% in September while incomes rose 0.2%.  The latest batch of economic data provided more evidence that the U.S. economy had slipped into a recession in the 3rd quarter.  The Dow slipped 25 points to 9155 while Nasdaq dropped 24 points to 1674.

On the upside

Bankrate (Nasdaq: RATE) announced record revenues and earnings as banks spent more money to market their services.

The airline sector rose as crude oil prices sank below $65 a barrel. Shares of UAL (Nasdaq: UAUA) and Continental Airlines (NYSE: CAL) surged.

Record revenues and earnings lifted shares of Stanley (NYSE: SXE) which provides professional services to the U.S. federal government.

On the downside

Chevron (NYSE: CVX) posted 3rd quarter results with profits that more than doubled.  However, investors worried about the oil giant's outlook due to the steep decline in crude oil prices.

Burger King  (NYSE: BKC) reported a tiny gain in profits, but the results missed expectations.  The 2nd largest hamburger chain in the U.S. remained cautiously optimistic that price-sensitive consumers may want lower-priced fast food products.

Cosmetics company Bare Escentuals (Nasdaq: BARE) posted higher 3rd quarter profits, but the results missed targets.  Analysts promptly downgraded the stock which lost nearly half its value.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 7 points to 506.

Markets Climb Over Mild Drop In GDP

|

A milder than expected drop in the third quarter GDP boosted the markets to a higher close with the Dow leaping 190 points to 9181.  Nasdaq jumped 41 points to 1699.

On the upside

Conceptus (Nasdaq: CPTS) reported its first ever profitable quarter.

Oracle (Nasdaq: ORCL) announced plans to acquire RuleBurst Holdings in the first quarter of 2009 for an undisclosed sum.

Intel (Nasdaq: INTC) will jointly establish a Linux software center with the Taiwanese government to provide training and consulting in mobile technologies.

On the downside

JP Morgan downgraded Liberty Media (Nasdaq: LINTA) after the company reported lower third quarter revenue.

Bruker (Nasdaq: BRKR) blamed higher operating expenses for sharply lower third quarter earnings.

Cigna (NYSE: CI) disappointed with third quarter earnings that plunged to fall far short of expectations prompting a downgrade due to soaring expenses.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 23 points to 514.

Mild Drop In GDP Lifts Markets

|

The markets retreated from early morning highs but continued trading in positive territory with the Dow climbing 79 points to 9070 as crude oil prices fell and the gross domestic product posted a smaller than expected drop of 0.3% for the third quarter.  Nasdaq gained 15 points to 1672.

On the upside

Brocade Communication System (Nasdaq: BRCD) and Foundry Networks (Nasdaq: FDRY) agreed on a lowered acquisition price of $2.6 billion, down from $3 billion.

OfficeMax (NYSE: OMX) pre-released third quarter results that were better than expected and said that its exposure to Lehman Brothers was limited.

Russian mining and steel company Mechel OAO (NYSE: MTL) cited the global financial crisis for lowering its capital expenditure program.

On the downside

Global Industries (Nasdaq: GLBL) swung to a loss for the third quarter despite higher revenue.

While Symantec (Nasdaq: SYMC) reported sharply higher second quarter earnings that nearly tripled, the maker of the Norton computer security software forecast third quarter results below expectations.

Hartford Financial Services (NYSE: HIG) swung to a massive $2.6 billion loss for the third quarter due to significant investment losses and slashed its full year outlook.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 6 points to 496.

Stocks Surge on Modest GDP Decline

|

The gross domestic product shrank at a 0.3% annual rate in the 3rd quarter which was better than expected.  Investors were cautiously optimistic about yesterday's Fed rate cut to pull the economy out of the recession.  The Dow surged more than 200 points to 9148 while Nasdaq leaped 37 points to 1694.

On the upside

Casino operators continued to rally with shares of Las Vegas Sands (NYSE: LVS) and Wynn Resorts (Nasdaq: WYNN) adding to yesterday's gains.  In a sign of a credit thaw, MGM Mirage (NYSE: MGM) secured funding to complete scaled back resorts.

Genco Shipping & Trading (NYSE: GNK) posted better than expected profits.  Long-term contracts helped offset spot freight delivery prices which tumbled in recent months.

Shares of First Solar (Nasdaq: FSLR) and other solar panel-related companies soared.   Observers credited the gains to Obama's televised campaign ad which profiled the growing use of solar panels.

On the downside

Exxon Mobil (NYSE: XOM) posted a record $15.8 billion in profits for the 3rd quarter. Investors expected a modest outlook for the oil giant due a sharp decline in crude oil prices.

Motorola (NYSE: MOT) reported lower sales and a sizable loss.  The company also postponed the planned spin-off  of its troubled cell phone division.

Shares of Cigna (NYSE: CI) fell due to a drop in 3rd quarter profits, a decline in membership, and poor performance by its reinsurance segment.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 1 on the NYSE and by 6 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 16 points to 506.

Fed Slashes Interest Rate

|

It was a mixed close for the markets even as the Federal Reserve slashed interest rates by half a point to 1%.  The Dow dropped 74 points to 8991 while Nasdaq rose 8 points to 1657.

On the upside

While hurricane disruptions weighed down third quarter earnings for Hercules Offshore (NYSE: HERO), the results surpassed analyst estimates .

MF Global (NYSE: MF) announced that company president and chief operating officer Bernard Dan will replace Kevin Davis as chief executive.

Third quarter earnings for MGM Mirage (NYSE: MGM) plunged due to write-downs but the casino and resort operator announced plans to raise capital.


On the downside

A report that VeraSun Energy (NYSE: VSE) was exploring the possibility of filing for Chapter 11 bankruptcy protection sent shares of the ethanol producer.

Manitowoc (NYSE: MTW) swung to a third quarter loss and cut its full year outlook.

Citi Investment Research analyst John K. Tysseland downgraded Atlas Pipeline Partners (NYSE: APL) due to falling crude oil prices.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by 7 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 8 points to 491.

Markets Flat Ahead Of Rate Decision

|

The markets traded near the flatline ahead of the Federal Reserve's decision on interest rates.  The Dow added a point to 9066 while Nasdaq slipped 9 points to 1641.

On the upside

Although Legg Mason (NYSE: LM) swung to a second quarter loss due to a significant write-down, analysts said that the results could have been much worse.

Arris Group (Nasdaq: ARRS) reported third quarter earnings that topped estimates as margin improved and forecast fourth quarter results ahead of expectations.

Higher revenue boosted third quarter income for Nexen (NYSE: NXY).  Separately, the Canadian energy producer named Marvin Romanow to replace president, chief executive and director Charlie Fischer when he retires at the end of the year.


On the downside

Clean Energy Fuels (Nasdaq: CLNE) announced plans to raise $35 million through the sale of common stock and warrants.

Analysts downgraded Ultimate Software (Nasdaq: ULTI) after the company swung to a third quarter loss.

Williams-Sonoma (NYSE: WSM) blamed sluggish sales for slashing profit and sales forecasts for the third quarter, fourth quarter as well as the full year.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks added a point to 484.

Investors took some profits ahead a rate cut decision by the Federal Reserve this afternoon.  Meanwhile, September durable goods orders unexpectedly rose.  The Dow slipped 22 points to 9042 while Nasdaq lost 13 points to 1636.

On the upside

Kraft Foods (NYSE: KFT) posted a sizable profit due to a one-time gain from the $2.6 billion sale of Post Cereal.  Core profits drifted lower while revenues surged.

Casino hotel operators were among the biggest performers this morning.  Shares of Las Vegas Sands (NYSE: LVS) and Wynn Resorts (Nasdaq: WYNN) scored sharp gains.

Tessera Technologies (Nasdaq: TSRA) reported a favorable decision in its patent dispute against Amkor Technology (Nasdaq: AMKR) over chip technologies used in DRAM and wireless applications.


On the downside

Procter & Gamble (NYSE: PG) posted higher fiscal 1st quarter profits that met targets, but investors worried about the consumer product company's outlook.

A strong yen weighed on profits at Sony (NYSE: SNE) which reported strong sales of strong flat-panel TV and PlayStation 3 sales and solid performance from its movies.  The company also cut its outlook for the year.

Shares of VistaPrint (Nasdq: VPRT) tumbled after the Bermuda-based marketing company lowered its outlook.  Analysts promptly downgraded the stock.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE, but were edged out by 6 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks added a point to 484.

Investors brushed aside a record low consumer confidence report to snap up bargains ahead of an anticipated rate cut to propel the markets skywards with the Dow rocketing 889 points to 9065.  Nasdaq jumped 144 points to 1649.

On the upside

Mall operator General Growth Properties (NYSE: GGP) replaced its chief executive John Bucksbaum and its president Robert Michaels after it was revealed that Bucksbaum's family trust made loans to Michaels and former chief financial officer Bernard Freibaum.

Interpublic Group of Companies (NYSE: IPG) swung to a third quarter profit as new clients boosted revenue.

The Treasury Department gave preliminary approval to Marshall & Ilsley's (NYSE: MI) request for $1.7 billion under the government's capital infusion program.

On the downside

Britannia Bulk Holdings (NYSE: DWT) warned that it will report a loss for the third quarter and is in the process of exploring strategic alternatives including possible liquidation or filing for bankruptcy protection.

Convergys (NYSE: CVG) swung to a third quarter loss due to write-downs of human resource management contracts.

Pilgrim's Pride (NYSE: PPC) negotiated another extension for its credit facilities which were set to expire today.

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 34 points to 483.

Bargain Hunters Lift Markets

|

The markets pulled back from early morning highs but continued trading in positive territory despite record low consumer confidence as investors snapped up bargains.  The Dow soared 144 points to 8320 while Nasdaq climbed 20 points to 1526.

