November 2008 Archives

Optimism For Black Friday Lifts Stocks

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A shortened trading day ended higher with the Dow climbing 102 points to 8829 with investors hopeful that sales figures from Black Friday will be better than the dismal forecasts.  Nasdaq added 3 points to 1536.

On the upside

General Motors (NYSE: GM) and Ford (NYSE: F) will present their restructuring plans to Congress next week in hopes of receiving bailout funds.

Hedge fund manager Pershing Square Capital Management increased its stake in General Growth Properties (NYSE: GGP) to 7.5% by purchasing 20.1 million shares.

Mechel OAO (NYSE: MTL) applied for government assistance citing receivables from steel makers of 3.2 billion roubles.

On the downside

Callon Petroleum (NYSE: CPE) cited cost overruns and lower commodity prices for suspending its Entrada Field development project.  Analysts promptly downgraded the stock.

Panasonic (NYSE: PC) blamed disappointing sales and steep discounting for slashing its full year outlook by 90%.

Charming Shoppes (Nasdaq: CHRS) announced a restructuring plan that will save between $100 million to $125 million over two years through job cuts and the closure of 100 stores.

In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on both the NYSE and  on Nasdaq.  The Russell 2000 which tracks small cap stocks added 4 points to 473.

Retailers extended their hours and offered sharply discounted deals in order to attract shoppers on Black Friday, the first shopping day after the Thanksgiving holiday.  The Dow edged up 3 points to 8729 while Nasdaq dropped 11 points to 1521.

On the upside

Most retailers reported brisk Black Friday traffic, but analysts warned about the overall holiday sales scenario.  Shares of Sears Holdings (Nasdaq: SHLD) and Gap (NYSE: GPS) edged higher.

Investor and board member Carl Icahn bought nearly 7 million additional shares of Yahoo (Nasdaq: YHOO) bringing his total stake to 75.6 million or 5.5% of the Internet portal.

Shares of Cooper Industries (NYSE: CBE) edged higher despite an analyst warning of slowing growth in demand for its electrical products and tools.

On the downside

Online retailers prepared for Cyber Monday, many offering special deals and free shipping options which may cut into margins.  Shares of Amazon.com (Nasdaq: AMZN) and Blue Nile (Nasdaq: NILE) edged lower.

Chesapeake Energy (NYSE: CHK) registered to issue and sell up to $1.8 billion of stock.

Oil shipper Frontline (NYSE: FRO) posted higher revenues, but its profit results missed expectations.   Meanwhile, the company reported the need of additional funds to complete a full financing of its new vessel building commitment.

In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and by nearly 3 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 6 points to 462.

U. S. Markets Closed

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U. S. markets are closed in observance of the Thanksgiving holiday.

Confidence In Obama Lifts Markets

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Despite bleak economic reports, the markets surged to close sharply higher as investors gain confidence in President-elect Obama's economic team and stimulus plan.  The Dow leaped 247 points to 8727 while Nasdaq soared 67 points to 1532.

On the upside

In a pretrial ruling, a judged determined that several chipmakers violated patents held by Rambus (Nasdaq: RMBS) covering computer memory.

Shares of DryShips (Nasdaq: DRYS) surged after Motley Fool spotlighted the drybulk carrier as attractively valued.

Activision Blizzard (Nasdaq: ATVI) introduced its official National Professional Paintball League Championship 2009 game for the Xbox 360, Playstation and Wii.

The Treasury Department infused American International Group (NYSE: AIG) with $40 billion in exchange for preferred stock and warrants to purchase common shares.

A new study found that Apple's iPhone (Nasdaq: AAPL) is more reliable than Research in Motion's (Nasdaq: RIMM) BlackBerry with the BlackBerry experiencing a failure rate twice that of the iPhone.


On the downside

Pimco California Municipal Income Fund II (NYSE: PCK) warned that the economic downturn may force the fund to delay paying its November dividend.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks rocketed 26 points to 469.

The markets advanced during the midday after President-elect Obama reassured investors that he will implement a plan to address the economic crisis on his first day in office.  The Dow climbed 92 points to 8571 while Nasdaq surged 43 points to 1508.

On the upside

Dell (Nasdaq: DELL) announced that it will offer large corporate clients as well as certain smaller businesses zero percent financing.  The computer company will also lower prices on some products.

Shares of General Motors (NYSE: GM) and Ford (NYSE: F) rose after Deutsche Bank analyst Rod Lache said that a federal bailout of automakers is becoming more likely.


On the downside

The deal to privatize Canadian telecom BCE (NYSE: BCE) may not close due to solvency issues.

J. Crew (NYSE: JCG) reported lower third quarter earnings and cut its full year outlook prompting a downgrade.

Borders Group (NYSE: BGP) widened third quarter losses and announced that it will no longer sell itself.

Andersons (NYSE: ANDE) blamed the volatile plant-nutrient sector for slashing its full year outlook.  

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 12 points to 455.

Weekly initial jobless claims fell slightly, but remained at recessionary levels.  Consumer spending fell 1% in October which was worse than expected.  The Dow lost 70 points to 8412 while spending cutbacks at technology companies lifted Nasdaq which rose 5 points to 1469.

On the upside

Korea-based banks rallied with shares of Shinhan Financial Group (NYSE: SHG) and Kookmin Bank (NYSE: KB) surging.

Companies are hibernating over the holidays in order to save money.  Cisco Systems (Nasdaq: CSCO) will shut down for 4 days while Hewlett-Packard (NYSE: HPQ) will close its offices for two weeks.


On the downside

Title insurer LandAmerica Financial Group (NYSE: LFG) filed for bankruptcy protection.  Fidelity National Financial (NYSE: FNF) recently withdrew a $126 million stock offer to buy the company and instead will buy two of its solvent underwriting units for $139 million.  Chicago Title Insurance Co will buy LandAmerica's Commonwealth Land Title Insurance Co for $158 million.

Deere & Co. (NYSE: DE) posted lower profits despite higher machinery sales.  However, its outlook for 2009 was for flat sales due to a recent drop in commodity prices.

Tiffany & Co. (NYSE: TIF) reported 3rd quarter earnings that beat estimates with international sales offsetting weakness in the U.S. market.  The luxury goods retailer lowered its guidance for the year and warned of possible job cuts.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 5 to 4  on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped 2 points to 440.

Dow Advances For Third Straight Day

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The Dow advanced for the third day in a row by gaining 36 points to 8479 as consumer confidence unexpectedly rose in November and the government introduced two new programs which will provide $800 billion in loans.  Nasdaq lost 7 points to 1465.

On the upside

Stifel Nicolaus analyst David Ross upgraded YRC Worldwide (Nasdaq: YRCW) after the trucking company announced plans to pay down some debt with a tender offer.

China Sunergy (Nasdaq: CSUN) swung to a profit for the third quarter as revenue surged.

Bargain hunters lifted shares of Life Time Fitness (NYSE: LTM).


On the downside

RBC Capital Markets analyst Robert Breza lowered his earnings estimate for Symantec (Nasdaq: SYMC) and cut his price target for the security software provider.

Cisco Systems (Nasdaq: CSCO) announced plans to cut more than $1 billion in expenses by shuttering most of its offices in the United States and Canada for five days.

Starbucks (Nasdaq: SBUX) warned that sales will continue to fall through fiscal 2009 due to the stagnant economy.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE while decliners edged out advancers by more than 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped 2 points to 434.

Despite an unexpected gain in consumer confidence, the markets traded lower during the midday with the Dow falling 48 points to 8395 as investors digested the announcement of two more government bailout programs that will cost taxpayers $800 billion.  Nasdaq tumbed 25 points to 1447.

On the upside

Nuance Communications (Nasdaq: NUAN) reported sharply higher fourth quarter earnings that surpassed analyst estimates as revenue surged.

UAL (Nasdaq: UAUA), parent company of United Airlines, announced that mainline passenger-unit revenue is expected to increase 2% to 4% in the fourth quarter.

UBS upgraded Lennar (NYSE: LEN) citing the significant drop in the home builder's stock price since summer.


On the downside

Although third quarter earnings for SKillSoft (Nasdaq: SKIL) rose as expenses dropped, the e-learning services provider lowered its full year revenue guidance.

