Selling prevailed again today. We got more news on who the new cabinet members would be under Obama; we have an auto bailout in the works in D.C.; and the EU cut rates. Even the Bank of England came in with a rate cut much larger than expected at 150 basis-points. The economic numbers were again dismal, which is something we just have to get used to.
Here are today's unofficial closing bell levels:
DJIA: 8,696.19 -4.85%
NASDAQ: 1,608.70 -4.34%
S&P 500: 905 -5.01%
52-week lows
Top Analyst Upgrades
Top Analyst Downgrades
Charles River Laboratories International Inc. (NYSE: CRL) dropped the ball that it was cutting its guidance for 2008. The trends we saw in early August appear to be coming to a crashing halt. This stock was down 21% at $26.60 right before the close.
Pepco Holdings, Inc. (NYSE: POM) did fairly well considering the company priced a secondary offering at $16.50 per share for 14 million shares. Shares were down only 2.6% at $17.12 right before the close.
THQ Inc. (NASDAQ: THQI) was under severe pressure all day. The company CFO took medical leave, likely because of how far short of estimates the revenues are going to be for the quarters ahead. The company is also making big rounds of layoffs and restructuring. Shares were down over 25% at $4.73 right before the close.
Wal-Mart Stores inc. (NYSE: WMT) was one of the few retailers with positive numbers as it said U.S. same-store sales rose by +2.4% (ex-fuel), although the company had projected 1% to 2% growth in its prior guidance. Sales climbed by +2.2% at the Wal-Mart stores and by +3.6% at Sam's Club. Interestingly enough, the market weakness had this one down over 1% at $53.53 right before the close.
Wells Fargo & Company (NYSE: WFC) was down all day on news that it was selling 410 billion worth of stock to raise capital. Shares were down 10% at $28.46 right before the close.
Nuclear power is on the comeback trail
Apple backs AT&T in continuing spat with Verizon
Closing Bell: The recession is still over, still... do you feel it?
Reader Comments (Page 1 of 1)
11-06-2008 @ 8:49PM
Sinbad said...
ADEF manager Paul Cuneo has asked battered investors to reset the incentive clock after losing 90% of their money this year. Assclown Cuneo maintained margined long positions all year, ignoring one bear market indicator after another. Cuneo had announced the liquidation of the hedge fund in early October, but apparently doesn't like his employment prospects after wrecking ADEF.