Most of today's action was based on yesterday afternoon's tech earnings, an analyst call on banks, and a billionaire getting out of a car stock.
The final index numbers looked like this:
DJIA: 9,028.24 down 2.56%
Nasdaq: 1,696.68 down 4.14%
S&P 500 954.85 down 3.10%
Tech took damage because of poor numbers from Texas Instruments (NYSE: TXN) and Sun (NASDAQ: JAVA). There was not a great deal of surprise about Sun because it disappoints almost every quarter. It will lose money again for the period ending in September. The stock fell over 16% to a new 52-week low at $4.69. In the case of Texas Instruments, its chips are used in such a broad spectrum of devices that it signaled a broad slowdown in consumer electronics and handsets.
Goldman Sachs repeated that Citigroup (NYSE: C) is a "sell." The research arm of the investment house said the big bank would not make money until late next year because of credit market problems. That did not do much good for the banking sector and Citi was off 6%
To remind Wall Street how bad the car sectors is, Kirk Kerkorian began to sell his position in Ford (NYSE: F). The shares he disclosed dumping so far were at a price almost two-thirds below where he bought them.
Douglas A. McIntyre is an editor at 247wallst.com.
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Reader Comments (Page 1 of 1)
10-21-2008 @ 7:11PM
jinpafrnw said...
If Citigroup at $14 is now a sell, trust me, there is big trouble brewing. Real big! The powers are monopolizing everything...power/electric, banking, media. We are in for it. Stock up on canned foods while you can.
10-21-2008 @ 11:57PM
Lee said...
Do Not be tricked by the Media! People are making a killing RIGHT NOW while you are all standing around looking at each other with dumb looks on your face, watching your portfolios go down to zero
Check out http://theSmallCapAlert.com for more information - Do yourself a favor!
10-22-2008 @ 9:51AM
David Pedjoe said...
Investors:
How Do You Think William H. Gates, Became The Richest Man In The World Again This Year? Well, I'll Tell You, He Lived According To Internet Service Providers, with The Best of Both Worlds. While The Rest of The IPS's Were Offering Free Access, Like Google, Yahoo, and AOL.. Due To Mostly Their Advertising Campaigns.. MSN Internet Service Provider Had Its Advertising on MSN Premium and A High Ticket Price To Be A Member of MSN Premium or The Best of Both Worlds. Like When Apple Had I Buy Quick Time Pro Three or Four Times, Because We Re-Boot and The Pass Code No Longer Worked Re-Loading Quick Time, And Apple Profited Greatly, Another Best of Both Worlds Case Scenario. Cheating People of Free MSN Premium and Miserly Tactics For Their Service. You Thought The Glitches That We All Hoped Were Patched By Updates and Upgrades or Downgrades, Personally I Was More Happy with XP Pro.. But That Is Where Bill Gates Got All The Money This Year, Like The Phone Company Sending Us Two Bills, One In Advertising, Thee Other In Premium Services. Apple Didn't Gain Capital To Create The I-Mac with The iPod, It Did It With Quick Time Pro Sales, That Were Repeat Sales, Because The Code Never Worked When You Replaced The Quick Time, And Time Four At 29.00 A Whack, We Paid For Nothing That Was Never Rectified To Send It To Research and Development For The Apple I-Mac. To Companies, Both Misers In The Best of Both Worlds. So, I Place Microsoft In A Sell Position, Till They Improve To Free Access IPS of MSN Premium. We Won't Get Fooled Again, That's A Sell or Short Position, In What Is A Rolling Stock Now, or Gamble.
10-27-2008 @ 6:49AM
grady said...
Citcor or citgroup cost me $165.00 about a year ago and I am glad there in trouble. All because Radoi Shack did not send me a bill hor $18.00 and they cost me the $165.00 GOOD and BAD luck for both Co. Grady