Friedman Billings downgraded Staples (Nasdaq: SPLS).

Hewlett-Packard (NYSE: HPQ) disappointed with lower fourth quarter earnings despite higher revenue.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE while decliners edged out advancers by more than 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped 2 points to 434.

The U.S. government announced plans to support $800 billion worth of mortgage-backed securities.   However, investors continued to worry about the shrinking economy and falling home prices.  The Dow rose more than 100 points to 8547 while Nasdaq slipped 2 points to 1469.

On the upside

The financial sectors continued to rally with shares of Citigroup (NYSE: C), Wells Fargo (NYSE: WFC) and JPMorgan Chase (NYSE: JPM) opening higher.

The Wall Street Journal reported that Google (Nasdaq: GOOG) was planning to cut back its pool of contract workers.

D.R. Horton (NYSE: DHI) posted falling revenues and more than $800 million in losses due to slower home sales.  The results beat lowered expectations.


On the downside

Due to falling commodity prices, BHP Billiton (NYSE: BBL), the world's biggest mining company, scrapped a hostile $68 billion takeover bid for rival Rio Tinto (NYSE: RTP).

Jewelry retailer Zale Corp. (NYSE: ZLC) posted a wider loss and withdrew its full-year earnings guidance due to the uncertainty of the overall economy.

Shares of Research in Motion (Nasdaq: RIMM) failed to join the rally as analysts worried that strong initial sales of its Storm smartphone still faced headwind from weak consumer and business spending.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 7 to 6 on Nasdaq.  The Russell 2000 which tracks small cap stocks edged up a point to 438.

Markets Surge Over Citigroup Bailout

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Investors encouraged by the government's $20 billion bailout of Citigroup lifted the markets to a sharply higher close with the Dow rocketing 397 points to 8443.  Nasdaq leaped 88 points to 1472.

On the upside

The United Kingdom Home Office announced that it will purchase 10,000 of TASER International's (Nasdaq: TASR) Electronic Control Devices after a pilot program ended successfully.  TASER also announced that the Los Angeles Police Department ordered 1,275 devices along with related accessories.

Microsoft (Nasdaq: MSFT) advertising unit Massive expanded its relationship with game publisher THQ (Nasdaq: THQI) to be the exclusive in-game ads provider for PC games and Xbox games.

Stifel Nicolaus upgraded Qualcomm (Nasdaq: QCOM).

The government's $20 billion bailout of Citigroup (NYSE: C) lifted shares of Wells Fargo (NYSE: WFC) and JPMorgan Chase (NYSE: JPM).

On the downside

Last week, Tween Brands (NYSE: TWB) reported that it swung to a loss for the third quarter, withdrew its second half earnings outlook and delayed offering a fourth quarter guidance as well as a full year forecast.

Although Nielsen Media Research reported that television viewing is increasing, time shifting with the growing use of digital video recorders is affecting advertising rates.  Shares of media company Time Warner (NYSE: TWX) fell.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks soared 30points to 437.

Citigroup's Bailout Boosts Markets

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Optimism that the federal government's bailout of Citigroup will build confidence in the financial services sector boosted the markets higher during the midday with the Dow leaping 263 points to 8309.  Nasdaq jumped 53 points to 1438.

On the upside

Shares of BlackBerry maker Research In Motion (Nasdaq: RIMM) rose with the successful launch of the touch screen BlackBerry Storm.

JPMorgan analyst Mark Moskowitz lifted his sales estimates for Apple's (Nasdaq: AAPL) latest notebooks and raised his earnings estimates for the current quarter.

AT&T (NYSE: T) launched its AT&T U-verse TV and High Speed Internet services in Toledo.

Jefferies & Co. analyst Jeff Farmer ugraded Buffalo Wild Wings (Nasdaq: BWLD) citing the restaurant's valuation.

On the downside

A class action lawsuit was filed against PharmaNet Development Group (Nasdaq: PDGI) alleging that the company artificially inflated the price of its stock through false statements.

A Barron's article suggested that National Financial Partners (NYSE: NFP) will not find a suitor to acquire the insurer and that its stock price is not likely to rebound any time soon.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 17 points to 424.

Citigroup Bailout Lifts U.S. Markets

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Stocks rallied on news of the U.S. government's decision to invest $20 billion into Citigroup and to guarantee $306 billion of the troubled bank's riskiest assets.  The Dow surged nearly 200 points to 8228 while Nasdaq leaped 35 points to 1420.

On the upside

Shares of Citigroup (NYSE: C) surged more than 50% and lifted the entire financial services sector, including Morgan Stanley (NYSE: MS) and Bank of America (NYSE: BAC).

An analyst felt that Dover Downs Gaming & Entertainment (NYSE: DDE) will benefit from legalized sports betting in Delaware.

Johnson & Johnson (NYSE: JNJ) offered $438 million in cash to buy Omrix Biopharmaceuticals (Nasdaq: OMRI) to add to its surgical products business.

The alternative energy sector continued to rally on hopes of strong support by the Obama administration.  Shares of SunPower (Nasdaq: SPWRA) and First Solar (Nasdaq: FSLR) surged.

On the downside

Shares of LandAmerica Financial Group (NYSE: LFG) collapsed after Fidelity National Financial (NYSE: FNF) called off a deal to acquire the title insurer.

Shares of Google (Nasdaq: GOOG) edged lower after Bernstein Research cut price targets for U.S. Internet companies.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 5 points to 412.

Reports that President-elect Barack Obama will name New York Federal Reserve President Timothy Geithner to the position of Treasury Secretary sent the markets soaring to a sharply higher close with the Dow rocketing 494 points to 8046.  Nasdaq leaped 68 points to 1384.

On the upside

YRC Worldwide (Nasdaq: YRCW) must take a charge between $7 million to $10 million in the fourth and first quarter to collateralize its remaining unencumbered assets.

Stillwater Mining (NYSE: SWC) opened discussions with the United Steel Workers regarding the company's restructuring plan prompting an upgrade.

Higher gold prices lifted shares of Newmont Mining (NYSE: NEM), Barrick Gold (NYSE: ABX) and Gold Fields (NYSE: GFI).

American Axle & Manufacturing (NYSE: AXL) declared a quarterly dividend of 2 cents per share payable on December 29 to shareholders of record December 8.

On the downside

A hedge fund sold shares of Media General (NYSE: MEG) lowering its stake from over 18% down to 16.67%.

Renewed concerns about the health of the financial services industry weighed down shares of JPMorgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC).

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 21 points to 407.

The markets retreated from early morning highs but continued to trade modestly higher with the Dow gaining 29 points to 7581 as investors searched for bargains.  Nasdaq added 2 points to 1318.

On the upside

The Food and Drug Administration approved the blood clotting drug Promacta which was jointly developed by GlaxoSmithKline (NYSE: GSK) and Ligand Pharmaceuticals (Nasdaq: LGND).

AngloGold Ashanti (NYSE: AU) refinanced a convertible bond with a $1 billion loan through Standard Chartered Bank.

As part of its restructuring plan, USG (NYSE: USG) will shutter several wallboard plants to reduce capacity by 1 billion square feet.

On the downside

KeyCorp (NYSE: KEY) slashed its fourth quarter dividend prompting RBC Capital Markets analyst Gerard Cassidy to lower his earnings estimate and price target for the regional bank.

Crystal River Capital (NYSE: CRZ) blamed impairment charges for reporting a loss for the third quarter.

Although Dell (Nasdaq: DELL) reported third quarter per share earnings that topped estimates, sales disappointed.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 4 on the NYSE and by nearly 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 3 points to 382.

Stocks Open Higher on Cautious Buying

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The markets stabilized as bargain hunters looked for oversold stocks.  Meanwhile, gasoline prices fell below $2 a gallon.  The Dow rose 77 points to 7629 while Nasdaq jumped 21 points to 1334.

On the upside

Citigroup (NYSE: C) announced plans to sell pieces of itself or in a whole.  The stock edged higher after sinking below $5 a share yesterday.

Bank of New York Mellon (NYSE: BK) announced plans to cut 1800 jobs or 4% of its workforce in order to cut expenses.

