Analyst Says Sell Wells Fargo, Markets Drop

October 21, 2009 1:37 PM |
The markets turned negative in late afternoon trading to close lower with the Dow tumbling 92 points to 9949 after an analyst recommended selling Wells Fargo stock. Nasdaq fell 12 points to 2150.

On the upside

First quarter earnings and revenue for Cree (Nasdaq: CREE) rose to beat expectations prompting the LED lighting maker to provide solid second quarter guidance above estimates.

Sallie Mae (NYSE: SLM) reversed year ago losses to post a better than expected profit for the third quarter. 

Fannie Mae (NYSE: FNM) sold $3 billion worth of benchmark bills at higher interest rates than last week.

On the downside

While Polycom (Nasdaq: PLCM) reported third quarter results that met expectations, the company forecast disappointing fourth quarter margins.

United Airlines (Nasdaq: UAUA) reported a loss for the third quarter as revenue tumbled.

Marshall & Ilsley (NYSE: MI) swung to a loss for the third quarter as loan loss provisions soared.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 605.

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