On the upside

Apria Healthcare Group's (NYSE: AHG) merger with Sky Merger Sub will close today.  The company will be delisted from the NYSE and each outstanding share of common stock will be converted to a right to receive a cash payment of $21.

HealthSouth (NYSE: HLS) affirmed its fiscal 2008 earnings outlook and maintained that its business fundamentals are strong.

Although third quarter earnings fell for Hercules (NYSE: HPC), revenue rose to top analyst expectations.

On the downside

While Rent-A-Center (Nasdaq: RCII) reported higher third quarter earnings, revenue fell.

Buffalo Wild Wings (Nasdaq: BWLD) reported higher third quarter earnings but the results missed expectations.

Keefe Bruyette downgraded AmeriCredit (NYSE: ACF) after the auto loan company swung to a first quarter loss and warned of higher credit losses.

In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and by nearly 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped 4 points to 445.

The markets opened higher as investors shook off economic worries to buy oversold stocks.  The Fed was expected to cut interest rates by another half point on Wednesday.  The Dow surged nearly 300 points to 8475 while Nasdaq leaped 50 points to 1556.

On the upside

British oil company BP PLC (NYSE: BP) posted sharply higher 3rd quarter profits as revenue topped $100 billion for the first time.

Shares of U.S. Steel (NYSE: X) edged higher after the company reported earnings that beat expectations.

An analyst at Citigroup gave Pulte Homes (NYSE: PHM) a buy recommendation.

On the downside

Whirlpool (NYSE: WHR) announced plans to cut 5000 jobs by the end of next year.  3rd quarter revenues edged higher, but earnings fell due to higher material costs.

Shares of Parexel International (Nasdaq: PRXL) tumbled after the bio/pharmaceutical services company lowered its 2009 outlook again.

Ceradyne (Nasdaq: CERN) took a one-time acquisition charge and made fewer deliveries of body armor equipment used by troops in Iraq and Afghanistan.

In the broad market, advancing issues outpaced decliners by a margin of more than 6 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks soared 11 points to 460.

Volatile Day Ends Sharply Lower

|
Another volatile day of trading ended sharply lower with the Dow plummeting 203 points to 8176 over concerns of a lengthy and protracted global recession.  Nasdaq plunged 46 points to 1506.

On the upside

Although DineEquity (NYSE: DIN) widened third quarter losses, the results were  better than expected and the restaurant operator announced plans to sell 66 Applebee's locations.


Vimpel Communications (NYSE: VIP) paid approximately $226 million to acquire a 49.9% stake in mobile handset retailer Morefront Holdings.

The Treasurey Department will invest $866 million in First Horizon National (NYSE: FHN) as part of the government's capital purchase program.


On the downside

Goldman Sachs downgraded Horizon Lines (NYSE: HRZ) saying that the slowing economy is weighing down the tourism industry.

Shares of American International Group (NYSE: AIG) continued to fall after it was revealed that the company borrowed a total of $90.3 billion from the government and will most likely borrow more.

Incyte (Nasdaq: INCY) announced positive results from a midstage clinical trial of its rheumatoid arthritis treatment INCB18424.  Rigel Therapeutics (Nasdaq: RIGL) has a competing rheumatoid arthritis treatment going through midstage clinical trials.

In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks slumped 23 points to 448.

Markets Rebound As Oil Drops

|
The markets rebounded during the midday as oil prices continued to decline and investors anticipate another rate cut by the Federal Reserve.  The Dow soared 138 points to 8517 while Nasdaq added 7 points to 1559.

On the upside

Shares of Fifth Third Bancorp (Nasdaq: FITB) and Huntington Bancshares (Nasdaq: HBAN) surged after the regional banks applied to participate in the government capital infusion program.


B/E Aerospace (Nasdaq: BEAV) reported higher third quarter earnings that topped analyst estimates as sales in the company's corporate jet unit rose.

Dillard's (NYSE: DDS) shareholders Barington Capital Group and Clinton Group demanded the ouster of the retailer's management team including chief executive William Dillard II.


On the downside

Analysts cited cardiovascular side effects to Savient Pharmaceuticals' (Nasdaq: SVNT) gout treatment Puricase for advocating caution.

CNA Financial (NYSE: CNA) blamed heavy investment losses for swinging to a third quarter loss prompting its majority shareholder Loews (NYSE: L) to announce a $1.25 billion cash infusion into the commercial insurer.

JPMorgan analyst Himanshu Patel downgraded auto parts supplier ArvinMeritor (Nasdaq: ARM) citing declining demand from European commercial truck companies.

In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks eased a fraction to 470.

The major indexes opened lower as world markets extended their losses amid a global financial credit crunch.  Japan's Nikkei fell to a 26-year low.  The Dow lost 169 points to 8209 while Nasdaq dropped 29 points to 1522.

On the upside

Verizon Communications (NYSE: VZ) posted higher 3rd quarter earnings as a gain of 1.5 million wireless subscribers beat expectations.


Embarq Corp (NYSE: EQ) received a $5.8 billion all-stock offer from rural telephone company CenturyTel (NYSE: CTL).

Sohu.com (Nasdaq: SOHU) posted higher 3rd quarter earnings that beat expectations, raised its outlook and authorized a $150 million stock buyback program.


On the downside

Humana (NYSE: HUM) posted lower 3rd quarter profits as Medicare prescription payments fell and its investment portfolio took some losses.

Arch Coal (NYSE: ACI) reported sharply higher revenues and earnings due to strong demand, but investors worried about the coal producer's outlook.

Shares of medical device maker Thoratec (Nasdaq: THOR) tumbled after the company recalled its small mechanical heart pump that was blamed for the deaths of five patients.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 8 points to 462.

Fears of an extended global recession sent the markets tumbling to a sharply lower close with the Dow skidding 312 points to 8379.  Nasdaq plunged 52 points to 1552.

On the upside

Inspire Pharmaceuticals (Nasdaq: ISPH) reported upbeat results for a Phase 3 clinical trial of its cystic fibrosis treatment denufosol tetrasodium.

Western Digital (NYSE: WDC) impressed with first quarter earnings that tripled over last year to exceed analyst expectations by a wide margin prompting an upgrade.

Although third quarter earnings dropped for Celestica (NYSE: CLS), the results surpassed estimates prompting an upgrade.

On the downside

Foundry Networks (Nasdaq: FDRY) blamed big expenses for sharply lower third quarter earnings.

Ariba (Nasdaq: ARBA) widened fourth quarter losses despite higher revenue.

Despite reporting sharply higher third quarter earnings that beat expectations, Timken (NYSE: TKR) slashed its fourth quarter outlook saying that scrap metal prices as very volatile.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by 7 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 19 points to 471.

Recession Fears Spark Sell-Off

|
Recessionary fears sparked a sell-off to send the markets tumbling during the midday with the Dow skidding more than 345 points to 8346.  Nasdaq plunged 48 points to 1556.

On the upside

Align Technology (Nasdaq: ALGN) announced cost cutting measures including the elimination of 111 positions and the consolidation of various functions in a Costa Rica facility.

Developers Diversified Realty (NYSE: DDR) will sell thirteen properties to raise approximately $890 million.  The real estate investment trust also suspended its fourth quarter dividend and lowered its 2009 payout.

MEMC Electronic Materials (NYSE: WFR) reported sharply higher third quarter earnings as higher product volume lifted revenue.

On the downside

Although VCA Antech (Nasdaq: WOOF) reported higher third quarter earnings and revenue, the results fell short of expectations.

Las Vegas Sands (NYSE: LVS) must raise more capital because the slumping economy has negatively impacted the casino business.

Rumors that Vimpel Communications (NYSE: VIP) chief executive Alexander Izosimov was resigning and that Alfa Group which owns 44% Vimpel was selling its stake in the mobile phone company sent shares of the company tumbling.  Both rumors have been denied.

In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 15 points to 475.

Fears of a severe global recession triggered a sharp sell-off as investors worried about diminishing corporate earnings.  The Dow dropped more than 350 points to 8333 while Nasdaq fell 70 points to 1533.

On the upside

IPC Holdings (Nasdaq: IPCR) posted a quarterly loss, but management remained optimistic about the outlook for the property insurance firm.

On the downside

PNC Financial Services Group (NYSE: PNC) offered $5.6 billion, mostly in stock, to buy Ohio's National City Corp. (NYSE: NCC) and will receive receive $7.7 billion in capital from the federal government.

Shares of Sony (NYSE: SNE) fell sharply after the Japanese electronics giant slashed its profit outlook due to slowing global sales.

Real estate investment trust ProLogis (NYSE: PLD) lowered its outlook due to weak economic conditions.

Oil prices fell to $63 a barrel.  Share of Exxon Mobil (NYSE: XOM) and ConocoPhillips (NYSE: COP) dropped.

Networking equipment maker Juniper Networks (Nasdaq: JNPR) posted higher 3rd quarter revenues and profits, but investors remained worried about the company's outlook.

In the broad market, declining issues overwhelmed advancers by a margin of 15 to 1 on the NYSE and by 7 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 26 points to 463.

Volatile Trading Ends Mixed

|

After a volatile day of trading, the markets closed mixed with the Dow soaring 172 points to 8691 as investors scooped up bargains while remaining fearful of economic instability.  Nasdaq dropped 12 points to 1604.

On the upside

Amerigroup (NYSE: AGP) reported higher third quarter earnings that surpassed expectations as revenue rose.

Third quarter earnings for Diamond Offshore rose (NYSE: DO) prompting the offshore drilling contractor to increase its special dividend to $1.88 per share from $1.25 per share for the third quarter.  The company also announced a two year $452 million contract to provide Total E&P Angola with its fourth generation semisubmersible Ocean Valient.

Bunge (NYSE: BG) reported lower third quarter earnings due to foreign exchange losses but revenue surged and the agricultural products company forecast full year results ahead of estimates.

