This market just won't quit and we even went through yesterday's lows on the DJIA to levels not seen since 2003. The world has determined that all of the efforts by the federal government aren't going to stop the bleeding enough or in time. The coordinated moves from the G8 nations aren't happening fast enough. This is called bear market selling. Cheap stocks get cheaper. Fundamentals don't matter. Technicals don't matter. Bernanke saying rates will be cut didn't matter. Sorry if it sounds depressing, but that is the climate.Below are today's unofficial closing bell levels:
DJIA 9,450.29 (-505.21; -5.07%)
NASDAQ 1,754.88 (-108.08; -5.80%)
S&P500 996.39 (-60.50; -5.72%)
10YR T-Note 3.506% (+0.08%)
52-Week Lows
Bank of America (NYSE: BAC) was down as it had trouble selling its $10 billion stock offering and as talk of counterparty demands over its Merrill Lynch ties have increased. Shares were down 23% at $24.77 in the final minutes before the close.
Morgan Stanley (NYSE: MS) was the subject of rumors again today with today's rumors being that the Mitsubishi UFJ investment was not going to close. Both sides did refute this, but the damage was done. Shares were down 23% at $18.00 in the final minutes before the close.
Ford Motor Co. (NYSE: F) saw a massive hit on ongoing share sales and on fears that it cannot borrow for short-term operations. Shares were down 19% at $2.98 in the final minutes before the close.
Advanced Micro Devices (NYSE: AMD) was one of the few real winners today after it announced it was selling its fab-operations to Abu Dhabi in an effort to streamline operations and cut costs. Shares were up almost 11% at $4.68 in the final trading minutes.
First Solar Inc. (NASDAQ: FSLR) is a reminder of how dangerous some high-flyers can be. It was downgraded by Goldman Sachs from "Buy" to "Sell" over lower average selling prices and over fears of a supply glut. Shares were down over 19% at $128.28 in the minutes before the close.
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Reader Comments (Page 1 of 1)
10-07-2008 @ 5:46PM
beachpaul said...
And you thought real estate was inflated! Relax, it's just irrational exuberance. Mutual fund, anyone? You know, those things in the 401K the financial pushers told you protected your exposure. Yeah, you remember. Free money those 401K's, your employer matched them, remember? No,no,no, it was not a scam, it was for your benefit. It is better than that, that, so last century, pension thing. It gave you the control. You decided where to put the money, remember. You are in charge! Financial freedom! Relax, you can buy it all back at a much cheaper price now. They are just numbers on a screen. It's not even real stock certificates. Relax, have another hit! Tomorrows another day.
10-07-2008 @ 7:23PM
jennifer said...
Is this all being manipulated for the election? Was the commodity market part of this plan? Is this a move by a specific group?
10-08-2008 @ 4:11AM
My Self said...
Are these guys kidding? The Brits are trying to lay blame that the US didn't act fast enough? Where were they? Where was Japan? Where was China, Russia etc, etc,... Here's how it goes, they sat back wanting to see the US market tank so pompus to think it wouldn't affect them & then when it did, AS USUAL, "...Oh it's the Us's fault"
Now WE ALL SEE!