Wal-Mart Stores (NYSE: WMT) named a successor to Lee Scott, the company CEO.   Mike Duke is currently head of its international division.

On the downside

Shares of Foot Locker (NYSE: FL) lost their footing after missing 3rd quarter profits expectations while the outlook for the shoe and apparel company dimmed.

Design software maker Autodesk (Nasdaq: ADSK) projected lower 4th quarter earnings versus year-ago levels.

Chemical maker Celanese (NYSE: CE) withdrew its guidance for the year due to weak global demand, particularly in Asia.  Analysts promptly downgraded the stock.

In the broad market, advancing issues outpaced decliner by a margin of more than 5 to 3 on the NYSE and by 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks added a point to 386.

In yet another volatile trading day, the markets ending sharply lower with the Dow collapsing 445 points to 7552 as jobless claims surged.  Nasdaq skidded 70 points to 1316.

On the upside

Shares of Ford Motor (NYSE: F) and General Motor (NYSE: GM) rose after Congress avoided a likely defeat of a $25 billion auto industry bailout package by requiring the Big Three to develop a viable business plan.

Ambac Financial (NYSE: ABK) reduced its liabilities by paying $1 billion to cancel four contracts that covered collateralized debt valued at $3.5 billion.

Cantor Fitzgerald initiated coverage of Essex Property Trust (NYSE: ESS) with a Buy rating.

On the downside

Clearwire's (Nasdaq: CLWR) shareholders approved a deal to merge with Sprint Nextel's (NYSE: S) wireless broadband network by the end of the year.

Helix Energy Solutions (NYSE: HLX) issued a press release stating that the company is unaware of the reason for the recent drop in its stock price and affirmed the company's commitment to generating stockholder value.

Quicksilver Resources (NYSE: KWK) approved a a 2009 capital budget of $600 million.


In the broad market, declining issues overwhelmed advancers by a margin of 10 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 27 points to 385.

Falling Gas Prices Lift Markets

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The markets staged a midday rebound with the Dow gaining 62 points to 8059 as gasoline prices tumbled.  Nasdaq rose 12 points to 1398.

On the upside

Student lender Sallie Mae (NYSE: SLM) will hire 1,100 workers for a new credit operations center in Delaware.

US Airways Group (NYSE: LCC) will reinstate the preferred bonus miles and preferred minimum miles for some of the airliners frequent fliers.

On the downside

A Food and Drug Administration panel voted against Targanta Therapeutics' (Nasdaq: TARG) injectable antibiotic oritavancin.

JP Morgan analyst Jonathan B. Chappell downgraded Eagle Bulk Shipping (Nasdaq: EGLE) saying that low ship leasing rates may lead to the breaching of loan agreements.

Analysts lowered their earnings estimates for Flextronics International (Nasdaq: FLEX) and cut their price target citing the weak economy.

JP Morgan Securities downgraded VeriFone Holdings (NYSE: PAY) after the company lowered its fourth quarter forecast.


In the broad market, declining issues overwhelmed advancers by a margin of 7 to 2 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 6 points to 407.

The number of new unemployment claims jumped to a 16-year high as investors continued to sell stocks.  Meanwhile, oil prices fell below $50 a barrel.  The Dow lost nearly 150 points to 7848 while Nasdaq gave up 20 points to 1365.

On the upside

PetSmart (Nasdaq: PETM) posted solid 3rd quarter results that beat expectations and remained cautiously optimistic about its outlook for the rest of the year.

Gymboree (Nasdaq: GYMB) reported higher profits to surpass Wall Street estimates.  Analysts promptly upgraded the children's apparel retailer.

On the downside

A Saudi prince boosted his stake in Citigroup (NYSE: C) to 5%, but the troubled banking giant was unable to buck the trend across the financial services sector.  Shares of JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) fell to multi-year lows.

China-based Suntech Power Holdings (NYSE: STP) posted higher 3rd quarter profits, but lowered its revenue forecast due to unfavorable currency rates and weak credit markets.

Shares of home nursing company Amedisys (Nasdaq: AMED) tumbled after an analyst downgraded the stock on worries of patients not paying their bills.

Woodward Governor (Nasdaq: WGOV) reported profits that met expectations, but analysts worried about a weak global economy impacting sales of the company's energy component systems.

In the broad market, declining issues overwhelmed advancers by a margin of more than 5 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 6 points to 406.

The Dow Jones Industrial Average slumped below 8,000 for the first time in five years as the Fed lowered its economic activity projections for this year as well as next year.  The blue chip index skidded 427 points to 7997 while Nasdaq collapsed 97 points to 1386.

On the downside

Although GenVec (Nasdaq: GNVC) reported upbeat trial results for its pancreatic cancer treatment, analysts were concerned about a rising hazard ratio in subsequent studies.

Lincoln National (NYSE: LNC) will not raise common equity and has requested permission to acquire individual savings and loans in order to qualify for the $700 billion capital infusion program.

Standard & Poor's Ratings Services downgraded Ambac Financial's (NYSE: ABK) bond insurance unit and debt ratings.

Concerns that Hartford Financial (NYSE: HIG) may be exposed to significant losses from mortgage investments weighed down shares of the insurer.

Reddy Ice Holdings (NYSE: FRZ) warned that it may be delisted from the NYSE after it's market capitalization dropped below $75 million for 30 consecutive trading days.

La-Z-Boy (NYSE: LZB) widened second quarter losses as revenue tumbled prompting the furniture maker to announce the elimination of 850 positions.


In the broad market, declining issues overwhelmed advancers by a margin of more than 11 to 1 on the NYSE and by nearly 8 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks sank 35 points to 412.

Recession Fears Weigh Down Markets

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Record drops in consumer prices and housing starts stoked recessionary fears to weigh down the markets during the midday with the Dow plunging 208 points to 8216.  Nasdaq skidded 48 points to 1436.

On the upside

Louisiana-Pacific (NYSE: LPX) eliminated 200 jobs and cut expenses prompting an upgrade.

Bristow Group (NYSE: BRS) declared a quarterly dividend of 68.75 cents per share of Mandatory Convertible Preferred Stock payable on December 15 to shareholders of record December 1.

The Food and Drug Administration approved Teva Pharmaceutical's (Nasdaq: TEVA) generic version of AstraZeneca's (Nasdaq: AZN) asthma drug Pulmicort.

On the downside

JP Morgan downgraded Century Aluminum (Nasdaq: CENX) saying that the company's cost cutting measures will not be enough to counter sharply lower aluminum prices.

Although Genesco (NYSE: GCO) preannounced higher third quarter earnings as sales rose, the baseball cap maker warned that same store sales will drop in the fourth quarter.

Citi Investment Research analyst Joshua Shanker downgraded reinsurer Ace (NYSE: ACE) citing potential losses from variable annuities.

In the broad market, declining issues outpaced advancers by a margin of 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 16 points to 432.

Consumer prices fell in October raising new worries about deflation that may hurt corporate earnings.  Meanwhile, new housing starts dropped to a record low.  The broad market was mostly lower, but the Dow added 21 points to 8445 while Nasdaq rose 4 points to 1487.

On the upside

Home Depot (NYSE: HD) posted 3rd quarter results that beat expectations.  Analysts promptly upgraded the stock and that of rival Lowe's (NYSE: LOW).

Medtronic (NYSE: MDT) reported lower sales and profits due to legal expenses and unfavorable currency rates.  However, analysts remained optimistic about the medical device maker's outlook.

An analyst upgraded Sanderson Farms (Nasdaq: SAFM) with chicken prices expected to recover.


On the downside

Shares of Citigroup (NYSE: C) fell to another multi-year low after an analyst warned of wider losses.  The banking giant also announced plans to buy $17.4 billion of assets held by structured investment vehicles that it advised.

Auto makers continued to make their case to persuade Congress to lend $25 billion.  Shares of General Motors (NYSE: GM) and Ford (NYSE: F) fell to multi-decade lows.

Arbitron (NYSE: ARB) lost a contract with two radio broadcasters that would affect its ability to meet revenue targets.

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 2 points to 445.

