Here are a few big losers from today:
Financials - obviously, financials depended on the bailout plan more than others, at least in the immediate future:
Bank of America Corp. (NYSE: BAC) declined 17.6%, while JPMorgan Chase & Co. (NYSE: JPM) slumped 15%. Citigroup (NYSE: C) declined nearly 12%, Goldman Sachs (NYSE: GS) sank 12.5% and Morgan Stanley (NYSE: MS) plunged over 15%.
American Express Co. (NYSE: AXP) was the Dow's biggest loser today with a 17.5% drop thanks to Citigroup cutting profit estimates of the credit card company.
Second-tier banks declined much more:
Bank of New York Mellon Corp. (NYSE: BK) slipped over 27%, CIT Group Inc. (NYSE: CIT) lost 25.5%, Fifth Third Bancorp (NASDAQ: FITB) fell 43.6%, FirstFed Financial Corp. (NYSE: FED) tumbled over 25%, First Horizon National Corp. (NYSE: FHN) slipped 35.7% and National City Corp. (NYSE: NCC) tumbled 63.3%.
Materials and Industrials - As global economies slow and demand for commodities and industrial products declines, many industrial stocks saw their stocks sink today:
Coal producer Consol Energy Inc. (NYSE: CNX) slid over 15%. Steel producers AK Steel Holding Corp. (NYSE: AKS) plunged 17.8%, Nucor Corp. (NYSE: NUE) sank 16.6% and Arcelor-Mittal (NYSE: MT) dropped 18%. Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) declined 16.6%, also reacting to a downgrade.
General Motors (NYSE: GM) and Ford (NYSE: F) both fell around 13%, while Boeing (NYSE: BA) only lost 4.9% of its value.
Techs - The Nasdaq dropped the most of the three leading indices as analysts and investors have decided that even the high-growth sectors will be hit during a recession.
Apple Inc. (NASDAQ: AAPL) led the declines among the large techs, slumping 17.9% and hitting a 52-week low of $100.59, on two downgrades. Google (NASDAQ: GOOG), Amazon (NASDAQ: AMZN) and RIM (NASDAQ: RIMM) all joined Apple in the 52-week lows, dropping 11.6%, 10.4% and 12.8% respectively.
Retailers - Obviously, consumer spending is about to be pinched even further and retailers will feel the hurt more and more:
Circuit City Stores Inc. (NYSE: CC) - not only is CC an electronics retailer, dependent on consumer discretionary income more than others -- but it also reported a wider loss as sales fell for the sixth straight quarter and cash dwindled. CC shares dropped 21.2% today. Macy's (NYSE: M) declined about 11% and Saks (NYSE: SKS) plunged 8.6%.
Closing Bell: Economic Catapult for Thanksgiving & Black Friday (WMT, TGT, GRMN, GOOG, MSFT)
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Reader Comments (Page 1 of 1)
9-29-2008 @ 9:52PM
RICHARD BURKE said...
INFLATION CAN ONLY GO FOR SO LONG..THEN THINGS GO BACK..IT ROSE VERY SWIFTLY,NOW IT IS ADJUSTING.WITH YHE HELP OF THE FAT CATS.THEY COULD CARE LESS ABOUT THE AVERAGE JOE,LITTLE ON THE FAMILEYS
9-29-2008 @ 10:14PM
PAPABEAR said...
The people don't get it. A lady has almost $100,000 in a 401, took $100.000 from her sale of the California home and put it down on a home in Arizona. Moved. This was her retirement. She paid her bills, ran up some debt for the upgrades on the home and a pool, well within the worth of the home especially considering the added worth after improvements. Will refinance to pay that off. She did nothing wrong. Homes are now selling for less that her equity, and if the buy out goes through and the government sells at the low price, her house money is gone and so is the 401. Will the government pay her back for the loss caused by their stupidity. These are the victums
10-07-2008 @ 1:09AM
Ronald. C said...
I'M Retired & a little worried about my pension,from a major state run transportation system, also my social security & a 401 k.mix of stocks .Bonds & CD,s i have Natural Gas & oil stock also.my Home & Cars `are all paid for. my only bills are utilitys & under $ 500 dollar credit card debt that will be paid when i get my monthly bill in mid oct. should i do nothing with my stocks? just sit it out? i have a feeling the market will come back. Idon't have all my eggs in one basket.
9-29-2008 @ 10:59PM
Ellen said...
The next failure will be the massive unpaid debt on credit cards. 20 years ago, the rates, penalties, etc. the courts permit credit giants to charge today would be usury (and unethical). Any "fix" needs to also address this segment of the economy.....