Markets Slip Despite Rate Cut
The major indexes gave up sizeable gains today following the predicted Fed
cut. The Fed cut both the discount and the Fed funds rate by 50 basis points,
which sent the markets into the green immediately. However, the cut came as no
real surprise to traders, and the markets sold off into the close to end the day
lower.
Yahoo
(
YHOO |
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PowerRating) fell more than 10% on Wednesday, after reporting a
lower Q4 profit than expected, and announcing that 1,000 jobs could be lost
during “realignment” (full
story).
Kraft Foods
(
KFT |
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PowerRating) fell about 1% after recording a 6.3% decline in
profit last quarter (full
story).
E-Trade
(
ETFC |
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PowerRating) rallied more than 10% after insiders reporting
buying more shares of the company (full
story).
UBS [UBSUBS] fell around 1% after the bank announced a fresh round of
$14 billion worth of writeoffs (full
story).
Gold futures rallied to fresh highs after the U.S. Federal Reserve cut
interest rates for the 2nd time in 2 weeks. Crude oil futures rallied 0.7% on
the rate cut.
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