On the downside

Providence Service (Nasdaq: PRSC) warned of substantial losses for the third quarter due to challenging external factors prompting a downgrade.

Anadigics (Nasdaq: ANAD) swung to a loss for the third quarter and warned of further losses in the fourth quarter after losing market share.

Analysts downgraded Colonial BancGroup (NYSE: CNB) and cut their earnings estimates for the regional bank after the company reported a larger than expected third quarter loss.

In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by nearly 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 12 points to 490.

A greater than expected increase in jobless claims weighed down the markets during the midday with the Dow dropping 32 points to 8487.  Nasdaq tumbled 26 points to 1590.

On the upside

Third quarter earnings for Amgen (Nasdaq: AMGN) surged to beat estimates prompting the biotechnology company to lift its full year outlook.

An increase in new customers lifted third quarter earnings for Vasco Data Security (Nasdaq: VDSI) to top analyst estimates.

AT&T (NYSE: T) reported higher third quarter earnings as revenue rose.

On the downside

Although Level 3 Communications (Nasdaq: LVLT) narrowed third quarter losses to beat expectations, the telecommunications company cut its full year outlook.

Cadence Design Systems (NYSE: CDNS) delayed the release of its third quarter report while the company conducts a review of its first quarter earnings.

NII Holdings (Nasdaq: NIHD) blamed increased competition for third quarter earnings that fell short of expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by 7 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 5 points to 497.

The markets open mixed as investors mulled over the latest batch of economic reports, including an increase in jobless claims.  The Dow edged up 17 points to 8537 while Nasdaq slipped a point to 1614.

On the upside

Citrix Systems (Nasdaq: CTXS) offered an earnings outlook that was better than expected by analysts.

Profits at Dow Chemical (NYSE: DOW) edged higher as price hikes helped to offset higher raw material and energy costs.

Farm and ranch equipment retailer Tractor Supply (Nasdaq: TSCO) reaffirmed its full-year earnings guidance.

On the downside

Amazon.com  (Nasdaq: AMZN) posted higher 3rd quarter earnings, but the online retailer offered revenue targets for the rest of the year that fell short of analysts' expectations.

Goldman Sachs (NYSE: GS) announced plans to cut about 10% of its workforce.

Shares of Sony (NYSE: SNE) fell after the consumer electronics and entertainment company drastically lowered its profit and sales outlook.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 5 points to 496.
Fears of a deep and protracted global recession sent the markets skidding to a sharply lower close with the Dow collapsing 514 points to 8519.  Nasdaq plummeted 81 points to 1616.

On the upside

Children's clothing company Carter's (NYSE: CRI) reported third quarter earnings that beat expectations by a wide margin and lifted it full year outlook prompting an upgrade.

Strong sales lifted third quarter earnings for Tupperware Brands (NYSE: TUP) nearly four-fold to surpass estimates.  The food storage container maker also announced plans to buy back $50 million worth of stock.

Blockbuster (NYSE: BBI) said that same store sales rose 5.1% in the third quarter and that the movie rental company is comfortable with analysts earnings expectations.

On the downside

Shares of Smurfit-Stone (Nasdaq: SSCC) plunged ahead of its earnings release after market close.

Concerns about the financial position of General Growth Properties (NYSE: GGP) sent shares of the real estate investment trust tumbling.

Kindred Healthcare (NYSE: BHI) blamed shorter patient stays and disappointing hospital operations for lowering both its third quarter as well as its full year outlook.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks slumped 29 points to 502.

Disappointing corporate earnings sparked recessionary fears to send the Dow skidding 260 points to 8773.  Nasdaq lost 31 points to 1666.

On the upside

Broadcom (Nasdaq: BRCM) impressed with higher third quarter earnings and revenue that surpassed analyst expectations prompting an upgrade.

Although United Airlines parent UAL (Nasdaq: UAUA) swung to a loss for the third quarter due to soaring fuel expenses, the results were better than expected.  The airliner expects extra fees and cost cutting measures to return the carrier to profitability.

Third quarter earnings for EMC (NYSE: EMC) tumbled but the results topped analyst estimates.

On the downside

The Food and Drug Administration cited safety concerns for maintaining its hold on Dynavax Technologies' (Nasdaq: DVAX) and Merck's (NYSE: MRK) application to test their hepatitis B vaccine on humans.

Foundation Coal Holdings (NYSE: FCL) blamed soaring expenses and lower coal production for swinging to a third quarter loss.  The company forecast full year results below expectations.

Baker Hughes (NYSE: BHI) reported higher third quarter earnings but the results fell short of estimates due to hurricane damage.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 12 points to 518.

Investors continued to sell off stocks as worries about a global economic slowdown and credit crunch intensified.  The Dow tumbled more than 300 points to 8720 while Nasdaq lost 41 points to 1655.

On the upside

Apple (Nasdaq: AAPL) posted better than expected results due to strong iPhone sales.  Investors snapped up the stock despite a modest outlook issued by the company.

Virtualization software company VMware (NYSE: VMW) posted a 3rd quarter profit that beat estimates.

Shipping services provider C.H. Robinson Worldwide (Nasdaq: CHRW) reported higher 3rd quarter revenues and earnings to beat estimates despite concerns about higher fuel costs.

On the downside

Shares of SanDisk (Nasdaq: SNDK) collapsed after Samsung withdrew its $26 a share bid for the world's largest supplier of flash storage card products.

AT&T (NYSE: T) posted higher 3rd quarter profits, but strong sales of iPhones increased the total cost of subsidizing the handsets which can be recovered over the duration of the subscriber contracts.

Managed-care company Coventry Health Care (NYSE: CVH) reported sharply lower profits and cut its guidance due to higher commercial medical costs and costs related to Medicare.

In the broad market, declining issues outpaced advancers by a margin of 6 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks fell 12 points to 517.

Disappointing earnings along with cautious outlooks sent the markets tumbling to a sharply lower close with the Dow plummeting 232 points to 9034.  Nasdaq slumped 73 points to 1697.

On the upside

Sprint (Nasdaq: S) announced that it will begin prorating early cancellation fees in December.

Shares of Thornburg Mortgage (NYSE: TMA) continued to climb as bargain hunters snapped up shares of the mortgage lender.

Citi Investment Research analyst Deborah Weinswig expects CVS Caremark (NYSE: CVS) to outperform its rivals.

On the downside

Apple (Nasdaq: AAPL) reported higher fourth quarter earnings as iPhone sales surged but overall revenue fell short of estimates.

Anixter International (NYSE: AXE) disappointed with lower third quarter earnings that fell far short of analyst expectations.

Although Western Union (NYSE: WU) reported higher third quarter results, the payment transfer company withdrew its long-term growth projections and narrowed its full year outlook.

In the broad market, declining issues outpaced advancers by a margin of 7 to 3 on the NYSE and by nearly 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 16 points to 531.

The markets extended its losses during the midday even as the Federal Reserve introduced its Money Market Investor Fund to provide up to $540 billion to back money market mutual funds.  The Dow plummeted 229 points to 9036 while Nasdaq skidded 60 points to 1710.

On the upside

While JDA Software Group (Nasdaq: JDAS) reported slightly lower third quarter earnings, the results surpassed analyst expectations.

Despite weak traffic, luxury accessories company Coach (NYSE: COH) reported higher first quarter revenue and earnings that topped estimates.

Third quarter earnings for American Express (NYSE: AXP) tumbled as consumer spending slowed but the results beat expectations.

On the downside

Avigen's (Nasdaq: AVGN) experimental drug to treat spasticity in multiple sclerosis patients failed a mid-stage clinical trial prompting a downgrade.

Sun Microsystems (Nasdaq: JAVA) swung to a first quarter loss that fell short of expectations as demand slowed amidst increased competition.

Celanese (NYSE: CE) reported higher third quarter earnings that topped estimates but the chemical producer lowered its full year outlook due to the sluggish global economy.

In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly the same on Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 14 points to 533.

Investors digested yesterday's gains while keeping a wary eye on earnings performance in the banking sector.  The Dow slipped 35 points to 9213 while Nasdaq lost 9 points to 1760.

On the upside

KeyCorp (NYSE: KEY) posted a 3rd quarter loss due to an increase in loan-loss reserves.

Petrohawk Energy (NYSE: HK) announced a significant natural gas field discovery in South Texas.

United Airlines parent UAL (Nasdaq: UAUA) posted a 3rd quarter loss and slightly higher revenues.  The results beat analysts' expectations while investors hoped that lower prices may hasten the airline's return to profitability.

On the downside

U.S. Bancorp (NYSE: USB) posted its 7th consecutive quarter of profit declines, mostly due to an underperforming portfolio of $1.1 billion in residential construction loans in California.

Billionaire investor Kirk Kerkorian sold part of his 6.5% stake in Ford Motor (NYSE: F) whose shares are trading at multi-year lows.

Chemical manufacturer DuPont (NYSE: DD) posted lower 3rd quarter profits which beat analysts' forecasts, but the company issued a lower 2008 outlook.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 5 points to 541.

The markets surged to close sharply higher with the Dow jumping 413 points to 9265 after Fed chief Bernanke recommended another stimulus package to lift the country out of an extended economic slump.  Nasdaq leaped 59 points to 1770.

On the upside

Pritchard Capital Partners analyst Mark Brown expects National Oilwell Varco (NYSE: NOV) to report better than expected results for the third quarter.

Landry's Restaurants (NYSE: LNY) chief executive Tilman Fertitta agreed to acquire the company for a 49% premium over its closing price on Friday.

Morgan Keegan analyst Simon Leopold upgraded Cisco (Nasdaq: CSCO) saying that the computer networking equipment maker has significant cash to invest during the economic slowdown.

On the downside

Moody's Investor Services downgraded Brunswick's (NYSE: BC) debt ratings to junk status.

