Rising Foreclosures Send Markets Tumbling
On the upside
Credit Suisse analyst Catherine Arnold said that the benefits of Pfizer's (NYSE: PFE) acquisition of Wyeth (NYSE: WYE) have not been reflected in the stock price.
The Wall Street Journal reported that General Motors (NYSE: GM) will begin importing cars made in China in 2011 in order to reduce manufacturing expenses. The troubled automaker also plans to terminate as many as 2,000 dealerships nationwide.
On the downside
MGM Mirage (NYSE: MGM) announced plans to raise up to $1.5 billion through a two-part note offering.
Lear (NYSE: LEA) extended a default waiver on its main credit line.
Liz Claiborne (NYSE: LIZ) blamed restructuring charges and lower same store sales for widening first quarter losses.
Avis Budget Group (NYSE: CAR) said that its fleet of cars is 22% lower than last year. With a smaller inventory of cars, the car rental company expects to increase rental fees.
In the broad market, declining issues overwhelmed advancers by a margin of more than 6 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 23 points to 471.
