Inaugural Stocks Slam, Financials Hit, VIX Spikes
Optimism on the streets of Washington, DC, for Barack Obama’s inauguration did not translate into a good day for the stock market. Stocks were slammed hard being led by the financial sector. Bloomberg’s index of banks that receive government aid, the TARP index, plummeted 20% on fears that the federal intervention will not be enough to save the institutions. The DJIA broke the 8000 support level, falling -332.13 to 7949.09, the Nasdaq was knocked down -88.47 to 1440.86 and the broad based S&P 500 gave back -44.90 to 805.22.
State Street Securities
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PowerRating) – The world’s largest money manager for institutions collapsed 59.83% or $21.75 to $14.60/share after posting a 71% fourth quarter earnings decline and not positive comments for 2009.
VSE Corp
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PowerRating) – The defense contractor dropped 45.01% or $20.90 to $25.54/share after the U.S. Army decided not to renew its contract.
Natus Medical
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PowerRating) – The medical screener maker for newborns fell 25.73% or $2.55 to $7.36/share upon stating its EPS will miss analysts estimates.
Precision Castparts
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PowerRating) – The biggest gainer in the S&P 500 climbing 5.51% or $3.05 to $58.39 after the jet engine forging maker beat analysts EPS estimates.
Oil climbed $2.23 to $38.74, gold added $15.30 to $855.20 and the fear index VIX spiked 22.86% to 56.65.
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