Stocks Fall For A Third Day
Stocks slid for a third
straight day, with
General Motors
(
GM |
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Chart |
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PowerRating) and weak economic data dragging down the Dow by triple
digits. GM shares fell after the company announced it was subpoenaed
by the SEC in an accounting investigation. GM said rumors it may be filing for
bankruptcy are "absolutely untrue."
On the economic front, Durable goods orders
for September fell 2.1%, more than forecast; ex-aircraft it fell 1.2%.
Jobless claims for the week ending 10/22 of fell 28,000 to 328,000; the
4-week moving average fell 10,000 to 366,500. Approximately 24,000 claims were
from workers displaced by the recent hurricanes. New home sales rose 2.1%
to 2.22 million units, less than expected.
After the bell, Microsoft
(
MSFT |
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PowerRating) beat
by a penny but revenues were on the light side at $9.74 billion.
KLA-Tencor
(
KLAC |
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News |
PowerRating) beat by 0.02 and beat on revenues.
ExxonMobil
(
XOM |
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PowerRating) reported $1.58;
excluding items, $1.32. Q3 net jumped 75% to a record $9.92 billion. Still, the
earnings were below estimates.
Dow Chemical {DOW|DOW] beat by 0.07; Q3
profits rose 30%.
Phelps Dodge
(
PD |
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PowerRating) beat by 0.32 and beat
on revenues.
Corning
(
GLW |
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PowerRating) beat by 0.05.
Strong sectors were: Insurance
(
IUX |
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Chart |
News |
PowerRating) +0.04%
Weak sectors were:
Networkers
(
NWX |
Quote |
Chart |
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PowerRating) -3.16%
Natural Gas
(
XNG |
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Chart |
News |
PowerRating) -2.91%
Semis
(
SOX |
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News |
PowerRating) -2.71%
|
|
-115.03 | 10,229.95 |
| -36.24 | 2063.81 | |
| -12.48 | 1178.90 |
More stocks on the move:
Baidu.com
(
BIDU |
Quote |
Chart |
News |
PowerRating) missed by 0.02. CNBC
reported that a Piper Jaffray analyst has a $45 price target on the stock.
Goldman Sachs gives the stock an implied value of $36.
Marathon Oil
(
MRO |
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PowerRating) missed by 0.57.
Express Scripts
(
ESRX |
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Chart |
News |
PowerRating) beat by 0.06
and guided higher. Q3 net income jumped 65%.
Brice Wightman