Today is simple to call, yet painful. This was at one point the worst DJIA point-move down since the 1987 crash of 21 years ago. Congress failed to pass the $700 billion bailout package and ailing banks are continuing to be acquired in virtual "take-under" mergers where shareholders are getting hosed. Below are today's unofficial closing bell prices:
DJIA 10,372.54 (-770.59; -6.92%)
S&P500 1,108.99 (-104.02; -8.58%)
NASDAQ 1,983.73 (-199.61; -9.14%)
10YR T-Bond 3.632% (-0.195%)
Wachovia Corporation (NYSE: WB) will survive as an entity, but not as a bank as that is being taken out by an FDIC-backed buyout by Citigroup (NYSE: C). WB shares were down a sharp 82% at $1.76 right before the close with well over 300 million shares trading hands.
Apple Inc. (NASDAQ: AAPL) took two analyst downgrades today as it has no lower-priced PC offerings. Traders also used it as a sentiment proxy, sending techs down the drain. In the final minutes right before the close, this benchmark was down 18% at $104.93.
Dish Network Corp. (NASDAQ: DISH) was down 17% at $20.30 in the final minutes before the close. Unfortunately, a key contract was handed to rival DirecTV (NYSE: DTV).
Schlumberger Ltd. (NYSE: SLB) reacted horribly to the near-$10 drop in oil today and the carnage selling of stocks. Its stock was down almost 14% at $74.10 in the last few minutes before the close.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
Reader Comments (Page 1 of 1)
9-29-2008 @ 7:31PM
ROBERT C. MAIZE said...
700 BILLION $ IS CRAP STOP SPITING ON US
DON'T REWARD BAD LEADERSHIP AND GREED
LET THE MARKET TANK AND PUT ALL ON A EQUAL FIELD.
This is just another (he may not seem to be there karl rove) pr trick of let greed rule with puffery non think.
If you vote to save these fools
I hope your'e thrown out of office as your part of the problem.
i'm a vet and this is the same gang of thieves that created another un-win-able war
along with selling out the american people for the greed of the greater few.
Stand up for the people act like a real citizen and vote no to bail out
Sunday, September 28, 2008
9-29-2008 @ 8:43PM
chickiepie@bellsouth.net said...
How will it affect the illegal immigrants is the question....Will they still get services....Will their illegal babies born here still get all the rights of an American which includes the families rights to stay here and receive all the wonderful services. In other words, are we still going to bail them out too.....this country is a mess. Save Wall Street, shit, let's save ourselves. vote out everyone of these bastards who votes to bail out Wall Street and the illegal immigrants. Everyone is too afraid to take a stand because they will not get re-elected....Let's make it easy for them....Don't re-elect any of them, no matter how they vote...make it easy, let's start over.....
9-30-2008 @ 2:18AM
d fannon said...
Hey guys, the Great American Pig-Out is over! All we have been doing for years is pushing digits from one computer screen to another in a very creative effort to manufacture an illusion of wealth. What we have in fact is paper chasing paper and numbers unsupported by anything real or tangible that's all hidden deep inside little financial schemes that we sold to each other in a shell game that we believed made for an increase in value. Nothing comes from nothing, and now the Crash is upon us.
12-02-2008 @ 12:21AM
CHUCK CARR said...
The politicians are really showing their "smarts" give money to bad managers with golden parachutes so they can continue to "stiff" the taxpayer.AIG set the ground rules for bail out money.If Al Fraken wins he'll be in good company, another clown in Washington.
I'm sure the ACLU will be pushing for bailout money for the illegals and there will be people in Washington that will agree.