Microsoft Removed, Stocks Plummet, Comcast Considers NBC

  • October 1, 2009
  • David Goodboy

Stocks plummeted today on the double whammy negative blast of increasing jobless claims and falling manufacturing. Technology stalwart, Microsoft, took a hit after being removed from Goldman Sachs’ conviction buy list due to first quarter earnings fears. Even word of Comcast considering buying a large stake in NBC Universal failed to spark a bullish rally. The DJIA sunk -203.00 to 9509.28, the tech heavy Nasdaq gave up -64.94 to 2057.48 and the broad based S&P 500 dropped -27.23 to 1029.85.

Microsoft
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PowerRating): Removal from Goldman Sach’s conviction buy list triggered selling with shares falling 3.15% or 81 cents to $24.90/share.

UAL Corp
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PowerRating): The airline said it would sell 19 million shares to raise capital diluting value sending shares sharply lower by 21.26% or $1.97 to $7.23.

Constellation Brands
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PowerRating): The winemaker climbed 5.61% or 85 cents to $16.00 upon beating analysts second quarter estimates.

Metro PCS
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PowerRating): Fell 9.40% or 88 cents to $8.48/share after being cut by JP Morgan to “neutral”.

Oil fell 21 cents to $70.32, gold plummeted $8.60 to $1001.00 and the VIX fear index spiked higher 10.39% to 28.27.

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Market Snapshot

Dow

 -203.00 9509.28

NASDAQ

 -64.94 2057.48

S&P 500

 -27.23 1029.85

Economic
News

Case-Shiller Housing Price Index (Jul): Consensus: -14.20%, Prior: -15.44%

Consumer Confidence (Sep): Consensus: 57.0, Prior: 54.1

ADP Employment (Sep): Consensus: -200K, Prior: -298K

GDP – Final (Q2): Consensus: -1.2%, Prior: -1.0%

Chicago PMI (Sep): Consensus: 52.0, Prior: 50.0

Crude Inventories(09/25): Consensus: NA, Prior: 2.85M

Personal Income (Aug): Consensus: 0.1%, Prior: 0.0%

Personal Spending (Aug): Consensus: 1.1%, Prior: 0.2%

Initial Claims (09/26): Consensus: 535K, Prior: 530K

Continuing Claims (09/19): Consensus: 6178K, Prior: 6138K

Construction Spending (Aug): Consensus: -0.2%, Prior: -0.2%

ISM Index (Sep): Consensus: 54.0, Prior: 52.9

Pending Home Sales (Aug): Consensus: 1.0%, Prior: 3.2%

Auto Sales (Sep): Consensus: NA, Prior: NA

Truck Sales (Sep): Consensus: NA, Prior: NA

Average Workweek (Sep): Consensus: 33.1, Prior: 33.1

Hourly Earnings (Sep): Consensus: 0.2%, Prior: 0.3%

Nonfarm Payrolls (Sep): Consensus: -180K, Prior: -216K

Unemployment Rate (Sep): Consensus: 9.8%, Prior: 9.7%

Factory Orders (Aug): Consensus: 0.5%, Prior: 1.3%