New York's Governor Eliot Spitzer has been caught up in a prostitution ring, and even though he is no longer Attorney General this didn't even manage to cheer Wall Street up after years of having Spitzer take down insurance companies, Dick Grasso, and more. Below are the day's unofficial closing prices:
- DJIA 11,740.15 (-153.54; -1.29%)
- S&P500 1,273.37 (-20.00; -1.55%)
- NASDAQ 2,169.34 (-43.15; -1.95%)
- 10-YR T-Bond 3.438%; -0.1030 (bonds still trading)
The Bear Stearns Companies Inc. (NYSE: BSC) was the major target of rumors of it facing a liquidity crisis today, although this was refuted numerous times on CNBC. Shares closed today down 10.8% at another 52-week low of $62.50. Citigroup Inc. (NYSE: C) and Fannie Mae (NYSE: FNM) closed under the $20.00 hurdle.
The major biotech implosion today came in the offices of Keryx Biopharmaceuticals (NASDAQ: KERX) with more than an 80% drop to $0.63 . Its lead product candidate for diabetes failed to show better results than the placebo, and you know that has to hurt. Shares are now trading down at what many consider an implied cash value after this quarter's cash burn rate.
We put together a list of Eliot Spitzer ex-target stocks, and even these all closed down and some were at new 52-week lows. Speaking of 52-week lows, there was another big stand-out list today.
Reid Hoffman: LinkedIn will go public (at some point)
Retailers can't wait for Black Friday, open Thursday
Tiffany's serves up solid quarterly earnings
Reader Comments (Page 1 of 1)
3-11-2008 @ 7:22AM
TX CHL Instructor said...
"Oil Nearing $108"
In case you have been living under a rock, the price of oil is a symptom, not a cause.
The cause is the over $2 TRILLION we spent (mostly borrowed) invading two mideast countries. In order to pay for this, we are going to have to do one or more of 1) inflation, 2) tax increases, 3) economic growth. #3 (the only scenario that doesn't involve major decrease in the overall standard of living) doesn't appear to be happening, and we haven't got the will for #2. Look for 1970's style inflation -- only worse this time. Sigh. Wars are just bad for republics, even "justified" wars.
As for the scumbag Spitzer, his real crime is not engaging a prostitute. It's being a damned hypocrite (wasting taxpayers money prosecuting victimless crimes that he secretly enjoyed himself). But by and large, that tag fits most politicians.