Stocks Start the New Year with Heavy Losses
Stocks declined on the first trading day of 2008 after the ISM report showed a contraction in manufacturing activity last month. Early gains turned to large losses across the major indices shortly after the report’s release.
National City
(
NCC |
Quote |
Chart |
News |
PowerRating) cut its quarterly dividend and shutdown its wholesale mortgage unit (read more).
PHH Corp.
(
PHHW |
Quote |
Chart |
News |
PowerRating) announced the termination of its merger agreement with General Electric Capital Corp., a unit of General Electric
(
GE |
Quote |
Chart |
News |
PowerRating) (read more).
VeriFone
(
PAY |
Quote |
Chart |
News |
PowerRating), which on Monday delayed filing its annual report, is among the largest decliners on the NYSE today (read more).
BJ’s Wholesale Club
(
BJ |
Quote |
Chart |
News |
PowerRating) is also sharply lower after the company was downgraded by JP Morgan (read more).
Crude oil rose above $98 per barrel, and gold surged, nearing $852 per ounce, as the U.S. dollar fell.
| Market Snapshot | ||||||||||||
|
| Strongest/Weakest Industry Groups | ||||||||||||||||
|
| Economic News |
|
|