Portfolio Crafter
11-08-2007, 01:09 AM
End of Day Market Summary - Wednesday, November 7, 2007
by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Shares thudded lower with Dow suffering its fifth largest decline yet this year, amid persistent financial woes, a drooping dollar, surging oil and General Motors Corp.'s largest ever quarterly loss. Credit market fears gripped the market as the Dow industrials plunged 360 points.
The Dow Jones industrial average closed down 360.92 or 2.64% to 13, 300.02, the broader S&P 500 closed down 44.65 or 2.94% to 1,475.62, and the tech-fueled Nasdaq composite closed down 76.42 or 2.70% to 2, 748.76.
Market breadth was negative. Losers topped winners by nearly 3 to 1 on the New York Stock Exchange as 1.7 billion shares traded hands. Decliners beat advancers by nearly 5 to 1 on volume of 2.7 billion shares.
Stocks retreated at the start of the session on dismal earnings news from General Motors, before the battered financials once again became the trading focus. Banks and brokerage stocks tumbled following a handful of warnings that more write downs were likely before the year's end. Additionally, on the economic front, the Labor Department reported that worker productivity grew at its fastest rate in four years in the July-September quarter. At the same time, wage pressures and unit labor costs fell.
Shares of Washington Mutual closed down $4.19 or 17.29% to $20.04, after the company suggested that more weakness lay ahead in 2008. It said that losses on loan defaults will continue to decline at the same rate in the first quarter of 2008 as in the current quarter.
Stock of Freddie Mac closed down $4.26 or 8.63% to $45.13, and that of Fannie Mae closed down $5.60 or 10.11% to $49.79, after New York Attorney General Andrew Cuomo issued a subpoena to the government- related lenders as part of an investigation into loans the pair purchased from banks such as Washington Mutual.
Shares of General Motors closed down $2.21 or 6.11% to $33.95, after reporting a bigger than expected loss which included a $39 billion charge related to the write down of tax credits for losses over the past three years. The company lost $1.6 billion excluding special items.
Stock of Time Warner closed down $0.53 or 2.89% to $17.80, despite reporting improved revenue that beat forecast as it reaffirmed its 2007 outlook. Its sales were $4 billion against the analyst expected revenue of $4.06 billion.
Shares of Toyota Motor closed down $0.28 or 0.25% to $111.71, despite reporting a 11% increase in profits and raising its earnings forecast for the full year. Its net profit rose to $4 billion from $3.58 billion the same period the previous year. Sales increased 11% to $57 billion.
Light, sweet crude for December closed down $0.33 to settle at $96.37 a barrel on the New York Mercantile Exchange after setting a new trading high during the session.
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by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Shares thudded lower with Dow suffering its fifth largest decline yet this year, amid persistent financial woes, a drooping dollar, surging oil and General Motors Corp.'s largest ever quarterly loss. Credit market fears gripped the market as the Dow industrials plunged 360 points.
The Dow Jones industrial average closed down 360.92 or 2.64% to 13, 300.02, the broader S&P 500 closed down 44.65 or 2.94% to 1,475.62, and the tech-fueled Nasdaq composite closed down 76.42 or 2.70% to 2, 748.76.
Market breadth was negative. Losers topped winners by nearly 3 to 1 on the New York Stock Exchange as 1.7 billion shares traded hands. Decliners beat advancers by nearly 5 to 1 on volume of 2.7 billion shares.
Stocks retreated at the start of the session on dismal earnings news from General Motors, before the battered financials once again became the trading focus. Banks and brokerage stocks tumbled following a handful of warnings that more write downs were likely before the year's end. Additionally, on the economic front, the Labor Department reported that worker productivity grew at its fastest rate in four years in the July-September quarter. At the same time, wage pressures and unit labor costs fell.
Shares of Washington Mutual closed down $4.19 or 17.29% to $20.04, after the company suggested that more weakness lay ahead in 2008. It said that losses on loan defaults will continue to decline at the same rate in the first quarter of 2008 as in the current quarter.
Stock of Freddie Mac closed down $4.26 or 8.63% to $45.13, and that of Fannie Mae closed down $5.60 or 10.11% to $49.79, after New York Attorney General Andrew Cuomo issued a subpoena to the government- related lenders as part of an investigation into loans the pair purchased from banks such as Washington Mutual.
Shares of General Motors closed down $2.21 or 6.11% to $33.95, after reporting a bigger than expected loss which included a $39 billion charge related to the write down of tax credits for losses over the past three years. The company lost $1.6 billion excluding special items.
Stock of Time Warner closed down $0.53 or 2.89% to $17.80, despite reporting improved revenue that beat forecast as it reaffirmed its 2007 outlook. Its sales were $4 billion against the analyst expected revenue of $4.06 billion.
Shares of Toyota Motor closed down $0.28 or 0.25% to $111.71, despite reporting a 11% increase in profits and raising its earnings forecast for the full year. Its net profit rose to $4 billion from $3.58 billion the same period the previous year. Sales increased 11% to $57 billion.
Light, sweet crude for December closed down $0.33 to settle at $96.37 a barrel on the New York Mercantile Exchange after setting a new trading high during the session.
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