Portfolio Crafter
11-12-2007, 11:05 PM
End of Day Market Summary - Monday, November 12, 2007
by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks extended the prior week's steep losses, with the Dow Jones Industrial Average closing below the 13,000-mark for the first time in nearly three months, as credit-related worries persisted. Some financial sector strength and lower crude oil prices failed to calm jittery investors.
The Dow Jones industrial average closed down 55.19 or 0.42% to 12,987.55, the broader S&P 500 closed down 14.52 or 1.00% to 1,439.18, and the tech-fueled Nasdaq composite closed down 43.81 or 1.67% to 2,584.13.
Market breadth was negative. Losers beat winners by nearly 2 to 1 on the New York Stock Exchange on volume of 1.7 billion shares. Advancers topped decliners on the Nasdaq by nearly 3 to 2 as 2.81 billion shares exchanged hands.
Investors could not shake their persistent credit market fears. It is apparent that nervousness is pretty rampant on the street right now over this sub-prime issue and that doesn't go away easily. Last week, those fears, which were sparked after a round of write downs from Wall Street's biggest banks, have continued to plague the markets.
Shares of E-Trade Financial Corp closed down $5.04 or 58.67% to $3.55, after the company warned that the deteriorating value of its mortgage-backed securities may force it to take significant write downs in the fourth quarter.
Stock of Blackstone Group closed down $2.02 or 8.32% to $22.26, after posting a net loss, hurt by compensation charges. It reported a net loss of $113.2 million, compared with a $372.5 million profit in the year-ago period. Revenue rose 14% to $526.6 million from $461.5 million in the third quarter, and total assets under management grew 57% to $98.2 billion, up from $62.7 billion in the year-ago period.
Shares of International Business Machines closed up $1.20 or 1.19% to $101.45, after agreeing to purchase Cognos which closed up $4.17 or 7.87% to $57.15, for about $5 billion.
Stock of Tyson Foods closed down $0.42 or 2.85% to $14.33, despite turning a profit, helped by cost-cutting measures. Net income for the quarter was $32 million, versus a loss of $56 million last year. Revenue rose 6% to $6.88 billion, from $6.47 billion last year.
Light, sweet crude for December fell $1.70 to settle at $94.62 a barrel in afternoon trading on the New York Mercantile Exchange. Oil fell on reports that OPEC would discuss increasing its output at an upcoming meeting.
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by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks extended the prior week's steep losses, with the Dow Jones Industrial Average closing below the 13,000-mark for the first time in nearly three months, as credit-related worries persisted. Some financial sector strength and lower crude oil prices failed to calm jittery investors.
The Dow Jones industrial average closed down 55.19 or 0.42% to 12,987.55, the broader S&P 500 closed down 14.52 or 1.00% to 1,439.18, and the tech-fueled Nasdaq composite closed down 43.81 or 1.67% to 2,584.13.
Market breadth was negative. Losers beat winners by nearly 2 to 1 on the New York Stock Exchange on volume of 1.7 billion shares. Advancers topped decliners on the Nasdaq by nearly 3 to 2 as 2.81 billion shares exchanged hands.
Investors could not shake their persistent credit market fears. It is apparent that nervousness is pretty rampant on the street right now over this sub-prime issue and that doesn't go away easily. Last week, those fears, which were sparked after a round of write downs from Wall Street's biggest banks, have continued to plague the markets.
Shares of E-Trade Financial Corp closed down $5.04 or 58.67% to $3.55, after the company warned that the deteriorating value of its mortgage-backed securities may force it to take significant write downs in the fourth quarter.
Stock of Blackstone Group closed down $2.02 or 8.32% to $22.26, after posting a net loss, hurt by compensation charges. It reported a net loss of $113.2 million, compared with a $372.5 million profit in the year-ago period. Revenue rose 14% to $526.6 million from $461.5 million in the third quarter, and total assets under management grew 57% to $98.2 billion, up from $62.7 billion in the year-ago period.
Shares of International Business Machines closed up $1.20 or 1.19% to $101.45, after agreeing to purchase Cognos which closed up $4.17 or 7.87% to $57.15, for about $5 billion.
Stock of Tyson Foods closed down $0.42 or 2.85% to $14.33, despite turning a profit, helped by cost-cutting measures. Net income for the quarter was $32 million, versus a loss of $56 million last year. Revenue rose 6% to $6.88 billion, from $6.47 billion last year.
Light, sweet crude for December fell $1.70 to settle at $94.62 a barrel in afternoon trading on the New York Mercantile Exchange. Oil fell on reports that OPEC would discuss increasing its output at an upcoming meeting.
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