Hormel Foods (NYSE: HRL) blamed higher food expenses as well as investment losses for lowering its full year outlook.

Real estate investment trust Developers Diversified Realty (NYSE: DDR) disclosed that it has approximately $1.7 billion of debt that will mature in the next two years.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 20 points to 547.

The markets extended its gains during the midday as Federal Reserve Chairman Ben Bernanke recommended another stimulus package to boost the nation's economy.  The Dow surged 199 points to 9051 while Nasdaq climbed 20 points to 1731.

On the upside

Melco Crown Entertainment (Nasdaq: MPEL) reassured investors that its City of Dreams casino in Macau will open on time in the first half of 2009.

FBR Capital Markets analyst Amir Arif affirmed his Outperform rating for Cliffs Natural Resources (NYSE: CLF) and maintained his $60 price target for the iron ore miner.

Financial services firm ING (NYSE: ING) will receive approximately $13.4 billion from the Dutch government prompting an upgrade.

On the downside

Shares of PMC-Sierra (Nasdaq: PMCS) continued to fall after forecasting fourth quarter results below estimates last week.

The Food and Drug Administration requested more information from AMAG Pharmaceuticals (Nasdaq: AMAG) for its anemia drug ferumoxytol.

Veolia Environment (NYSE: VE) blamed the global economic slowdown for lowering its outlook for 2008.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 7 points to 533.

The markets opened higher as the cost of lending among banks fell.  Bargain hunters snapped up stocks across the board as the Dow climbed 133 points to 8985 while Nasdaq leaped 27 points to 1738.

On the upside

Power generator NRG Energy (NYSE: NRG) received an unsolicited $6.2 billion all-stock bid from Exelon Corp. (NYSE: EXC).

Oilfield services companies posted higher earnings, but a decline in energy prices clouded their profit outlook.  Shares of Halliburton (NYSE: HAL) and Weatherford International (NYSE: WFT) rallied.

Wireless equipment maker LM Ericsson AB (Nasdaq: ERIC) posted lower 3rd quarter profits due to restructuring charges.  However, the results were better than expected.

On the downside

Toy maker Mattel (NYSE: MAT) posted higher profits due to strong sales of Fisher-Price and American Girl toys.  However, the results missed analysts' expectations as Barbie sales edged lower.

HLTH Corp. (Nasdaq: HLTH), the parent of health care information company WebMD Health, called off a merger with its WebMD subsidiary and announced a $460 million stock buyback program.  Analysts blamed the end of the deal on difficulty in selling off its Porex plastics business.

SanDisk (Nasdaq: SNDK) announced a deal to sell its 30% manufacturing capacity in its joint ventures with Toshiba.  In exchange, SanDisk will receive about $1 billion in cash.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.

Sharply lower home construction along with rebounding oil prices sent the markets tumbling to a lower close with the Dow falling 127 points to 8852.  Nasdaq lost 6 points to 1711.

On the upside

The cost of Ambac Financial's (NYSE: ABK) and MBIA's (NYSE: MBI) credit default swaps dropped after the insurers said that they sought permission from the Treasury Department to sell their troubled assets to the government.

Insiders purchased $23 million worth of Calpine (NYSE: CPN) stock.

Encore Acquisition (NYSE: EAC) announced plans to repurchase up to $40 million in common shares and has hedged most of its 2009 oil production.

On the downside

Libbey (NYSE: LBY) announced preliminary third quarter results that fell short of expectations.

Pilgrim's Pride (NYSE: PPC) will not file for bankruptcy protection but instead will develop a new business plan to address industry challenges.

Although PMC-Sierra (NYSE: PMCS) reversed year ago losses to post a profit for the third quarter, the communications and storage chip maker forecast fourth quarter results below analyst expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners edged out advancers by 9 to 7 on Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 10 points to 526.

The markets recovered to trade modestly higher during the midday with the Dow rising 26 points to 9005 even as home construction tumbled and oil prices rebounded.  Nasdaq climbed 17 points to 1735.

On the upside

Cliffs Natural Resources (NYSE: CLF) will take 100% ownership of Australian iron ore supplier Portman Ltd.

Bargain hunters snapped up shares of CIT Group (NYSE: CIT), whose shares plummeted yesterday after the finance company widened third quarter losses.

Chesapeake Energy (NYSE: CHK) received a $750 million line of credit and may sell some of its assets to BP.

On the downside

Intuitive Surgical (Nasdaq: ISRG) reported sharply higher third quarter earnings that easily topped expectations due to strong sales of its da Vinci robotic surgical system but analysts warned that the tight credit markets will hurt future sales.

Robert W. Baird & Co. analyst Lawrence H. Neibor downgraded Pozen (Nasdaq: POZN) after Par Pharmaceuticals filed for permission to make a generic version of Pozen's migraine treatment Treximet.  Pozen also warned that the FDA initiated a review of the trial parameters and a statistical analysis plan for two drugs under development.

Financial services firm ING (NYSE: ING) warned of a $670 milllion loss for the third quarter.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 8 on the NYSE while decliners edged out advancers by nearly 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 6 points to 530.

The pace of home construction in September fell to its lowest level in more than 25 years as investors mulled over the severity of a likely recession.  The Dow lost 130 points to 8845 while Nasdaq fell 17 points to 1700.

On the upside

Shares of Google (Nasdaq: GOOG) leaped after the search engine giant posted healthy gains in revenues and earnings despite worries of cutbacks among advertisers.

Advanced Micro Devices (NYSE: AMD) narrowed its losses in the 3rd quarter as the chip maker collected more licensing fees.

Cubist Pharmaceuticals (Nasdaq: CBST) posted higher profits on strong sales of its antibiotics.

On the downside

Schlumberger (NYSE: SLB) posted strong 3rd quarter results, but the outlook for the largest oilfield services company was dampened by a recent drop in oil prices.

IBM Corp. (NYSE: IBM) posted healthy quarterly results, but worries remained about the company's ability to buck weakness in the global economy.

Two analysts cut their ratings on regional bank Zions Bancorp (Nasdaq: ZION) which reported lower earnings on Thursday.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks fell 17 points to 518.

A volatile day of trading ended with the markets surging in late afternoon trading with the Dow soaring 401 points to 8979 as crude oil prices retreated to a 14-month low and consumer prices held steady.  Nasdaq jumped 89 points to 1718.

On the upside

Shares of United Air Lines parent UAL (Nasdaq: UAUA), US Airways (NYSE: LCC) and American Airlines parent AMR (NYSE: AMR) all rose after crude oil prices retreated to a 14-month low of $69.85 per barrel. 

Gilead Sciences (Nasdaq: GILD) reported higher third quarter earnings as sales of its HIV treatment climbed.

Standard & Poor's comments that insurance pricing has improved lifted shares of Ambac Financial Group (NYSE: ABK) and MBIA (NYSE: MBI).

On the downside

Although Badger Meter (NYSE: BMI) reported higher third quarter revenue, earnings were flat compared with last year.

Shares of Smurfit-Stone Container (NYSE: SSCC) continued to fall after an Goldman Sachs analyst Richard Skidmore downgraded the containerboard maker yesterday.

Winnebago Industries (NYSE: WGO) blamed the sluggish economy, high gas prices and tight credit markets for swinging to a fourth quarter loss.  The recreational vehicle maker also suspended its dividend.

In the broad market, declining issues outpaced advancers by a margin of 9 to 2 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 34 points to 537.

The markets traded mixed during the midday with the Dow losing 55 points to 8523 while Nasdaq gained 5 points to 1634 as jobless claims fell more than expected and consumer prices held steady.

On the upside

Third quarter earnings for Steel Dynamics (Nasdaq: STLD) surged despite sharply lower prices as revenue more than doubled. 

Nokia (Nasdaq: NOK) announced that it will pay Qualcomm (Nasdaq: QCOM) $2.29 billion as part of a 15-year patent agreement.

Shares of Yahoo (Nasdaq: YHOO) rose after Microsoft (Nasdaq: MSFT) CEO Steve Ballmer said that acquiring Yahoo would make economic sense for both companies.

On the downside

FalconStor Software (Nasdaq: FALC) blamed challenging economic conditions for slashing its outlook for the third quarter as well as the full year.

CIT Group (NYSE: CIT) widened third quarter losses prompting Moody's Investor Service to place the financial services firm's Baal long-term and Prime-2 short-term ratings on review for a possible downgrade.

Merrill Lynch (NYSE: MER) widened third quarter losses due to hefty write-downs.  The investment bank will be acquired by Bank of America (NYSE: BAC).

In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 1 on the NYSE, but were edged out by a slim margin on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 504.

Flat consumer prices in September turned out to be the one positive economic indicator in recent weeks.  Still, recession worries weighed on stocks with the Dow losing 73 points to 8504 while Nasdaq fell 16 points to 1611.

On the upside

SunPower Corporation (Nasdaq: SPWRA) posted strong 3rd quarter results and positive cashflow. 

An analyst upgraded Carrizo Oil & Gas (Nasdaq: CRZO) due to the gas producer's relatively low valuation.

A federal court rejected claims by International Game Technology (NYSE: IGT) that wheel-based games made by Bally Technologies (NYSE: BYI) infringed on patents held by IGT.

On the downside

Citigroup (NYSE: C) posted its 4th consecutive quarterly loss.  The nearly $3 billion loss was slightly better than expectations, but investors still sold off the stock.

Online auction giant eBay (Nasdaq: EBAY) reported 3rd quarter earnings that missed analysts' estimates.

Oil-related stocks cratered as oil prices fell below $75 a barrel.  Shares of Devon Energy (NYSE: DVN) and Apache Corp. (NYSE: APA) were among the morning's biggest decliners.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE, but were edged out by a slim margin on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 5 points to 506.

A plunge in September retail sales stoked fears of a recession to send the markets plummeting to a sharply lower close with the Dow collapsing 733 points to 8578.  Nasdaq slumped 151 points to 1628.


