Today's jobs data was not bad, relatively any way, but the housing delinquencies and foreclosure rates was just awful and not representative of anything good. The overseas selling had the markets soft this morning and despite a recovery off lows the 'positive green line' was never really in the cards at the end of the trading day. The retailers are also running soft because of excessive discounting and promotions before the holiday season even starts. Here are the unofficial closing bell levels:
Dow 10,341.44 -84.87 (-0.81%)
S&P 500 1,094.90 -14.90 (-1.34%)
Nasdaq 2,156.82 -36.32 (-1.66%)
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Intel Corporation (INTC) was hit hard on the Bank of America Merrill Lynch downgrade this morning because of the restock and over-ordering that took place. Shares were down over 4% at $19.24 late in the day.
Hot Topic, Inc. (HOTT) isn't expecting the new Twilight movie to bail it out from kids buying vamp copycat clothing. The earnings were good, but the guidance was not. Shares were down 13% at $5.79 before the close.
Microvision, Inc. (MVIS) took a substantial hit because it did too deep of a discount on a secondary offering. Shares were down 20.7% at $3.26 before the closing bell, but this looks awfully steep for sell-off compared to the price action of secondary offerings.
E*TRADE Financial (ETFC) tried to rally on an Ameritrade shelf registration as many hoped for buyout rumors to continue, but the stock did come back down. Shares were down 2% at $1,65 before the close.
Sears Holdings (SHLD) did not rally despite Eddie Lampert posting -$0.81 EPS and $10.19 billion in revenues. Thomson Reuters was at -$1.09 EPS and $9.92 billion in revenues. Shares were down 3.4% at $73.17 ahead of the closing bell, mostly as investors are rotating out of most retailers after earnings and ahead of a very tepid and high-promotion driven holiday season.
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
Reader Comments (Page 1 of 1)
11-19-2009 @ 5:22PM
jesus said...
Retail promotions may improve cash flow since the consumer wants a discount, as if we don't always want one. We really need one now though with the way things are going. If the financial institutions will just start taking the risk needed to help small business with potential, we may get on the road to a real recovery and faster. This is what it takes, and we all know it. Some have put programs in place but it is not near enough. Now is not the time to be risk adverse. I am talking to the same institutions that helped put us here. Bite the bullet and help us recover, it's the least they could do. There are plenty of small caps that have real potential to grow but need some help, seek them out and help them. We all know small business offers 70% of the recovery, but yet the main players are too afraid to take a chance. So how do you suppose we will recover then? Some Brokers won't recommend penny stocks to their customers because "they are too risky", but what about the potential for growth and profit they offer. Hey, risk/reward. No risk, no reward, take the chance to be a hero. Invest in small business.
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