The markets closed higher despite a record drop in wholesale prices as Federal Reserve Chairman Ben Bernanke testified before the House Financial Services committee that the credit markets may be improving.  The Dow surged 151 points to 8425 while Nasdaq added a point to 1483.

On the upside

Keefe Bruyette upgraded Chimera Investment (NYSE: CIM).

Conseco (NYSE: CNO) successfully completed the transfer of Senior Health Insurance Company of Pennsylvania to an independent trust.

On the downside

Shares of Amazon (Nasdaq: AMZN) tumbled as the growth of online sales drastically slowed with the slumping economy.

Stanford Research downgraded Digital River (Nasdaq: DRIV).

DivX (Nasdaq: DIVX) lowered its outlook after Yahoo (Nasdaq: YHOO) pulled out of a two year advertising deal.  The video technology company sued Yahoo for breach of contract.

Although ReneSola (NYSE: SOL) reported higher third quarter results that topped estimates, the solar wafer maker forecast full year revenue below expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 4 points to 448.

The markets continued to advance during the midday with the Dow soaring 170 points to 8444 after Federal Reserve Chairman Ben Bernanke testified before Congress that the credit markets may be improving.  Nasdaq climbed 8 points to 1490.

On the upside

BB&T Capital Markets upgraded Chiquita Brands International (NYSE: CQB).

Shares of Research in Motion (Nasdaq: RIMM) climbed ahead of the release of its first touch screen BlackBerry Storm on Friday.

Third quarter earnings for Home Depot (NYSE: HD) tumbled due to the weakening economy but the results topped analyst estimates.


On the downside

Microchip Technology (Nasdaq: MCHP) and ON Semiconductor (Nasdaq: ONNN) withdrew their unsolicited bid to acquire Atmel (Nasdaq: ATML).

Saks Fifth Avenue (NYSE: SKS) blamed the sluggish economy for posting a wider than expected loss for the third quarter.

Corning (NYSE: GLW) lowered its outlook for the fourth quarter and withdrew its full year 2009 guidance as demand for glass used to make flat screen televisions and computers tumbled amidst the weakening economy.

In the broad market, advancing issues outpaced decliners by a slim margin on the NYSE and by more than 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 6 points to 457.

Investors mulled over mixed economic data as October wholesale prices fell which may signal a deflationary trend.   The Dow opened higher rising 25 points to 8298 while the tech-heavy Nasdaq climbed 8 points to 1490.

On the upside

Hewlett-Packard (NYSE: HPQ) boosted its earnings outlook running counter to other technology companies that have slashed their forecasts.

The founder and CEO of Yahoo (Nasdaq: YHOO) will step aside as soon as a successor is selected.

IDM Pharma (Nasdaq: IDMI) received European recommendation for approval of its osteosarcoma treatment.


On the downside

Shares of XTL Biopharmaceuticals (Nasdaq: XTLB) collapsed after the company reported failed clinical trials for its drug treatment of diabetic neuropathic pain.

China-based Ctrip.com (Nasdaq: CTRP) posted higher revenues and earnings, but investors sold off on the travel service provider due to worries about weak demand for leisure travel in a worsening global economy.

Automotive companies pleaded for aid from Washington as shares of General Motors (NYSE: GM) and Ford (NYSE: F) drifted lower.


In the broad market, declining issues outpaced advancers by a slim margin on the NYSE, but were edged out slightly on Nasdaq.  The Russell 2000 which tracks small cap stocks added a point to 453.

Disappointing earnings and corporate layoffs weighed down the markets to a sharply lower close with the Dow plummeting 224 points to 8274.  Nasdaq skidded 35 points to 1482.

On the upside

Art Technology Group (Nasdaq: ARTG) launched the latest version of its comprehensive, flexible and scalable e-commerce software ATG Commerce Suite 9.

Third quarter earnings for Lowe's (NYSE: LOW) fell as consumers cut spending but the results topped analyst estimates.

Las Vegas Sands (NYSE: LVS) raised $2.1 billion after completing its offering of common stock, preferred stock and warrants.


On the downside

China's state television network reported that search engine Baidu.com (Nasdaq: BIDU) may have sold ads to unlicensed health clinics.

Sun Microsystems (Nasdaq: JAVA) will eliminate 5,000 to 6,000 jobs.

Charles Schwab (Nasdaq: SCHW) merged its institutional branch with its corporate and retirement services unit but there will be no cost savings or headcount changes.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 5 points to 451.

Despite disappointing earnings, bargain hunters lifted the markets modestly higher during the midday with the Dow rising 24 points to 8521.  Nasdaq added 5 points to 1522.

On the upside

Shares of General Motors (NYSE: GM) rose as Congress hashes out a bailout plan for the automotive industry.

Reliant Energy (NYSE: RRI) will sell its electricity supply contracts in the Northeast to Hess Corp.

Shares of Research in Motion (Nasdaq: RIMM) rose even as Barclays Capital slashed its price target from $90 to $60 for the Blackberry maker.


On the downside

Bank of America (NYSE: BAC) will increase its stake in China Construction Bank to 19.1%.  Bank of America cannot sell these shares until August 29, 2011 without the consent of China Construction.

UBS analyst Brian MacArthur downgraded Alcoa (NYSE: AA), cut his price target on the aluminum maker and trimmed earnings estimates due to lower production and weak market conditions.

Analysts from Citigroup and Bernstein Research expect Goldman Sachs (Nasdaq: GS) to post significant losses for the fourth quarter.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 5 points to 462.

Investors faced job losses in the financial services sector and better than expected industrial output last month while analysts mulled over the exact start date of the current recession.  The Dow lost 126 points to 8371 while Nasdaq dropped 20 points to 1496.

On the upside

Target (NYSE: TGT) posted lower profits that beat expectations as the retailer adjusted its product mix to reflect consumer demand for more affordable products.  The company announced plans to suspend nearly all of its share buybacks and cut capital spending.

Home improvement chain Lowe's (NYSE: LOW) reported lower 3rd quarter earnings that beat forecasts.  Overall revenues increased while same-store sales fell.

Insurer Genworth Financial (NYSE: GNW) applied to become a savings and loan in order to become eligible for funds under the government's $700 billion bank rescue package.  The company recently acquired a small community bank.


On the downside

United Therapeutics (Nasdaq: UTHR) announced that a late-stage study of its hypertension drug failed to product results.

Citigroup (NYSE: C) announced cuts of up to 20% of its global workforce in order to bring down its costs.   Meanwhile, the company's executives are unlikely to receive a bonus for this year.

A Piper Jaffray analyst lowered his outlook of global handset sales for the year and 2009.  Shares of Apple (Nasdaq: AAPL) and Research in Motion (Nasdaq: RIMM) fell.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by 3 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped 2 points to 454.

Volatile Trading Ends Sharply Lower

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Another volative trading day ended sharply lower with the Dow plummeting 338 points to 8497 despite falling oil and gas prices as retail sales post a record drop.  Nasdaq slumped 80 points to 1517.

On the upside

Hartford Financial Services Group (NYSE: HIG) will pay $10 million to acquire Federal Trust.  The financial services firm also applied to become a savings and loan holding company in order to be eligible to participate in the government's Capital Purchase Program.

The Treasury Department gave preliminary approval to The South Financial Group's (Nasdaq: TSFG) application to take part in the Capital Purchase Program.

MYR Group (Nasdaq: MYRG) impressed with sharply higher third quarter earnings as revenue surged.


On the downside

A report indicating disappointing sales of music genre video games sent shares of "Guitar Hero" publisher Activision Blizzard (Nasdaq: ATVI) tumbling. 

In an effort to cut expenses, Micron Technology (NYSE: MU) requested that all its employees take up to twelve days off during the holidays.

Fox-Pitt Kelton analyst David Trone said that Morgan Stanley (NYSE: MS) will most likely report a loss for the fourth quarter as revenue tumbles.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by nearly 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks collapsed 35 points to 457.

The largest drop in retail sales on record sent the markets tumbling during the midday with the Dow slumping 304 points to 8532.  Nasdaq plummeted 66 points to 1531.