On the upside

Keefe Bruyette upgraded Frontier Financial Corp. (Nasdaq: FTBK).

On the downside

Box makers say that they will not pay the higher prices that containerboard producers began charging sending shares of Temple-Inland (NYSE: TIN), Smurfit-Stone Container (Nasdaq: SSCC) and International Paper (NYSE: IP) tumbling.

Charles Schwab (Nasdaq: SCHW) reported lower third quarter revenue that fell short of expectations as the online brokerage's asset based business suffered.

Although eBay (Nasdaq: EBAY) reversed year ago losses to post a third quarter profit, the online auction site forecast fourth quarter results below estimates.

Shares of Nokia (NYSE: NOK) tumbled ahead of its earnings release tomorrow.  The world's largest handset maker is expected to report sharply lower earnings.

The Organization of the Petroleum Exporting Countries slashed its projection for global oil demand growth by 100,000 barrels a day to 800,000 a day to weigh down shares of Petroleo Brasileiro (NYSE: PBR).

In the broad market, declining issues outpaced advancers by a margin of 8 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks skidded 53 points to 502.

Despite lower oil prices, consumer cut back on spending in September and raised worries of a dismal holiday shopping season.  The Dow lost 327 points to 8983 while Nasdaq dropped 57 points to 1721.

On the upside

Coca-Cola (NYSE: KO) posted higher profits as overseas demand offset weakness in the U.S.

Intel (Nasdaq: INTC) posted results that beat lower expectations although the outlook for chip demand remained uncertain.

Airline stocks rose as falling oil prices would help lower costs.  Shares of UAL (Nasdaq: UAUA) and AMR (NYSE: AMR) advanced.

On the downside

Chesapeake Energy (NYSE: CHK) warned that a drop in natural gas prices may hurt its cash position making it more difficult to finance new drilling projects.

Engine maker Cummins (NYSE: CMI) announced plans to buy up to $25 million in Irwin Financial (NYSE: IFC) stock.

An analyst downgraded computer maker Dell (Nasdaq: DELL) on worries that expanded sales efforts for laptops may not counter weak desktop computer sales.

In the broad market, declining issues outpaced advancers by a margin of 7 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 23 points to 531.

Stocks Fall on Retail Sales Decline

|

The markets opened lower following news that retail sales fell 1.2% in September due to weak consumer sales.  The Dow lost nearly 300 points to 9025 while Nasdaq fell 35 points to 1744.

On the upside

JPMorgan Chase (NYSE: JPM) posted sharply lower profits as revenues fell.  However, the results beat lowered expectations.

Wells Fargo (NYSE: WFC) announced lower 3rd quarter earnings as it prepared for the acquisition of Wachovia Bank (NYSE: WB).

Hudson City Bancorp (Nasdaq: HCBK) posted higher earnings avoiding the loan losses affecting other banks.

On the downside

Chipmaker Linear Technology (Nasdaq: LLTC) posted better than expected 1st quarter results, but lowered its outlook for the 2nd quarter.

Oil prices fell below $80 a barrel.  Shares of Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) also dropped.

Shares of Jones Apparel Group (NYSE: JNY) fell to multi-year lows after the apparel maker lowered its profit outlook.

In the broad market, declining issues outpaced advancers by a margin of 7 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 23 points to 530.

Profit Taking Weighs Down Markets

|

The markets closed modestly lower despite government action to take equity stakes in the nation's largest banks as investors locked in profits.  The Dow fell 77 points to 9311 while Nasdaq skidded 65 points to 1779.

On the upside

Standard & Poor's Ratings Service placed iStar Financial (NYSE: SFI) on CreditWatch for a possible downgrade but the stock price rose.

Hartford Financial Services Group (NYSE: HIG) named Robert Paiano to the position of chief risk officer.

Shares of Goldman Sachs (NYSE: GS) surged after the federal government took an equity stake in the company. 

On the downside


Apple (Nasdaq: AAPL) disappointed by making only modest price adjustments for its laptops with the basic MacBook priced at $999. 

Microsoft (Nasdaq: MSFT) may lose millions from licensing contracts with bankrupt Lehman Brothers and Washington Mutual.

Shares of Charles Schwab (Nasdaq: SCHW) tumbled ahead of its earnings release tomorrow.  The brokerage already warned that it will take a $75 million pretax charge related to investments in Lehman Brothers and Washington Mutual.

In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE while decliners outpaced advancers by nearly 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 16 points to 555.

The markets traded mixed during the midday with investors hopeful that the government's $250 billion plan to take stakes in the nation's largest banks will ease the credit crisis.  The Dow rose 55 points to 9443 while Nasdaq plunged 25 points to 1819.

On the upside

Citi Investment Research analyst Greg Ketron upgraded regional banks Huntington Bancshares (Nasdaq: HBAN), BB&T Corp. (NYSE: BBT), and Zions Bancorp. (NYSE: ZION) saying that they will benefit from the government's plan to take a stake in the nation's leading banks.

Citi Investment Research analyst Keith Horowitz upgraded KeyCorp (NYSE: KEY), Fifth Third Bancorp (Nasdaq: FITB) and Comerica (NYSE: CMA) citing the government's plan to purchase shares in the nation's leading banks.

Shares of National City (NYSE: NCC) surged over optimism that the federal government's plan to buy shares in the nation's leading banks will benefit the regional bank. 

On the downside


Canaccord Adams downgraded JA Solar Holdings (Nasdaq: JASO).

Domino's Pizza (NYSE: DPZ) reported lower third quarter earnings that fell short of estimates as same store sales dropped amidst a slowing economy.

Auto supplier Lear (NYSE: LEA) cut its full year outlook citing weak demand for new vehicles.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by a slim margin on Nasdaq.  The Russell 2000 which tracks small cap stocks fell 5 points to 566.

Investors reacted favorably to announced plans by the U.S. government to spend up to $250 billion to take equity stakes in 9 major U.S. banks.  The Dow rose more than 300 points before pulling back to 9585, up nearly 200 points.  Nasdaq lost 5 points to 1839.

On the upside

Shares of Morgan Stanley (NYSE: MS) powered higher following news of both private and publicly-funded equity investments to shore up its balance sheet.  Bank of America (NYSE: BAC) and Citigroup (NYSE: C) were among the beneficiaries of the government's equity investment plans.

Insurer XL Capital (NYSE: XL) posted a sizable 3rd quarter loss due to a one-time payment to former subsidiary Syncora (NYSE: SCA) which would effectively end the company's exposure to the troubled bond insurer.

On the downside


PepsiCo (NYSE: PEP) posted lower 3rd quarter profits and announced cuts of 3,300 positions as U.S. drink sales fell.

EnergySolutions (NYSE: ES) blamed the financial crisis for delays in the decommissioning of identified nuclear power plant assets.

Rackable Systems (Nasdaq: RACK) lowered its 2008 revenue outlook due to delays in corporate purchases.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 10 points to 581.

As countries around the world pledged nearly $2 trillion to stem the global credit crisis, the markets jetted into the stratosphere with the Dow Jones Industrial Average setting a record for a one day point gain by rocketing 936 points to 9388.  Nasdaq leaped 195 points to 1844.

On the upside

Reliant Energy (Nasdaq: RRI) and First Reserve entered a definitive agreement with First Reserve receiving $350 million in convertible preferred Reliant stock.

Activision Publishing (Nasdaq: ATVI) launched the beta version of the multiplayer Call of Duty: World at War for Microsoft's (NYSE: MSFT) Xbox 360.

Shares of Nvidia (Nasdaq: NVDA) surged after the Department of Justice ended its investigation into possible antitrust violations related to graphics processing units and cards.

On the downside


Shares of American Axle & Manufacturing (NYSE: AXL) plummeted after General Motors (NYSE: GM) announced the closing of an SUV factory in Wisconsin.

General Electric (NYSE: GE) disappointed with lower third quarter earnings due to weakness at its financing arm GE Capital.

Group 1 Automotive (NYSE: GPI) blamed hurricanes and the credit crisis for warning that third quarter income will fall short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 15 to 1 on the NYSE and by 6 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 48 points to 571.

The markets extended its gains during the midday as the U. S. government worked with banking officials to begin implementing the $700 billion bail out package.  The British government took stakes in that country's three largest banks with a $63 billion investment.  The Dow rocketed 581 points to 9033 while Nasdaq jumped 122 points to 1771.

On the upside

A-Power Energy Generation (Nasdaq: APWR) will hold a conference call on Wednesday to reaffirm its earnings guidance.

Plunging sales of sport utility vehicles prompted General Motors (NYSE: GM) to move up the closure date of its SUV factory in Janesville, Wisconsin to December 23.

Microsoft (NYSE: MSFT) introduced its Silverlight 2 application for the creation and development of streaming media features.

On the downside


Analysts downgraded New York & Co. (NYSE: NWY) after the women's apparel retailer warned of a wider than expected third quarter loss.

D. A. Davidson analyst Crystal Kallik downgraded Pier 1 Imports (NYSE: PIR) and slashed her price target after the specialty imported home furnishings retailer reported a sharper than expected 11.7% drop in September same store sales.

Robert W. Baird downgraded Camden Property Trust (NYSE: CPT).

In the broad market, advancing issues outpaced decliners by a margin of more than 13 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 31 points to 554.

The markets opened sharply higher as banks around the world worked toward easing the credit crunch.  The U.S. Treasury announced plans to take equity positions in banks.  The Dow leaped over 300 points to 8755 while Nasdaq surged 68 points to 1718.

On the upside

Morgan Stanley (NYSE: MS) received a much-needed cash infusion of $9 billion from Mitsubishi UFJ Financial Group which will be receiving both non-convertible and convertible preferred stock with a 10% dividend.

