Markets Tumble Over JP Morgan's Soaring Loan Loss Provisions

January 15, 2010 9:57 AM |
JP Morgan's soaring loan loss provisions sparked concerns about the economic recovery to send the markets tumbling during the midday with the Dow plummeting 136 points to 10,573. Nasdaq plunged 33 points to 2283.

 

On the upside

Manitowoc (NYSE: MTW) will sell approximately $400 million in senior unsecured notes in order to refinance some of its long term debt.

JP Morgan upgraded OfficeMax (NYSE: OMX).

Procter & Gamble (NYSE: PG) partnered with PFSweb (Nasdaq: PFSW) to launch online shopping site eStore featuring P&G products.

On the downside

FalconStor Software (Nasdaq: FALC) warned of a fourth quarter loss and cut its full year outlook as OEM software license revenue disappointed.

Merriman downgraded China Automotive Systems (Nasdaq: CAAS).

AZZ (NYSE: AZZ) warned that 2011 results will be lower than expected due to difficult economic conditions.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 634.

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This page contains a single entry by published on January 15, 2010 9:57 AM.

JP Morgan Disappoints, Markets Open Lower was the previous entry in this blog.

Disappointing Consumer Sentiment Sends Markets Tumbling is the next entry in this blog.

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