On the upside

Analyst firm Gartner named Dell (Nasdaq: DELL) to its "Leaders Quadrant" for Midrange Enterprise Disk Arrays saying that Dell's EqualLogic product line is easy to install and offers automatic load balancing among multiple nodes.

Bargain hunters lifted shares of Crocs (Nasdaq: CROX), which tumbled yesterday after the plastic shoe maker reported sharp third quarter losses and warned of more losses in the fourth quarter.


On the downside

MedCath (Nasdaq: MDTH) blamed higher expenses for lower fourth quarter earnings that fell fall short of expectations. 

Orient-Express Hotels (NYSE: OEH) will sell 8.49 million common shares directly to selected investors in order to raise $55 million.

Solera Holdings (NYSE: SLH) will sell 4.5 million shares of common stock to raise $90 million.

Nokia (NYSE: NOK) blamed the global economic downturn for lowering its fourth quarter guidance.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 25 points to 466.

Stocks Sink as Economic Woes Linger

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The markets opened lower as investors took profits due to continued worries about the global economy.  Oil prices dropped to the $58 a barrel level.  The Dow lost nearly 200 points to 8675 while Nasdaq lost 40 points to 1555.

On the upside

China-based Fuqi International (Nasdaq: FUQI) posted higher jewelry sales and posted results that beat expectations.

Shares of bond insurer Assured Guaranty (NYSE: AGO) rose after the company announced the purchase of the insurance business of Financial Security Assurance Holdings from Belgian-French financial services group Dexia SA for $722 million.


On the downside

Retailers continued to struggle with Department-store operator J.C. Penney (NYSE: JCP) posting profits that fell in half and lowering its 4th quarter outlook.

Chip maker Cypress Semiconductor (NYSE: CY) joined the rest of the semiconductor industry to lower its 4th quarter outlook due to slowing demand for its products.

Sun Microsystems (Nasdaq: JAVA) announced job cuts of to 6000 positions in order to cut costs.

Boeing (NYSE: BA) announced a delay in the production and delivery of 747-8 freighter and intercontinental airplanes.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 20 points to 470.

Bargain Hunters Boost Markets

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Bargain hunters lifted the markets in late afternoon trading with the Dow rocketing 553 points to 8835.  Nasdaq leaped 97 points to 1597.

On the upside

EBay (Nasdaq: EBAY) vendor Eforcity became the first to receive one million positive feedback points from buyers.

Although Applied Materials (Nasdaq: AMAT) reported lower fourth quarter earnings, the results topped estimates.

Second quarter revenue for NetApp (Nasdaq: NTAP) rose to surpass analyst expectations.


On the downside

K-V Pharmaceutical (NYSE: KVA) posted a preliminary second quarter loss and withdrew its earnings and revenue guidance for 2009.

Perry Ellis International (Nasdaq: PERY) blamed disappointing consumer spending for warning that third quarter results will fall short of expectations prompting a downgrade.

TigerLogic (NYSE: TIGR) swung to a loss for the second quarter as revenue fell.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by 10 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 38 points to 491.

A surprising jump in jobless claims along with soaring foreclosure rates sent the markets tumbling with the Dow plunging 201 points to 8082.  Nasdaq skidded 44 points to 1456.

On the upside

The Food and Drug Administration accepted additional data provided by AMAG Pharmaceuticals (Nasdaq: AMAG) for the company's anemia treatment ferumoxytol.

As part of its plan to reduce its workforce and lower long term expenses, Sprint Nextel (NYSE: S) announced that it will offer voluntary buyouts to employees.

ProLogis' (NYSE: PLD) new chief executive Walter Rakowich unveiled a plan to increase liquidity and reduce risk.


On the downside

AgFeed Industries (Nasdaq: FEED) blamed lower hog prices along with an increase in supply for third quarter earnings that fell short of estimates.  The company cut its full year guidance.

Wellcare Health Care Plans (NYSE: WCG) does not know when it will be able to file past quarterly financial reports.

Colonial BancGroup (NYSE: CNB) applied to participate in the federal government's capital purchase plan.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by more than 7 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 19 points to 434.

The major indexes edged higher, but the broad market was under pressure as investors remained cautious about the economy and unemployment.  Crude oil traded at $56 a barrel.  The Dow rose 72 points to 8356.  Nasdaq added 9 points to 1508.

On the upside

Shares of Intel (Nasdaq: INTC) edged higher after the chip giant scaled back sales projections for the current quarter.

Las Vegas Sands (NYSE: LVS) announced plans to let go up to 11,000 workers in Macau after resort projects were halted.

Commercial real estate services firm CB Richard Ellis Group (NYSE: CBG) priced an offering to raise $180 million.


On the downside

Wal-Mart Stores (NYSE: WMT) posted higher 3rd quarter profits, but lowered its outlook for the holiday season due to the weak economy.

Shares of Crocs (Nasdaq: CROX) lost nearly half its value after the shoe maker posted sharply lower 3rd quarter sales.

Dr Pepper Snapple Group (NYSE: DPS) reported lower 3rd quarter profits that missed estimates as the beverage maker offered lower guidance for the year.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on both the NYSE and  Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 5 points to 458.

Disappointing earnings news along with the Treasury Department's announcement that purchasing bad mortgages from banks will not be part of the government's $700 billion bailout package sent the markets into a tailspin with the Dow skidding 411 points to 8283.  Nasdaq plummeted 82 points to 1499. 

On the upside

Frontier Financial (Nasdaq: FTBK) applied to participate in the government's Capital Purchase Program.

Charlotte Russe (Nasdaq: CHIC) shareholders KarpReilly Capital Partners and H.I.G. Capital offered approximately $198.6 million to acquire the women's apparel retailer.

Hutchison Telecommunications (Nasdaq: HTX) reported that it increased its user base to 11.2 million subscribers in the third quarter.


On the downside

United Airlines (Nasdaq: UAUA) reported that its revenue passenger miles tumbled 9.7% in October while its available seat miles plunged 9.9%.

Teck Cominco (NYSE: TCK) must sell its gold assets in order to repay a bridge loan it used to finance the mining company's acquisition of Fording Canadian Coal Trust.

Although KHD Humboldt Wedag International (NYSE: KHD) reported higher third quarter income, the company warned that the challenging global economic situation has forced the company to focus on sustaining equity rather than growth.

In the broad market, declining issues overwhelmed advancers by a margin 10 to 1 on the NYSE and by 6 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks slumped 29 points to 453.

Government Will Not Buy Bad Mortgages

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The markets extended its losses during the midday after Treasury Secretary Henry Paulson announced that the federal government will not purchase bad mortgages from banks as part of the $700 billion bailout package.  Dow slumped 278 points to 8416 while Nasdaq plunged 40 points to 1541. 

On the upside

Lear chief executive Robert Rossiter (NYSE: LEA) 225,000 shares of the auto parts supplier saying that the stock was undervalued.

Lawn and garden care products company Scotts Miracle-Gro (NYSE: SMG) announced that it is in discussions to supply retailers with fertilizer products after Spectrum Brands (NYSE: SPC) exits the fertilizer business in January.

Although PHH (Nasdaq: PHH) widened third quarter loss due to a goodwill charge, revenue rose.


On the downside

StemCells (Nasdaq: STEM) will raise approximately $20 million through the sale of 13.8 million shares of common stock to institutional investors.

Solar cell maker JA Solar Holdings (Nasdaq: JASO) blamed its third quarter loss to losses related to the bankruptcy filing of Lehman Brothers.

ProLogis (NYSE: PLD) cut its dividend as part of its plan to conserve capital and announced the departure of chief executive and chairman Jeffrey Schwartz.

In the broad market, declining issues outpaced advancers by a margin nearly 6 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 12 points to 471.

Major retailers reported disappointing sales as consumers remained unwilling to spend.  The Dow continued to sell off this morning dropping nearly 150 points to 8545.  Nasdaq lost 26 points to 1554. 

On the upside

Shares of General Motors (NYSE: GM) and Ford (NYSE: F) edged higher on hopes that Washington is supportive of a bailout of the auto industry.

Argentina-based online auctioneer MercadoLibre (Nasdaq: MELI) posted higher 3rd quarter revenues and earnings that doubled from year-ago levels.

