Closing bell: Dow down 733 points, markets give back Monday's gift

Posted Oct 15th 2008 4:20PM by Douglas McIntyre
Filed under: After the Bell, Earnings Reports, Dell (DELL), Coca-Cola (KO), JPMorgan Chase (JPM), Wells Fargo (WFC)

Between today and yesterday, it is almost as if Monday's massive rally never happened. US markets moved down an average of well over 8%.

The details:

DJIA: 8,570.19 off 7.96%

Nasdaq: 1,628.33 off 8.45%

S&P 500 907.32 off 9.06%

JPMorgan Chase (NYSE: JPM) has just released earnings and Jamie Dimon is showing he is a better manager than we even knew he was. The banking giant made $0.11 EPS on $14.74 billion in revenues. First Call had estimates at -$0.21 EPS and roughly $16 billion in revenues.

Wells Fargo (NYSE:WFC) also posted better than expected earnings today. The "AAA" rated banking giant posted $0.49 EPS vs. $0.41 estimates. It is also still growing revenues and deposits in this environment as consumers are doing their own flight to quality.

Dell Inc. (NASDAQ: DELL) was kicked while it was down as shares were downgraded to Neutral from Overweight as it continues to struggle and lag. See tech upgrades and downgrades from JPMorgan.

The Coca-Cola Company (NYSE: KO) managed to beat rival Pepsi. It beat earnings this morning and was not full of the same excuses as its international rival. Domestic case volumes grew and profit was up 14%.

Douglas A. McIntyre is an editor at 247wallst.com.

Tags: DELL, JPM, KO, WFC

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Reader Comments (Page 1 of 1)

10-15-2008 @ 10:37PM

Ray said...

No need to panic here. There's tons of people still making money with wise investments even with this falling market.

TWP ( www.tradewithpros.com ) has been giving investment advice on stocks and options throughout this entire falling market and their performance has been amazing.

10-16-2008 @ 1:26AM

Kent said...

Just my opinion, but besides the shorting today and that will go on for sometime, the $700 billion bail-out may be inadequate to get our liquidity in our banking system back on track. Europe injected $2.7 trillion and our $700 billiion is a paltry amount in comparison. I also notice that T-Bills rates are insultingly low and I assume the Feds want us to deposit our cash with the banks instead. In otherwords, "don't call us; we'll call you" approach. If you have more than $250,000, FDIC won't cover the difference and for those with heavy cash positions will have a heck of time finding cover or be resigned to park their liquid assets temporarily in a 6 month T-Bill yielding a measely 0.8% as of today's rate.