The DOW closed down 242.66 points for a 1.97% fall, the NASDAQ fell 51.72 points as it gave back 2.15%, and the S&P saw a drop of 28.65 for a loss of 2.04%.
While the pain was pretty hard across the board, there were a couple of names that were shining in the market today.
Jo-Ann Stores (NYSE: JAS) saw their shares sky-rocket today following last night's fourth quarter 2007 earnings release. The company beat estimates of $0.98 by posting $1.05 per share. The company also announced that they expect to see profit for their fiscal 2008 year to be above Wall Street estimates. Shares of JAS were rewarded for the good news as shares were able to close out today's session up 12.4% to $25.71 after setting a new 52 week high earlier in the day at $26.95.- Kroger Company (NYSE: KR) was hot all through the day after reporting strong earnings this morning. The stock set a 52 week high earlier in the session of $27.03 and finished out the day up 2.1% at $26.29.
- Dick's Sporting Goods (NYSE: DKS) was another stock setting a new high following their earnings this morning. The company put up a new 52 week high of $56.43 before closing out today's session up 1.0% to $54.44.
- Qulacomm Inc. (NASDAQ: QCOM) saw their shares take off today after the company raised their earnings forecast today before the market opened. QCOM now expects to see earnings for their quarter ending April 1 to come in between 48 and 49 cents. Before today their forecast was between 42 and 44 cents. The reason for today's revision in forecast comes from better-than-expected sales of chipsets used in advanced wireless phones. In addition shareholders were pleased to hear that the company is lifting it's quarterly dividend to $0.14 from $0.12. The stock finished out today's session up 4.3% to $41.83.
Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.
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