Concur Technologies (Nasdaq: CNCR) reported higher revenues and profits.  The corporate expense-management software maker also boosted its outlook for 2009.


On the downside

After transforming into a bank on Monday, American Express (NYSE: AXP) is requesting about $3.5 billion from the government to shore up its balance sheet.

Shares of nutritional-supplement maker and retailer NBTY (NYSE: NTY) tumbled after the company posted lower 4th quarter earnings due to higher costs.

Electronics retailer Best Buy (NYSE: BBY) lowered its 2009 outlook due to reduced consumer spending in the U.S. and a stronger dollar that diluted the performance of its international segment.

In the broad market, declining issues outpaced advancers by a margin nearly 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks fell 6 points to 475.

Concerns that consumers will continue to tighten their spending sent the markets tumbling to a sharply lower close with the Dow plunging 177 points to 8694.  Nasdaq plummeted 36 points to 1581. 

On the upside

Thornburg Mortgage (NYSE: TMA) swung to a profit for the third quarter as the value of some of its liabilities decreased.

Although Fox-Pitt Kelton analyst David Trone cut his earnings forecasts for Goldman Sachs (NYSE: GS), the stock price climbed.


On the downside

Goldman Sachs analyst Chris Neczypor lowered his outlook on life insurers and named Harford Financial (NYSE: HIG) as one company that will most likely require more capital.

Analysts downgraded Focus Media Holding (NYSE: FMCN) after the company warned that growth was slowing due to the global economic malaise.

Sangamo BioSciences (Nasdaq: SGMO) reported that one midstage clinical trial of its diabetic nerve pain treatment failed to improve patient nerve function.

Las Vegas Sands (NYSE: LVS) priced its stock offering of 181.8 million common shares to raise approximately $1 billion.

In the broad market, declining issues outpaced advancers 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 tumbled 11 points to 482.

Selling intensified as investors worried about eroding corporate profits and a gloomy economic outlook well into 2009.  The Dow lost 275 points to 8593 while Nasdaq fell nearly 50 points to 1568.  Meanwhile, oil prices fell to $60 a barrel.

On the upside

American Science & Engineering (Nasdaq: ASEI) posted higher revenues and earnings and announced a dividend.  The company makes X-ray inspection systems.

Hospitality Properties Trust (NYSE: HPT) reported lower 3rd quarter revenues due to lower rental income, but the results beat expectations.


On the downside

Shares of Genworth Financial (NYSE: GNW) lost half its value after its senior debt rating was downgraded by  Moody's Investors Service.

Shares of General Growth Properties (NYSE: GGP) collapsed on worries that the 2nd largest U.S. mall owner may default on upcoming debt payments.

General Motors (NYSE: GM) announced more job cuts while some analysts consider the stock worthless due to a likely bailout.

Luxury homebuilder Toll Brothers (NYSE: TOL) reported sharply lower revenues.  Investors remained gloomy about the company's prospects despite a respectable balance sheet.

In the broad market, declining issues outpaced advancers 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 dropped 9 points to 483.

Worries about the global economic recession weighed on the markets.  Trading was expected to be light as banks closed for the Veterans' Day holiday.  The Dow tumbled nearly 200 points to 8675 while Nasdaq skidded 35 points to 1582.

On the upside

Large banks announced plans to modify at-risk mortgages in order to keep borrowers in their homes.  Shares of Wells Fargo (NYSE: WFC) and JP Morgan Chase (NYSE: JPM) rose.

Shares of Optimer Pharmaceuticals (Nasdaq: OPTR) surged after reporting positive late-trial results for its gastrointestinal infection treatment.


On the downside

Focus Media Holdings (Nasdaq: FMCN) posted higher 3rd quarter profits, but warned about a challenging 4th quarter.  The Shanghai-based advertising network saw advertising business drop after the Beijing Olympics.

Shares of aluminum producer Alcoa (NYSE: AA) pulled back as prices and output fell due to slumping globa demand.

American Express (NYSE: AXP) received regulatory approval to change its structure to a bank holding company.  Investors were unimpressed.

Shares of Google (Nasdaq: GOOG) fell to a new 52-week low after a Goldman Sachs analyst cut the earnings forecast for the search engine giant.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 6 points to 486.

Investors continued to worry about mounting losses among automotive and financial services firms.  The Dow gave up earlier gains to close at 8870, down 73 points.  Nasdaq tumbled 30 points to finish the trading session at 1616.

On the upside

Shares of Geron (Nasdaq: GERN) and StemCells, Inc. (Nasdaq: STEM) rose on hopes that an Obama administration may lead to a favorable business environment for stem cell companies.

Worries of a possible ban on firearm sales led to a surge in gun buying which lifted shares of Smith & Wesson (Nasdaq: SWHC).

Las Vegas Sands (NYSE: LVS) managed to raise $2.14 billion in new capital, but the new funding missed targets as the struggling casino operator suspended development of a condominium tower in Las Vegas.


On the downside

Starbucks (Nasdaq: SBUX) posted slightly higher revenues and a slim profit that missed expectations as the coffee purveyor closed 600 stores and cut more than 1000 positions.

General Motors (NYSE: GM) warned that the mortgage unit of its finance arm may not survive as the stock plummeted to its lowest level in 60 years.

Shares of American Capital (Nasdaq: ACAS) tumbled to an all-time low after the investment firm reported a quarterly loss and suspended its dividend.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and Nasdaq.  The Russell 2000 which tracks small cap stocks lost 12 points to close at 493.

The markets traded mixed during the midday as disappointing corporate news tempered enthusiasm over China's stimulus package.  The Dow rose 47 points to 8991 while Nasdaq slipped 4 points to 1643.

On the upside

AT&T (NYSE: T) will pay $944 million in cash to acquire rural telecom Centennial Communications (Nasdaq: CYCL).

Brocade Communication Systems (Nasdaq: BRCD) and Foundry Networks (Nasdaq: FDRY) revised their acquisition agreement.

Potash Corp. of Saskatchewan (NYSE: POT) reached a tentative agreement with unionized employees at its Allan, Cory and Patience Lake operations.


On the downside

American Capital (Nasdaq: ACAS) swung to a third quarter loss due to unrealized depreciation on investments and suspended its dividend.

Analysts downgraded General Motors (NYSE: GM) and widened their loss estimates for the automaker saying that government assistance is necessary for the company to survive.

Allied Capital (NYSE: ALD) reported a loss for the third quarter and cut its dividend.


In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE and nearly the same on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a point to 504.

Blue chip companies with global businesses were expected to benefit from China's $586 billion stimulus package.  The Dow jumped more than 100 points to 9050 while Nasdaq added 8 points to 1655.

On the upside

American International Group (NYSE: AIG) took $40 billion from the U.S. government in exchange for an equity stake taking its total package to $150 billion.

McDonald's (NYSE: MCD) posted higher October same-store sales due to demand for its lower-priced food items and from overseas customers.

China-related stocks were boosted by news of China's stimulus package. Shares of Aluminum Corp. of China (NYSE: ACH) and China Petroleum and Chemical (NYSE: SNP) were snapped up by investors.


On the downside

Circuit City Stores (NYSE: CC) filed for bankrupcty so that it can stay open for business through the holidays while sorting out its vendor payment issues.

Tyson Foods (NYSE: TSN) posted higher 4th quarter profits, but its poultry unit posted a loss and overseas sales remained weak.

Shares of Goldman Sachs (NYSE: GS) fell to a new 52-week low ahead of its quarterly report which is expected to be its first loss since going public.


In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 4 points to 510.

Markets Roar Back On Bargain Hunting

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The markets roared back to close sharply higher after two disappointing days of triple digit losses as investors snapped up bargains.  The Dow surged 248 points to 8944 while Nasdaq soared 39 points to 1647.

On the upside

Luminex (Nasdaq: LMNX) swung to a third quarter profit as revenue surged prompting the company to raise its full year outlook.

AES (NYSE: AES) impressed with sharply higher third quarter earnings as prices climbed while demand rose.

CB Richard Ellis (NYSE: CBG) blamed the global credit crises for lower third quarter earnings but the results topped analyst estimates.


