Portfolio Crafter
11-16-2007, 03:52 AM
End of Day Market Summary - Thursday, November 15, 2007
by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks intensified losses to close a third day of declines this week as investors found dark spots in economic data and credit-related anxieties lingered. Stocks tumbled with financial, commodity and technology shares leading the charge lower as investors continued to worry about the credit market crisis and the strength of the consumer.
The Dow Jones industrial average closed down 120.96 or 0.91% to 13,110.05, the broader S&P 500 closed down 19.43 or 1.32% to 1,451.15, and the tech-fueled Nasdaq composite closed down 25.81 or 0.98% to 2,618.51.
Market breadth was negative. On the New York Stock Exchange, losers beat winners by 3 to 1 on volume of 1.47 billion shares. On the Nasdaq, decliners topped advancers by 2 to 1 on volume of 2.34 billion shares.
Investors mulled steady consumer inflation, stronger readings on manufacturing and the latest credit market troubles - amid a decline in oil prices. Tomorrow, readings on industrial production and capacity utilization, as well as a speech from Federal Reserve Governor Randall Kroszner may show some new direction.
In economic news, the CPI rose 0.3% in October, matching September's rise and meeting forecasts. The core CPI rose 0.2% also matching September and also in line with forecasts. The weekly jobless claims report showed a surprisingly large jump in new claims last week. The rise in jobless claims was worrisome in that if the trend continues to higher levels of unemployment - at the same time that pricing pressures remain steady - that will pressure the already taxed consumer.
Shares of Barclays Group PLC closed down $0.88 or 2.01% to $43.00, after it stated that it tool $2.7 billion in write downs related to the credit market. Barclays Capital wrote down $1.03 billion in the third quarter - and a further $1.66 billion in October. The company also made a pretax profit of $3.9 billion in the first 10 months after it booked the charges.
Stock of UBS closed down $1.50 or 3.05% to $47.75, as it stated that it could take up to $7.1 billion in write downs, related to the deteriorating mortgage market. The losses stem from complex investment vehicles that are tied to the home mortgage crisis and have fallen sharply in value in recent months.
Shares of GE closed down $0.70 or 1.79% to $38.31, after stating that a short-term bond fund it manages has suffered big losses in mortgage-backed securities and that as a result, outside investors have dumped their holdings.
Stock of J.C. Penny closed down $2.40 or 5.14% to $44.33, after stating that third-quarter earnings fell from a year ago and warned that full-year profits will miss forecasts as well.
Shares of Kraft Foods closed down $0.61 or 1.85% to #32.37, and that of Ralcorp Holdings closed up $5.77 or 10.40% to $61.24, after stating that it will sell its two dozen Post cereals to in a stock deal worth $1.7 billion, plus the assumption of debt.
U.S. light crude oil for December delivery fell 66 cents to settle at $93.43 a barrel on the New York Mercantile Exchange after the weekly oil inventories report showed a surprise gain in crude supplies last week.
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by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks intensified losses to close a third day of declines this week as investors found dark spots in economic data and credit-related anxieties lingered. Stocks tumbled with financial, commodity and technology shares leading the charge lower as investors continued to worry about the credit market crisis and the strength of the consumer.
The Dow Jones industrial average closed down 120.96 or 0.91% to 13,110.05, the broader S&P 500 closed down 19.43 or 1.32% to 1,451.15, and the tech-fueled Nasdaq composite closed down 25.81 or 0.98% to 2,618.51.
Market breadth was negative. On the New York Stock Exchange, losers beat winners by 3 to 1 on volume of 1.47 billion shares. On the Nasdaq, decliners topped advancers by 2 to 1 on volume of 2.34 billion shares.
Investors mulled steady consumer inflation, stronger readings on manufacturing and the latest credit market troubles - amid a decline in oil prices. Tomorrow, readings on industrial production and capacity utilization, as well as a speech from Federal Reserve Governor Randall Kroszner may show some new direction.
In economic news, the CPI rose 0.3% in October, matching September's rise and meeting forecasts. The core CPI rose 0.2% also matching September and also in line with forecasts. The weekly jobless claims report showed a surprisingly large jump in new claims last week. The rise in jobless claims was worrisome in that if the trend continues to higher levels of unemployment - at the same time that pricing pressures remain steady - that will pressure the already taxed consumer.
Shares of Barclays Group PLC closed down $0.88 or 2.01% to $43.00, after it stated that it tool $2.7 billion in write downs related to the credit market. Barclays Capital wrote down $1.03 billion in the third quarter - and a further $1.66 billion in October. The company also made a pretax profit of $3.9 billion in the first 10 months after it booked the charges.
Stock of UBS closed down $1.50 or 3.05% to $47.75, as it stated that it could take up to $7.1 billion in write downs, related to the deteriorating mortgage market. The losses stem from complex investment vehicles that are tied to the home mortgage crisis and have fallen sharply in value in recent months.
Shares of GE closed down $0.70 or 1.79% to $38.31, after stating that a short-term bond fund it manages has suffered big losses in mortgage-backed securities and that as a result, outside investors have dumped their holdings.
Stock of J.C. Penny closed down $2.40 or 5.14% to $44.33, after stating that third-quarter earnings fell from a year ago and warned that full-year profits will miss forecasts as well.
Shares of Kraft Foods closed down $0.61 or 1.85% to #32.37, and that of Ralcorp Holdings closed up $5.77 or 10.40% to $61.24, after stating that it will sell its two dozen Post cereals to in a stock deal worth $1.7 billion, plus the assumption of debt.
U.S. light crude oil for December delivery fell 66 cents to settle at $93.43 a barrel on the New York Mercantile Exchange after the weekly oil inventories report showed a surprise gain in crude supplies last week.
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