Stocks Slip on Credit Losses, Earnings News

• November 15, 2007
• TradingMarkets Editors

Stocks moved lower on Thursday as more credit related losses were disclosed, lackluster earnings, and mixed economic data combined to provide a gloomy outlook.

Barclays
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PowerRating) announced a $2.7 billion write-down, stemming from sub-prime and other credit related losses.

Applied Materials
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PowerRating) lowered guidance for the first quarter of 2008 (read more).

J.C. Penney
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JCP |
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PowerRating) reported a 9% drop in Q3 profit and slashed its forecast for Q4 (read more).

Tyco
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PowerRating) adjusted earnings and revenues beat estimates for Q4 (read more).

NovaStar Financial
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PowerRating) hit an all-time low after reporting a loss of $598 million in Q3 (read more).

Market Snapshot

Dow -13.50 13217.51 NASDAQ -9.00 2635.32 S&P 500 -6.57 1464.01   NYSE NASDAQ Volume 536,394,830 953,577,716 Up Volume 174,479,010 445,383,589 Down Volume 356,522,810 498,870,567 Advances 878 867 Declines 2286 1935 New Highs 11 24 New Lows 202 143

Strongest/Weakest Industry Groups

Strongest Industries % Change Weakest Industries % Change Long Distance Carriers +9.06% Gold -4.05% Medical Equipment Wholesale +1.71% Silver -4.03% Auto Dealerships +1.61% Non-metallic Mineral Mining -3.82%

Economic News

CPI (Oct): Actual 0.3%, Consensus 0.3% Initial Claims (11/10): Actual 339K, Consensus 325K