On the downside

Unisys (NYSE: UIS) reported lower third quarter earnings as revenue fell.

RBC Capital Markets downgraded Hecla Mining (NYSE: HL) after the company announced that it acquired most of the assets of Independence Lead Mines.

Strong molybdenum sales lifted third quarter profit for Thompson Creek Materials (NYSE: TCM) nearly four times over last year but the company postponed a project in northern British Columbia.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 10 points to 506.

Bargain Hunters Lift Markets

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Despite disappointing earnings and soaring unemployment, the markets rose during the midday as bargain hunters snapped up stocks.  The Dow climbed 159 points to 8855 while Nasdaq gained 28 points to 1637.

On the upside

Fuel Systems Solutions (Nasdaq: FSYS) reported sharply higher third quarter earnings that beat expectations prompting the company to lift its full year outlook.

Fidelity National Financial (NYSE: FNF) will acquire competitor LandAmerica Financial Group (NYSE: LFG) in an all stock deal valued at approximately $128.4 million.

HSBC upgraded Turkcell (NYSE: TKC) after the Turkish mobile communications services provider reported increased third quarter earnings.


On the downside

Although Delta Petroleum (Nasdaq: DPTR) swung to a profit for the third quarter, Deutsche Securities downgraded the stock after Tracinda abandoned its plans to purchase 14 million shares of the oil and gas company.

General Motors (NYSE: GM) reported a wider than expected loss for the third quarter and warned that the automaker may run out of cash next year.

Sprint (NYSE: S) swung to a third quarter loss after losing 1.3 million wireless subscribers.


In the broad market, advancing issues outpaced decliners by a margin of more than 2  to 1 on the NYSE and by 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 5 points to 501.

The U.S. unemployment rate leaped to a 14-year high of 6.5% in October from 6.1% the previous month.  However, bargain hunters cautiously bought stocks after a staggering two-day sell-off.  The Dow added 44 points to 8740 while Nasdaq climbed 10 points to 1618.

On the upside

Ford Motor (NYSE: F) posted a 3rd quarter loss as the struggling automaker burned through $7.7 billion in cash.  However, its CFO was confident that the company would make it through 2009.

Fluor (NYSE: FLR) raised its outlook for the rest of the year and 2009.  Analysts promptly upgraded the engineering and construction company.

Graphic chips maker Nvidia (Nasdaq: NVDA) reported lower 3rd quarter revenues and earnings, but the results beat expectations.


On the downside

Shares of Yahoo (Nasdaq: YHOO) fell after the CEO of Microsoft (Nasdaq: MSFT) dismissed the idea of making another offer for the Internet portal and search engine, but suggested a willingness to partner.

Wells Fargo (NYSE: WFC) priced an $11 billion stock offering at $27 a share.   The stock price promptly fell.

Genworth Financial (NYSE: GNW) posted a 3rd quarter loss, withdrew its full-year guidance, suspended its quarterly dividend and stock buyback program and mulled over possible asset sales.

In the broad market, advancing issues outpaced decliners by a margin of 2  to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 5 points to 501.

Disappointing earnings along with job cuts and the weakest retail sales report in 39 years sent the markets into a tailspin with the Dow plummeting 443 points to 8696.  Nasdaq slumped 73 points to 1609.

On the upside

Industrial chemicals and materials maker OM Group (NYSE: OMG) reported higher third quarter earnings that beat expectations.

Third quarter earnings for American Equity Investment Life Holding (NYSE: AEL) surged as investment earnings climbed and annuity sales rose.

Although inVentiv Health (NYSE: VTIV) reported lower third quarter income, the results topped estimates and revenue rose to surpass expectations.

On the downside

Although Syniverse Holdings (NYSE: SVR) reported higher third quarter earnings, the results fell short of expectations.

Third quarter earnings surged for Warnaco Group (NYSE: WRC) as revenue climbed but the apparel maker lowered its full year guidance.

FTI Consulting (NYSE: FCN) disappointed with third quarter results that fell short of estimates prompting the business advisory company to lower its full year guidance.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 19 points to 496.

Retail sales plummeted to their lowest level in nearly 39 years to send the markets tumbling during the midday with the Dow slumping 362 points to 8777.  Nasdaq plunged 59 points to 1623.

On the upside

October same store sales for Hot Topic (Nasdaq: HOTT) surprised analyst by soaring 8.3% prompting the specialty retailer to lift its third quarter earnings guidance.

Although Activision Blizzard (Nasdaq: ATVI) reported a loss for the third quarter, the results topped analyst estimates.  The video game publisher also announced a $1 billion stock repurchase plan.

Conseco (NYSE: CNO) widened third quarter losses due to investment losses and divestiture charges but the results were better than expected.

On the downside

THQ (Nasdaq: THQI) announced restructuring plans including the elimination of jobs after widening third quarter losses.  Analyst downgraded the video game publisher.

Valassis Communications (NYSE: VCI) blamed the economy for swinging to a third quarter loss.  The newspaper insert distributor lowered its full year cash earnings outlook.

Las Vegas Sands (NYSE: LVS) warned that it must raise more capital and may miss certain financial covenant requirements.

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 tumbled 15 points to 500.

Technology bellwether Cisco Systems offered a bleak outlook as investors mulled over the latest batch of economic data.  The Dow lost 50 points to 9089 while Nasdaq dropped 18 points to 1662.

On the upside

Wal-Mart (NYSE: WMT) reported a gain of 2.4% in same-store sales reflect a consumer shift to discounted goods.

Department store operator Macy's (NYSE: M) posted lower October same-store sales and projected another decline for November.   However, investors were relieved that sales met lowered expectations.

Shares of ANSYS (Nasdaq: ANSS) rose after the engineering software service provider reported higher revenues and earnings.

On the downside

McDermott International (NYSE: MDR) posted lower 3rd quarter profits due to higher costs for offshore pipeline projects.  Analysts promptly downgraded the stock.

Wells Fargo (NYSE: WFC) announced plans to raise $10 billion to finance its acquisition of Wachovia (NYSE: WB).

Shares of Cicsco Systems (Nasdaq: CSCO) opened lower after the world's largest maker of computer-networking gear reported flat earnings and higher quarterly revenues that ended with a steep drop in October sales.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a point to 512.

A sharp drop in service sector activity along with uncertainty over president elect Barack Obama's economic policies sent the markets into a tailspin with the Dow slumping 486 points to 9139.  Nasdaq skidded 98 points to 1682.

On the upside

Greatbatch (NYSE: GB) reported sharply higher third quarter earnings as revenue surged as a result of acquisitions.

Shares of Venoco (NYSE: VQ) surged ahead of its earnings release tomorrow.

Although Georgia Gulf (NYSE: GGC) swung to a loss for the third quarter due to hurricane disruptions, the results beat analyst expectations.

On the downside

MBIA (NYSE: MBI) widened third quarter losses due to exposure to credit derivatives related to the sluggish housing market.

Third quarter net income rose for Quanta Services (NYSE: PWR) but the company forecast fourth quarter results below expectations.


Strategic Hotels (NYSE: BEE) reported lower third quarter funds from operations, suspended its quarterly dividend for common stock holders and forecast disappointing fourth quarter result.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 7 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks collapsed 31 points to 515.

The markets extended its losses during the midday as the service sector contracted more than expected in October.  The Dow plummeted 205 points to 9421 while Nasdaq plunged 39 points to 1741.

On the upside

Goldman Sachs analyst James Covello initiated coverage of SanDisk (Nasdaq: SNDK) with a Buy rating.

Google (Nasdaq: GOOG) will no longer pursue ad advertising partnership with Yahoo (Nasdaq: YHOO) after the Justice Department threatened to block the deal.  Shares of Yahoo rose over hopes that acquisition discussions with Microsoft (Nasdaq: MSFT) may be renewed.

Dollar Thrifty Automotive (NYSE: DTG) reported higher third quarter earnings that surpassed analyst expectations.

On the downside

JDA Software Group (Nasdaq: JDAS) may lower its $346 million offer to acquire i2 Technologies (Nasdaq: ITWO).

