Stocks started out in slightly positive territory on what appeared to be more good news out of a major institution. Then oil inventories showed an unexpected decline, sending oil up up over $2.00 per barrel to $110.56 and later even above $112. Throw in a couple of weak earnings reports and the fears that earnings season is going to be tough, and the bears got to rule today.
Below are today's unofficial closing levels for major US index levels:
Dow: 12,328.49, down 0.38%; Nasdaq 2,322.12, down 1.13%; S&P 1354.56, down 0.8%
Bed Bath & Beyond, Inc. (NASDAQ: BBBY) saw a sharp drop today, and that was before the earnings news was out after the close. A Piper Jaffray downgrade led to the sharp drop today.
Citigroup, Inc. (NYSE: C) proved to be a typical example of what is becoming redundant. The company lined up a sale of $12 billion of dollars worth of leveraged loans for some 90 cents on the dollar.
Dell, Inc. (NASDAQ: DELL) saw another drop, this one taking it to a new 52-week low and post-Mikey return. The prior low had been $18.87. Maybe unveiling that low-priced laptop wasn't such a good idea. This just continues what has been an ongoing onslaught.
Nektar Therapeutics (NASDAQ: NKTR) and MannKind Corp. (NASDAQ: MNKD) were today's "daily uglies" on news that Pfizer Inc. (NYSE: PFE) has warned of lung cancer risks in diabetes patients in the inhaled insulin program. Nektar is now marking the end of its Exubera treatment.
TheStreet.com (NASDAQ: TSCM) saw shares fall today despite signing a three-year renewal contract with co-founder Jim Cramer.
United Parcel Service, Inc. (NYSE: UPS) gave an earnings warning this morning, although shares held up remarkably well for a market that has trouble pricing in events currently. This was one of the larger blames on the market drop today, although in a weakening economy you'd think that eventually gets factored in.
Douglas A. McIntyre is an editor at 247wallst.com.
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