The British government announced plans to invest in three of its largest banks.  The move boosted shares of most financial services firms.  Shares of Goldman Sachs (NYSE: GS) and Citigroup (NYSE: C) rose.

Shares of Apple (NYSE: AAPL) rose on analyst upgrades due to valuation as well as optimism about an anticipated line of lower-priced notebook computers.

On the downside


Affymetrix (Nasdaq: AFFX) warned that 3rd quarter revenues may miss expectations.  The company performs genetic data analysis.

An analyst lowered his opinion on home products retailer Williams-Sonoma (NYSE: WSM) due to weak consumer spending.

Dow components General Electric (NYSE: GE) and JP Morgan Chase (NYSE: JPM) were two of the morning's few laggards.

In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 1 on the NYSE and by more than 5 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 20 points to 543.

The markets pared its losses to close mixed with the Dow tumbling 128 points to 8451 as the Group of Seven pledged to take action to quell the global financial crisis.  Nasdaq added 4 points to 1650.

On the upside

RAIT Financial Trust (NYSE: RAS) declared a quarterly dividend of 35 cents per common share payable on December 5 to shareholders of record October 31.

As part of its restructuring plan, commercial real estate services company CB Richard Ellis (NYSE: CBG) has laid off approximately 200 people.

On the downside


Quest Resource (NYSE: QRCP) announced that it must spend significant capital to develop acreage in the Marcellus Shale in the Appalachian Basin.

Soleil analys Laura Martine downgraded Clear Channel Outdoor Holdings (NYSE: CCO) citing declining demand for billboard and outdoor advertising.

Imation (NYSE: IMN) blamed lower revenue for warning of a third quarter earnings miss prompting an analyst downgrade.


CBS (NYSE: CBS) cut its full year earnings outlook citing the slumping economy.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 23 points to 522.

Despite reassurances by President Bush that the government rescue plan will stabilize the markets, panic selling sent the markets into a tailspin with the Dow skidding 411 points to 8168.  Nasdaq slumped 72 points to 1573.

On the upside

XL Capital (NYSE: XL) warned that third quarter losses will range between $1 billion to $1.2 billion but reassured investors that the insurance company's book value at the end of the third quarter is expected to range between $21 to $22.50 per share.

Rumors that Apple (Nasdaq: AAPL) will introduce versions of its MacBook notebook priced under $1,000 lifted shares of the computer company.

Bargain hunters snapped up shares of General Motors (NYSE: GM), which plummeted to a fifty year low yesterday.

On the downside


Tortoise Energy (NYSE: TYG) acknowledged that the value of its master limited partnership investments have plummeted 39.3% since June 1, but reassured investors that the energy infrastructure sector remains sound.

ThinkPanure analyst Vijay Rakesh downgraded Intel (Nasdaq: INTC) citing slumping demand and increased competition.

Jefferies & Co. downgraded Advanced Medical Optics (NYSE: EYE) and drastically reduced its price target after the company slashed its 2008 earnings guidance amidst a weak economy.

In the broad market, declining issues outpaced advancers by a margin of 9 to 1 on the NYSE and by molre than 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 20 points to 479.

The markets opened sharply lower with the Dow tumbling nearly 700 points in the opening minutes of trading before retracing to 8350, down more than 200 points.  Nasdaq lost a more modest 19 points to 1625.

On the upside

General Electric (NYSE: GE) posted a smaller profit that met lowered expectations.  The conglomerate managed to report a profit at its troubled GE Capital unit.

Wachovia Bank (NYSE: WB) ended up in the hands of Wells Fargo (NYSE: WFC) whose $15 billion all-stock offer topped a joint rescue effort by Citigroup (NYSE: C) and regulators.

The market capitalization of Google (Nasdaq: GOOG) briefly fell below $100 billion before bargain hunters stepped in.

On the downside


Credit ratings agency Moody's Investors Service placed a negative outlook rating on Goldman Sachs (NYSE: GS).

Industry experts predict oil prices to test the $75 a barrel level.  Shares of Exxon Mobile (NYSE: XOM) and Chevron (NYSE: CVX) fell.

Shares of Morgan Stanley (NYSE: MS) tumbled again on worries that Mitsubishi UFJ may revise the terms of its investment into the troubled investment banker.

In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 7 points to 491.

Global economic concerns sparked a broad sell-off with the Dow collapsing 679 points to close at a five year low of 8579.  Iceland seized control of the country's largest bank and suspended trading on its stock market until Monday.  Nasdaq skidded 95 points to 1645.

On the downside

Standard & Poor's Ratings Services placed Ford's (NYSE: F) and General Motors' (NYSE: GM) corporate credit ratings under review for a possible downgrade citing the sluggish global automotive market.

The Federal Reserve will loan an additional $37.8 billion to American International Group (NYSE: AIG).  The troubled insurer already received an $85 billion loan last month.

Primus Guaranty (NYSE: PRS) said that its exposure to Iceland's Kaupthing Bank totaled $68.2 million.  Iceland announced that it will nationalize Kaupthing Bank, the country's largest bank.

Insurance companies Principal Financial Group (NYSE: PFG) and Protective Life (NYSE: PL) tumbled over captital concerns.

Wal-Mart (NYSE: WMT) agreed to pay $199,000 in penalities for violating the Clean Air Act.

Falling crude oil prices weighed down shares of Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) .

In the broad market, declining issues outpaced advancers by a margin of more than 11 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks slumped 47 points to 499.

Markets Mixed Over Investor Anxiety

|

The markets traded mixed during the midday despite plans by the Treasury Department to begin taking equity stakes in the nation's banks as investor anxiety about the health of the global markets lingered.  The Dow fell 36 points to 9222 while Nasdaq gained 7 points to 1747.

On the upside

Apollo Management offered $540 million to Hexion Specialty Chemicals to help finance Hexion's $6.5 billion acquisition of Huntsman Corp. (NYSE: HUN).

The USDA reported that chicken eggs in incubators were at their lowest level in five years.  The news lifted shares of chicken producers Pilgrim's Pride (NYSE: PPC) and Tyson Foods (NYSE: TSN).

NorthStar Realty Finance (NYSE: NRF) announced a quarterly dividend of 36 cents per share payable on November 14 to shareholders of record November 4.  The company will also repurchase up to 10 million shares of common stock.


On the downside

Omrix Biopharmaceuticals (Nasdaq: OMRI) suspended a Phase II clinical trial in mild to moderate bleeding for its Fibrin Pad to investigate a case of post operative bleeding.

XL Capital's (NYSE: XL) credit default swaps began trading on an upfront basis while the cost surged to approximately 12.5% of the sum to be insured.

Banc of America Securities downgraded Horace Mann Educators (NYSE: HMN).


In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 12 points to 534.

The U.S. government may take equity stake in banks in order to secure a return on its bailout efforts.  Meanwhile, blue chip IBM made an early 3rd quarter profit announcement to boost the Dow by 50 points to 9308.  The tech-heavy Nasdaq surged 20 points to 1761.

On the upside

IBM (NYSE: IBM) posted profits that beat lowered estimates and reaffirmed its earnings forecast through the rest of the year.

GeoEye (Nasdaq: GEYE) released its first batch of imagery from its satellite.

Bargain hunters snapped up airline stocks on an analyst upgrade due to favorable oil prices.  Shares of United Airlines (Nasdaq: UAUA) and Continental Airlines (NYSE: CAL) rose.


On the downside

Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) continued to spar with the Federal Reserve unable to reach a resolution to sell Wachovia Bank (NYSE: WB).   Wells Fargo had offered to buy all of Wachovia while Citigroup wanted only the assets with government backing.

Shares of Prudential Financial (NYSE: PRU) tumbled on worries that it may be the next financial services company to face significant write-downs.

J.P. Morgan Securities lowered its profit and dividend outlook for regional banks.  Shares of Fifth Third Bankcorp (Nasdaq: FITB) and Zions Bancorp (Nasdaq: ZION) promptly fell.


In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 5 on the NYSE and by more than 4 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 548.

Investor Fears Sink Markets

|

Despite global rate cuts to stabilize the world economy, the markets dropped to close lower over disappointingly low September retail sales.  The Dow plunged 189 points to 9258 while Nasdaq tumbled 15 points to 1740.

On the upside

YRC Worldwide (Nasdaq: YRCW) issued a press release late yesterday afternoon reassuring investors that the trucking company is in full compliance with its credit agreement.  The stock price plunged yesterday over investor fears.

Citigroup upgraded Randgold Resources (Nasdaq: GOLD).

Shares of Harmony Gold (NYSE: HMY), Gold Fields (NYSE: GFI) and Goldcorp (NYSE: GG) all rose as nervous investors sought the safety of gold.

On the downside

Robert W. Baird analyst David Loeb downgraded Ashford Hospitality Trust (NYSE: AHT) saying that revenue will drop in 2009. 

RBC Capital Markest analyst Larry Miller cut his price target for Starbucks (Nasdaq: SBUX) citing higher costs and slowing sales.

Global Crown Capital downgraded Advanced Micro Devices (NYSE: AMD).

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 12 points to 547.

Disappointingly weak September retail sales sent the markets tumbling during the midday with the Dow plunging 199 points to 9248.  Nasdaq dropped 15 points to 1739.

On the upside

Bloomberg News reported that Wells Fargo (NYSE: WFC) will most likely acquire Wachovia's (NYSE: WB) mid-Atlantic and Southeastern branches which account for approximately 75% of the company leaving Citigroup (NYSE: C) with the bank's Northeastern branches.

Broadcom (Nasdaq: BRCM) filed a lawsuit against Qualcomm (Nasdaq: QCOM) claiming patent misuse and that Qualcomm's patents are unenforceable.

Essar Services requested that PeopleSupport (Nasdaq: PSPT) delay its $250 million acquisition of the business processing outsourcing company until no later than October 31.