General Growth Properties (NYSE: GGP) blamed impairment charges for reporting lower third quarter funds from operations that fell short of estimates.  The real estate investment trust also lowered its outlook for 2008

Ambac Financial Group (NYSE: ABK) widened third quarter losses due to exposure to credit derivatives.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 10 points to 536.

The markets opened lower as investors reflected on persistent economic woes and the likely economic policies of president-elect Obama.  The Dow lost more than 150 points to 9470 while Nasdaq fell 28 points to 1751.

On the upside

Time Warner (NYSE: TWX) posted flat results that beat expectations.  However, its AOL business remained weak.

Medco Health Solutions (NYSE: MHS) reported higher 3rd quarter earnings to beat targets while reaffirming its full-year profit guidance.  The pharmacy benefits manager also announced a repurchase of up to $3 billion of stock.

Radian Group (NYSE: RDN) posted a profit through the distribution of its ownership interest in a subsidiary.    Investors were focused on total reserves on its balance sheet which analysts felt were sufficient.

On the downside

Sara Lee (NYSE: SLE) posted a 1st quarter profit, but its outlook for 2009 remained weak.  The maker of baked goods and deli meats also cancelled its stock buyback program.

Profit takers sold off shares of alternative energy companies.  Shares of Sunpower (Nasdaq: SPWRA) were the hardest hit.

Shares of Cicsco Systems (Nasdaq: CSCO) slipped ahead of its earnings report sheduled for after the close of trading today.

In the broad market, declining issues outpaced advancers 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 gave up 8 points to 537.

Markets Surge On Election Day

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Despite a sharp drop in factory orders, the markets surged on election day with the Dow leaping 305 points to 9625.  Nasdaq jumped 54 points to 1780.

On the upside

Marvell Technology (Nasdaq: MRVL) lowered its revenue guidance citing the downturn in the global economy but reassured investors that costs were being maintained prompting an upgrade.

Shares of General Electric (NYSE: GE) surged over hopes that the federal government may invest in the company's financial unit GE Capital.

Shares of Providence Service (Nasdaq: PRSC) nearly doubled ahead of its earnings release after market close.


On the downside

Animal Health International (Nasdaq: AHII) disappointed with lower first quarter earnings that fell short of expectations prompting the animal health products distributor to cut its full year guidance.

Health Net (NYSE: HNT) blamed higher medical costs for reporting third quarter earnings that missed expectations.  The health insurer cut its fiscal 2008 outlook and forecast fiscal 2009 earnings below estimates.

Continental Airlines (NYSE: CAL) cut its forecast for growth of its revenue passenger mile for November due to lower ticket prices.

 

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 7 points to 546.

Election Day Lifts Markets

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The markets surged during the midday as voters went to the polls to elect a new president.  The Dow leaped 252 points to 9577 while Nasdaq jumped 49 points to 1775.

On the upside

Expeditors International of Washington (Nasdaq: EXPD) reported third quarter earnings that topped estimates as operating margin increased.

Although third quarter income for Principal Financial Group (NYSE: PFG) tumbled, the results surpassed expectations prompting an upgrade.

American Superconductor (Nasdaq: AMSC) narrowed second quarter losses and expects to report a fourth quarter profit.


On the downside

The Food and Drug Administration may require further studies for Amylin Pharmaceuticals' (Nasdaq: AMLN) and Alkermes' (Nasdaq: ALKS) diabetes drug.

Tenet Healthcare (NYSE: THC) reported lower than expected third quarter earnings due to unpaid patient bills prompting the hospital operator to cut its full year outlook.

While Herbalife (NYSE: HLF) reported higher third quarter earnings, the nutritional and weight loss supplement company forecast fourth quarter and fiscal 2008 as well as fiscal 2009 results below expectations.

In the broad market, advancing issues outpaced decliners 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 climbed 8 points to 546.

Investors were in a buying mood as U.S. voters went to the polls to elect a new president.  The Dow surged more than 130 points to 9456 while Nasdaq climbed 24 points to 1751.

On the upside

Archer Daniels Midland (NYSE: ADM) posted profits that more than doubled to beat expectations.  Higher raw material costs helped to boost profit margins for the food processor and ethanol producer.

Shares of Hartford Financial Services (NYSE: HIG) continued to rally after the insurer announced plans to cut 500 jobs.

The credit crunch appeared to thaw with financial services firm CIT Group (NYSE: CIT) completing a $500 million financing facility with Wells Fargo (NYSE: WFC).


On the downside

Shares of FCStone Group (Nasdaq: FCSX) lost more than half of its value after the commodity risk management firm warned of losses.

TNS (NYSE: TNS), a communications service provider, posted higher revenues, but an analyst downgraded the stock.

Milk and dairy products distributor Dean Foods (NYSE: DF) posted higher 3rd quarter profits, but missed targets due to rising commodity costs.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 540.

The markets closed near the flatline with the Dow sliding 5 points to 9320 as manufacturing activity plunged to a 26-year low.  Nasdaq rose 5 points to 1726.

On the upside

Although Standard & Poor's downgraded health insurer credit outlooks, shares of Cigna (NYSE: CI), Coventry Health Care (NYSE: CVH) and Humana (NYSE: HUM) all rose.

Shares of Avis Budget Group (NYSE: CAR) rose ahead of its earnings release later this week.

Shares of Principal Financial Group (NYSE: PFG) surged ahead of its earnings release after market close.

On the downside

Office Depot (NYSE: ODP) will offer a $20 rebate plus no interest payments until January 2010 for purchases over $499 made before December 24 using the Chase Worklife Rewards Visa Credit Card.  Chase is a unit of JPMorgan Chase & Co. (NYSE: JPM).

Pennsylvania Real Estate Investment Trust (NYSE: PEI) swung to a loss for the third quarter due to higher depreciation and amortization as well as increased interest expenses.

Crosstex Energy (NYSE: XTEX) cited the challenging economic environment for lowering its dividend and warned that profitability will be hurt by Hurricanes Ike and Gustav.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks added a point to 539.

The markets advanced during the midday even as manufacturing activity tumbled to a 26-year low.   The Dow gained 47 points to 9372 while Nasdaq climbed 16 points to 1737.

On the upside

Last week, StemCells (Nasdaq: STEM) announced that transplanting its proprietary human neural stem cells into patients with retinal degeneration can prevent the loss of vision.

DryShips (Nasdaq: DRYS) reported sharply higher third quarter earnings due to higher revenue and capital gains from the sale of two vessels.

Chinese solar wafer maker ReneSola (NYSE: SOL) will receive additional credit lines from two of China's largest banks.

On the downside

National City (NYSE: NCC) chief executive Peter Raskind announced that he will not join PNC Financial Services Group (NYSE: PNC) as a vice chairman after the companies merge.

Although Ness Technologies (Nasdaq: NSTC) reported sharply higher third quarter income, the results fell short of expectations.

Indian car maker Tata Motors (NYSE: TTM) blamed declining sales and foreign currency losses for a drop in second quarter earnings.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks added 5 points to 542.

Investors stayed on the sidelines as they awaited the latest batch of economic data.   The Dow slipped 5 points to 9320 while Nasdaq held steady at 1720.

On the upside

Goodyear Tire & Rubber (NYSE: GT) posted lower 3rd quarter earnings, but the results beat expectations.

Circuit City Stores (NYSE: CC) announced plans to shut down 155 underperforming stores or 20% of its U.S. locations as the 2nd largest consumer electronics retailer in the U.S. struggled to return to profitability.

Shares of Hartford Financial Services Group (NYSE: HIG) rose after the insurer stated that it had sufficient capital to retain a "AA" rating.

On the downside

American Axle & Manufacturing (NYSE: AXL) posted a sizable 3rd quarter loss due to lower light truck sales and restructuring costs.

Shares of AtriCure (Nasdaq: ATRC) tumbled after the U.S. Department of Justice questioned the company's billing practices related to sales of surgical devices.  Analysts promptly downgraded the stock.

Analysts downgraded athletic-apparel maker Lululemon Athletica (Nasdaq: LULU) due to weak October sales as consumer spending in Canada fell.

In the broad market, declining issues outpaced advancers by a slim margin on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks eased 2 points to 535.

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

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