Bad Bank Broke, Stocks Extend Loss, GDP Down Big

  • January 30, 2009
  • Dave Goodboy

The week that started out on positive footing ended on a sour note today. News of Obama’s bad bank being broke prior to its actual creation, combined with the steepest decline in the Gross National Product GDP since 1982 sent stocks plunging lower. The DJIA ended down -148.15 to 8000.86, closing just fractions above the technically critical 8000 level. The tech heavy Nasdaq lost -31.42 to 1476.42 and the S&P 500 gave back -19.26 to 825.88.

Allstate
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PowerRating)– Credit rating was cut by Moody’s and a downgrade by JP Morgan pushed shares lower by 7.66% or $1.80 to $21.70/share.

Data Domain
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PowerRating) – Plummeted 31.94% or $6.11 to $13.02/share after the software provider to the Pentagon forecasted 1st quarter profits that would miss estimates.

Monster
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PowerRating) – The job search website fell 11.66% or $1.22 to $9.24/share upon missing 4th quarter revenue projections.

SunPower
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PowerRating) – The solar module company climbed 17.54% or $5.03 to $33.71/share upon beating analysts profit estimates.

Oil climbed 0.24 cents to $41.70, gold soared $21.90 to $928.40 and the fear index VIX added 5.18% to 44.84

Market Snapshot

Dow

 -148.15 8000.86

NASDAQ

 -31.42 1476.42

S&P 500

 -19.26 825.88

Economic
News

Existing Home Sales (Dec): Consensus: 4.40M, Prior: 4.49M

Leading Indicators (Dec): Consensus: -0.3%, Prior: -0.4%

Consumer Confidence (Jan): Consensus: 38.0, Prior: 38.0

S&P/CaseShiller Composite (Nov): Consensus: NA, Prior: -18.04%

Crude Inventories (Jan. 23): Consensus: NA, Prior: 6.1 min

FOMC Rate Decision (Jan. 28): Consensus: NA, Prior: 0-0.25

Durable Orders (Dec): Consensus: -1.8%, Prior: -1.5%

Initial Claims (Jan. 24): Consensus: 575K, Prior: 589K

New Home Sales (Dec): Consensus: 400K, Prior: 407K

Chain Deflator-Adv. (Q4): Consensus: 0.6%, Prior: 3.9%

GDP-Adv. (Q4): Consensus: -5.4%, Prior: -0.5%

Chicago PMI (Jan): Consensus: 34.0, Prior: 34.1

Mich Sentiment-Rev (Jan): Consensus: 61.9, Prior: 61.9

Employment Cost Index (Q4): Consensus: 0.7%, Prior: 0.7%