Today's markets were mixed for most of the day, but the GE call from S&P accelerated selling pressure into the close. The markets failed to react to a decrease in the weekly jobless claims, and considerably lower oil prices of under $37 per barrel failed to cause a cheer. Here are the unofficial closing bell levels:DJIA: 8,604.99 (-2.49%)
S&P500: 885.34 (-2.11%)
NASDAQ: 1,552.37 (-1.71%)
General Electric Co. (NYSE: GE) was one of the causes of today's sell-off after SD&P put the outlook down to negative from stable, although this was not a downgrade. GE was down 8% at $15.94 around the close.
General Motors Corp. (NYSE: GM) tanked after the Bush administration said it wanted to seek a solution by Christmas, but noted that it was considering a bailout plan that might be under an orderly Chapter 11 plan. Like there is such a thing. Shares were off by 15% at $3.70 before the close.
Rite Aid Corp. (NYSE: RAD) posted -$0.30 EPS on $6.47 billion in revenues vs. -$0.17 EPS and $6.46 billion revenue estimates. The company now sees a wider loss for fiscal Feb-2009 and lowered its same store sales expectations. This took shares down by 12% to $0.445 right before the close.
Take-Two Interactive Software Inc. (NASDAQ: TTWO) was a big loser after the company missed its earnings projections and severely lowered guidance for 2009. Shares were challenging 52-week lows and were down 26% at $8.89 right before the close.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
