Microsoft Debt, Stocks Tumble, Banks Dilute
An interesting trading day with Microsoft announcing its first ever debt offering and bank stocks heading lower across the board due to value dilution caused by capital raising efforts of issuing additional shares. Profit taking from a 4 month stock highs and surprisingly strong valuations also worked to depress the market. The DJIA gave back -155.88 to 8418.77, the Nasdaq slipped -7.76 to 1731.24 and the broad based S&P 500 fell -19.99 to 909.24.
Capital One
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CB Richard Ellis
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PowerRating) – US’s largest commercial real estate broker fell 10.57% or 0.99 cents to $8.38 upon being cut to sell by Goldman Sachs.
General Motors
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PetMed Express
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PowerRating) – Beat analysts earnings estimates sending shares higher by 13.13% or $2.02 to $17.41/share.
Oil fell by 0.13 cents to $58.15, Gold gave back $1.40 to $913.50 and the VIX fear index added 2.56% to 32.87.
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