Stocks Plunge on Wall Street

  • August 3, 2007
  • John Patrick Lee

Stocks plunged on Friday, as fears continue to grow that credit
market problems, initially confined to the subprime market, are
spreading throughout the economy. Today’s disappointing employment
report further heightened negative investor sentiment (see below).

American Home Mortgage
(
AHM |
Quote |
Chart |
News |
PowerRating) laid off most of their
work force and ceased most operations after the company’s recent
disintegration. A number of class action lawsuits have been filed
on behalf on investors.

DaimlerChrysler
(
DCX |
Quote |
Chart |
News |
PowerRating) completed the transfer of the
majority interest in the Chrysler Group to a subsidiary of private
equity firm Cerberus Capital Management,. in a $7.4 billion deal (read
more).

Weyerhaeuser
(
WY |
Quote |
Chart |
News |
PowerRating) reported a fall in its second-quarter
profit as the company booked higher charges over last year.
Quarterly sales also declined from prior year, hurt by weak
housing market (read
more).

Procter & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating) reported a 19% rise in fourth-quarter
earnings on higher margins coupled with 8% top line growth (read
more).

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Stocks in Motion

KeySpan
(
KSE |
Quote |
Chart |
News |
PowerRating) Q2 Profit Increases On Gas Distribution Segment
Results (full
story).

Toyota Motor
(
TM |
Quote |
Chart |
News |
PowerRating) Q1 Profit Up On Strong Overseas Sales, Weak Yen (full
story).

Accredited Home Lenders
(
LEND |
Quote |
Chart |
News |
PowerRating) Files FY06 Annual Report (full
story).

For more stories as they happen, go to our
Breaking News section.


Market Snapshot

Dow

 -283.70 13179.63

NASDAQ

 -64.73 2511.25

S&P 500

 -39.33 1432.87

NYSE NASDAQ

Volume

 2,038,931,590 2,491,768,132

Up Volume

 116,242,360 280,378,882

Down Volume

 1,922,979,730 2,197,655,369

Advances

 543 584

Declines

 2,805 2,425

New Highs

 40 52

New Lows

 369 396


Strongest/Weakest Industry Groups

Strongest Industries

Weakest Industries
Sporting Goods
Stores		 Data
Storage Devices

Specialized Health Services		 Toy &
Hobby Stores
Building
Materials Wholesale
Manufactured Housing



Economic
News

Job Growth Below Expectations In
July; Unemployment Rate Ticks Up (full
story)

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