On the downside

Alcoa (NYSE: AA) disappointed with lower third quarter earnings as global demand dropped prompting a downgrade. 

TEL Offshore Trust (Nasdaq: TELOZ) announced that Hurricane Ike destroyed oil platforms and wells on Eugene Island 339.

Robert W. Baird analyst David Loeb cut his price target for Diamondrock Hospitality (NYSE: DRH) saying that revenue will drop in 2009.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a fraction to 559.

The major indexes opened higher after federal banks around the world announced rate cuts in order to jumpstart the global economy.  The Dow rose 30 points to 9475 while Nasdaq added 7 points to 1762.

On the upside

Solar wafer maker LDK Solar (NYSE: LDK) raised its 3rd quarter estimates.

Data storage and protection company Iron Mountain (NYSE: IRM) reaffirmed guidance for 2008, but lowered it for 2009.

Rate cuts gave financial services firms a lift.  Shares of JPMorgan Chase (NYSE: JPM) and Goldman Sachs (NYSE: GS) rose along with shares of American Express (NYSE: AXP) and MasterCard (NYSE: MA).

On the downside

Shares of MetLife (NYSE: MET) lost ground after the insurer announced job cuts.  Yesterday, it released plans to sell 75 million common shares to raise at least $2.5 billion in order to "build a warchest."

Bank of America (NYSE: BAC) and Wachovia (NYSE: WB) lowered their prime lending rates to 4.5% from 5%.

Shares of Stewart Enterprises (Nasdaq: STEI) tumbled after rival Service Corp. International (NYSE: SCI) withdrew its takeover offer.  Stewart Enterprises provides funeral and cemetery products and services.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 3 on the NYSE and by more than 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 4 points to 563.

Bernanke's Comments Sink Markets

|

Comments by Federal Reserve Chairman Ben Bernanke suggesting that the global economic crisis will extend well into next year sent the markets into a tailspin with the Dow skidding 508 points to 9447.  Nasdaq plummeted 108 points to 1755.

On the upside

Bargain hunters lifted shares of Pilgrims Pride (NYSE: PPC), which had been falling after the nation's largest chicken producer warned of significant fourth quarter losses.

On the downside

Investors sold off shares of Morgan Stanley (NYSE: MS) over concerns that Mitsubishi UFJ Financial Group and Morgan Stanley may fail to sign a financing deal.

Stifel Nicolaus analyst David Fick warned that General Growth Properties (Nasdaq: GGP) may have over leveraged its acquisitions and be unable to refinance it debt maturities.

General Motors (NYSE: GM) announced that it may raise capital by mortgaging its Detroit headquarters.

Concerns that NetApp's (Nasdaq: NTAP) sales are slowing sent shares of the data and storage solutions provider tumbling.

Shares of United Airlines parent UAL (Nasdaq: UAUA) and American Airlines parent AMR (NYSE: AMR) tumbled after September traffic and capacity data showed sharp declines from last year.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks slumped 37 points to 559.

The markets extended its losses during the midday with the Dow tumbling 160 points to 9796 as cautious investors digested the Federal Reserve's plan to loosen the credit markets through the purchase massive amounts of short term debts.  Nasdaq dropped 37 points to 1826.

On the upside

Motley Fool highlighted Potash Corp. (NYSE: POT) as a buying opportunity with enormous growth potential.

Manila based Ayala Corp. expressed interest in purchasing American International Group's (NYSE: AIG) Philippine unit Philippine American Life and General Insurance.

Shares of National City (NYSE: NCC) recovered after the Federal Reserve announced plans to thaw the credit markets by purchasing short term debt.

On the downside

Goldman Sachs downgraded First Solar (Nasdaq: FSLR) citing an oversupply of photovoltaic modules.

Standard & Poor's Ratings Services lowered the Royal Bank of Scotland's (NYSE: RBS) long term and short term counterparty credit ratings.

Dryships (Nasdaq: DRYS) will raise funds through the sale of 19.4 million shares of common stock to purchase nine drybulk vessels and assume approximately $478 million in debt.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 12 points to 584.

The markets opened lower as the Federal Reserve offered to buy short-term debt from companies to ease the credit crunch.  The Dow lost 5 points to 9950 while Nasdaq fell 9 points to 1853.

On the upside

Royale Energy (Nasdaq: ROYL) announced the discovery of natural gas in the Sacramento basin of California.

Chip maker Advanced Micro Devices (NYSE: AMD) announced plans to spin off factories into a joint venture with the Persian Gulf state of Abu Dhabi.

Shares of General Electric (NYSE: GE) rebounded from 11-year lows as bargain hunters hoped that overseas growth would offset weak results from its financial services operations.


On the downside

Shares of Bank of America (NYSE: BAC) fell after the bank announced plans to sell common stock to raise $10 billion.

Analysts are expecting a wider 3rd quarter loss for Merrill Lynch (NYSE: MER).

Advance Auto Parts (NYSE: AAP) blamed the weak economy for flat 3rd quarter same-store sales and earnings.  The company operates over 3100 retail stores.

In the broad market, declining issues outpaced advancers by a margin of 6 to 5 on the NYSE and by a slim margin on Nasdaq.  The Russell 2000 which tracks small cap stocks added 3 points to 599.

Despite retreating oil prices, the markets plunged to close sharply lower over concerns of a lengthy global economic downturn.  The Dow slumped 370 points to drop below the 10,000 mark for the first time in four years to 9955.  Nasdaq skidded 84 points to 1863.

On the upside

AgFeed Industries (Nasdaq: FEED) forecast full year income ahead of analyts expectations and announced a $10 million stock repurchase plan.

Shares of CME Group (Nasdaq: CME) surged after the futures exchange launched the latest version of its premiere real-time streaming market data application CME E-quotes.

Office Depot (NYSE: ODP) introduced its nationwide PC support and network installation service Tech Depot to provide in-home as well as in-office technology support.

On the downside

Pacific Crest analyst Michael McConnell downgraded Nvidia (Nasdaq: NVDA) saying that he expects the chipmaker to preannounce disappointing third quarter results and predicts that the company will sell its chipset unit.

Crude oil prices tumbled to settle at $87.56 per barrel to weigh down shares of Marathon Oil (NYSE: MRO) and Valero Energy (NYSE: VLO).

Third quarter earnings for Bank of America (NYSE: BAC) plunged to fall short of estimates due to significant losses from mortgages as well as credit cards.  The bank plans to sell common stock to raise $10 billion.

In the broad market, declining issues overwhelmed advancers by a margin of nearly 12 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 23 points to 596.

The markets continued to spiral downward as analysts predict further bank failures despite passage of the $700 billion bailout package.  The Dow skidded 554 points to drop below the 10,000 mark for the first time in four years to 9771.  Nasdaq collapsed 122 points to 1825.

On the upside

Salix Pharmaceuticals (Nasdaq: SLXP) reported upbeat results from a midstage clinical trial of its irritable bowel syndrome candidate rifaximin.

Bargain hunters lifted shares of Con-way (NYSE: CNW).  Last week, the trucking company cited the sluggish economy for slashing its full year outlook sending the stock price tumbling.

On the downside

Merrill Lynch cited global economic uncertainty for downgrading Steel Dynamics (Nasdaq: STLD) and Nucor (NYSE: NUE).

PRG-Schultz International (Nasdaq: PRGX) announced that it lost a bid for a Medicare auditing contract .

Patriot Coal (NYSE: PCX) blamed a lack of skilled workers for falling short of third quarter production goals.

JP Morgan downgraded KKR Financial Holdings (NYSE: KFN) saying that the economic downturn will limit growth prospects for the real estate investment trust.

In the broad market, declining issues overwhelmed advancers by a margin of 32 to 1 on the NYSE and by more than 7 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks slumped 31 points to 589.

The major indexes opened sharply lower amid a global economic slow-down.  The Dow lost more than 400 points to drop below the 10,000 mark while Nasdaq lost nearly 100 points to 1855.

On the upside

Allianz SE invested $2.5 billion in Hartford Financial (NYSE: HIG).

ImClone Systems (Nasdaq: IMCL) accepted a $6 billion cash offer to be acquired by Eli Lilly & Company (NYSE: LLY).

Dendreon (Nasdaq: DNDN) reported positive results for its prostate cancer drug treatment in the reduction of deaths.
 

On the downside

CombinatoRx (Nasdaq: CRXX) reported that its osteoarthritis drug candidate failed to improve symptoms when compared to a placebo.

Shares of regional banks gave up recent gains despite the signing of the $700 billion banking rescue package last week.  Investors sold off National City (NYSE: NCC) and Sovereign Bancorp (NYSE: SOV).

Shares of Ford Motors (NYSE: F) fell to their lowest levels in more than 20 years.


In the broad market, declining issues overwhelmed advancers by a margin of 20 to 1 on the NYSE and by more than 6 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 27 points to 592.

The House of Representatives passed the $700 billion bailout package but the markets closed sharply lower with the Dow plunging 157 points to 10,325 as investors digested the loss of 159,000 jobs in September and grappled with the long term implications of the bailout plan.  Nasdaq tumbled 29 points to 1947.

On the upside

Wachovia upgraded General Growth Properties (NYSE: GGP) from Underperform to Outperform.

Passage of the $700 billion bailout package by the House lifted shares of mortgage insurer Ambac Financial Group (NYSE: ABK).

Morgan Stanley (NYSE: MS), which converted from an investment bank to a bank holding company last month, is considering a plan to trim its prime brokerage operation.

On the downside

Trucking company YRC Worldwide (Nasdaq: YRCW) tapped a credit line for $325 million in order to repay maturing notes.

A series of four auctions will be held on Monday to set the price of credit default swaps for Fannie Mae's (NYSE: FNM) and Freddie Mac's (NYSE: FRE) debt.

Longbow Research analyst Shawn M. Harrison cited disappointing consumer electronics sales for lowering his third quarter revenue and earnings guidance for Flextronics International (Nasdaq: FLEX).

