Today's equity markets were looking weak from the start, and the horrible ADP jobs data took care of the rest. T. Boone Pickens calling for the possibility of $100 oil again failed to prevent oil's retreat by more than $5 a barrel today after a brief cease-fire took place in Gaza. Here are today's unofficial closing bell levels:
Top Analyst Downgrades
Alcoa Inc. (NYSE: AA) was down sharply on bad news of its own, with shares declining 10% at $10.88 late in the day. Alcoa announced that it was cutting 13% of its workforce and streamlining its manufacturing after selling off units.
Bank of America Corp. (NYSE: BAC) was down almost 2% at $14.01 late in the day after being slammed by Oppenheimer's Meredith Whitney as one of the bank stocks which would likely have to raise capital this year. This is despite the firm's confirmed sale of a stake in China Construction Bank Corp.
Intel Corporation (NASDAQ: INTC) came out and lowered guidance, again. The company now sees more than a 20% drop sequentially and year over year in its revenues. It turns out that the argument that Intel is just a utility is becoming more and more true.
Satyam Computer Services Ltd. (NYSE: SAY) turned out to be an Indian-Enron and shares were down about 80% before being halted. The company's Chairman was cooking the books. Turns out the earnings and most of its cash was mere fabrication. Way to go.
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