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 8 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 18 points to 619.

The markets extended its gains during the midday as more House members switched their previous "no" votes on the $700 billion bailout package to "yes."  The Dow leaped 252 points to 10,735 while Nasdaq soared 58 points to 2035.

On the upside

Morgan Keegan initiated coverage of Huntington Bancshares (Nasdaq: HBAN) with a Market Perform rating.

Shares of JA Solar Holdings (Nasdaq: JASO) climbed after the Senate extended tax credits for renewable energy as part of the $700 billion bailout package.

Optimism that the House will pass the $700 billion bailout package today lifted shares of National City (NYSE: NCC).  Yesterday, the company announced a dividend of a penny per common share and 61.71875 cents per share of Series F preferred stock both payable on November 3 to shareholders of record on October 13.

On the downside

Janney Montgomery Scott analyst Stephanie Krewson downgraded First Industrial Realty Trust (NYSE: FR) after the company slashed its full year outlook.

Aracruz Celulose (NYSE: ARA) warned of a foreign exchange derivatives loss of $951 million.

Shares of MGM Mirage (NYSE: MGM), Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NYSE: WYNN), which all have operations in Macau, dropped after a Hong Kong newspaper reported that China added visa restrictions for visitors to Macau.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 9 points to 647.

The markets opened higher ahead of a second vote by the House on the government's $700 billion rescue package.  The Dow climbed 135 points to 10,618 while Nasdaq surged 41 points to 2018.

On the upside

Shares of Wachovia Bank (NYSE: WB) leaped after Wells Fargo (NYSE: WFC) offered $15.1 billion in stock to buy the troubled bank.  Earlier this week, Citigroup (NYSE: C) and the government's Federal Deposit Insurance Corp. arranged to buy Wachovia's deposits and banking operations.

American International Group (NYSE: AIG) announced plans to sell non-core assets in order to start paying off its $85 billion debt to the government.

A federal court upheld anemia drug patents owned by Amgen (Nasdaq: AMGN) which hoped to block sales of a competing drug by Roche.

On the downside

Penn National Gaming (Nasdaq: PENN) posted lower 3rd quarter earnings.  Analysts promptly downgraded the casino operator.

Resources Connection (Nasdaq: RECN) reported higher revenues and earnings, but U.S. growth was flat.  The company provides accounting, legal and human resource services.

Russian mogul Oleg Deripaska was reportedly selling his 20% stake in Canadian car parts maker Magna International (NYSE: MGA) to creditors due to other portfolio losses.

In the broad market, advancing issues outpaced decliners by a margin of 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 10 points to 647.

A greater than expected drop in factory orders and rising unemployment applications sent the markets tumbling to a sharply lower close with the Dow plummeting 348 points to 10,483.  Nasdaq plunged 93 points to 1977.

On the upsides

Shares of Wachovia (NYSE: WB) and Merrill Lynch (NYSE: MER) rose after the Senate passed a revised version of the $700 billion bailout plan.

ClickSoftware Technologies (Nasdaq: CKSW) provided third quarter revenue guidance above expectations and lifted its full year revenue forecast.

Sallie Mae (NYSE: SLM) expects third quarter income to surpass analyst expectations and reassured investors that the student lender is well capitalized.

On the downside

A comment by Senate majority leader Harry Reid that a major insurance company was on the brink of bankruptcy sent shares of insurers MetLife (NYSE: MET), Prudential Financial (NYSE: PRU) and Hartford Financial Services (NYSE: HIG) tumbling.

Although Matrix Service (Nasdaq: MTRX) reported sharply higher first quarter earnings that topped analyst estimates, the stock price plunged when the company reported a 2% sequential fall in backlog.

Agilysys (Nasdaq: AGYS) blamed the sluggish economy for lowering its 2009 revenue guidance.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks skidded 34 points to 638.

Mid-Day Report

|

Falling factory orders along with soaring jobless claims weighed down the markets during the midday with the Dow plunging 272 points to 10,559.  Nasdaq skidded 64 points to 2005.

On the upside

Microchip Technology (Nasdaq: MCHP) and ON Semiconductor (Nasdaq: ONNN) made an unsolicited $2.3 billion offer to acquire Atmel (Nasdaq: ATML).

Capstone Turbine (Nasdaq: CPST) reported that sales of its C1000 Capstone MicroTurbine clean energy systems have surpassed expectations.

Although Micron Technology (NYSE: MU) widened fourth quarter losses, shares of the chipmaker rose on analyst comments that the company is a leader in the memory space.

On the downside

According to a Wall Street Journal article, senior executives of General Growth Properties (NYSE: GGP) have sold a total of 5.6 million shares of the real estate investment trust for approximately $112 million.

Con-way (NYSE: CNW) citied the sluggish economy for slashing its full year guidance prompting a downgrade.

Although The Shaw Group (NYSE: SGR) secured a $14.4 million Navy contract, shares of the construction company tumbled over concerns that the weak economy will weigh down revenue.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 21 points to 651.

Opening Bell Report

|

The markets opened sharply lower as jobless claims rose to a 7-year high.  The Dow slid more than 200 points to 10,610 while Nasdaq tumbled 45 points to 2024.

On the upside

Shares of Sovereign Bancorp (NYSE: SOV) and National City (NYSE: NCC) continued to rally as bargain hunters viewed regional banks as a beneficiary to the pending $700 billion financial rescue package.

United Airlines (Nasdaq: UAUA) announced plans to raise capital to boost its cash position by $275 million.

On the downside

Mosaic (NYSE: MOS), a fertilizer maker, reported results that missed expectations as investors sold off the stock.  Shares of rival Potash Corp. of Saskatchewan (NYSE: POT) also tumbled.

General Electric (NYSE: GE) priced more than half a billion shares at $22.25.  The stock promptly fell on the dilution.

A Goldman Sachs analyst downgraded Akamai (Nasdaq: AKAM) and gave a sell recommendation to the content delivery provider.

Analysts also worried that a shrinking economy may reduce trucking and shipping volume.  Shares of YRC Worldwide (Nasdaq: YRCW) and Old Dominion Freight Line (Nasdaq: ODFL) skidded.

In the broad market, declining issues outpaced advancers by a margin of 3 to 1 on the NYSE and by more than 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 7 points to 664.

Closing Bell Report

|

The markets pared its losses to close modeslty lower as Congressional leaders continued working on the bailout plan and manufacturing activity tumbled by a larger than expected amount.  The Dow lost 20 points to 10,831 while Nasdaq dropped 22 points to 2069.

On the upside

Greenwich Associates awarded Huntington Bank (Nasdaq: HBAN) three national awards for its online services, relationship managers and product capabilities as well as a regional award for overall customer satisfaction.

Optimism that lawmakers will soon succeed in passing a bailout package lifted shares of regional bank National City (NYSE: NCC).

Bank of America (NYSE: BAC) and Citigroup (NYSE: C) rose over the government's Hope for Homeowners mortgage plan to prevent foreclosures.

On the downside

Goldman Sachs downgraded Ericsson (Nasdaq: ERIC) saying that the company's earnings outlook is well below analyst expectations.

September sales for Ford (NYSE: F) excluding Volvo sales plunged 30.9% with year to date sales down 17.3%.

The continuing credit crises weighed down shares of student lender Sallie Mae (NYSE: SLM).

In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while decliners outpaced advancers by more than 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 8 points to 672.

Mid-Day Report

|

The markets traded lower during the midday as manufacturing activity tumbled to its lowest level in nearly seven years.  The Dow plunged 104 points to 10,746 while Nasdaq plummeted 31 points to 2061.

On the upside

As part of a collaboration agreement with Oxigene (Nasdaq: OXGN), Symphony Capital Partners will pay the biopharmaceutical up to $40 million to advance its pipeline of vascular disrupting agent drug candidates.

Thornburg Mortgage (NYSE: TMA) revised the terms of a $1.35 billion bailout plan after it was forced to meet unexpected demands for a tender offer.

Shares of Micron Technology (NYSE: MU) rose ahead of its earnings release.

On the downside

Goldman Sachs analyst David Chiaro downgraded Crosstex Energy (Nasdaq: XTXI) saying that cash flow will continue to drop and that the natural gas company will have problems raising capital.

Greenlight Capital Re (Nasdaq: GLRE) warned of third quarter losses due to negative returns on its investments.

Las Vegas Sands (NYSE: LVS) chief executive Sheldon G. Adelson invested $475 million of his own money into the hotel and casino operator in order to meet the maximum leverage ratio imposed by its lenders.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 13 points to 667.

Opening Bell Report

|

The markets opened lower ahead of a Senate vote on the $700 billion rescue package to stabilize the banking sector.  The Dow lost more than 100 points to 10,737 while Nasdaq dropped 19 points to 2072.

On the upside

Shares of Google (Nasdaq: GOOG) opened higher after Nasdaq corrected errant transactions during end-of-day trading yesterday that showed the stock tumbling 10%.

A Cowen & Company analyst upgraded eHealth (Nasdaq: EHTH).

On the downside

The cost of borrowing at GE Capital (NYSE: GE) rose sharply while the company lobbied lawmakers to approve the proposed $700 billion bailout.

Moody's Investors Service placed Genworth Financial (NYSE: GNW) under review for a downgrade due to a possible spin-off of its mortgage portfolio.

An analyst lowered his opinion on Houston-based electricity provider Reliant Energy (NYSE: RRI) whose shares traded near 5-year lows.

Health care products maker Johnson & Johnson (NYSE: JNJ) won a patent dispute over stent products, but rivals are expected to challenge the $1.2 billion settlement.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 9 points to 670.

About this Archive

This page is an archive of entries from October 2008 listed from newest to oldest.

September 2008 is the previous archive.

November 2008 is the next archive.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12