Stocks Sink, China Leads Decline, Oil Down
A sharp drop in the Shanghai Index triggered by lending curbs was felt around the world today. Stocks sunk on the last trading session of the month despite a late day spike recovering some of the losses. Energy and financial shares led the decline as the interdependency of China and the United States become apparent. Investors expressed nervousness about the sustainability of the recovery dumping their riskier holdings. Bargain hunters jumped into the fray, near the close, resulting in nearly a 50% retrace from the days lows. The DJIA closed down -47.92 to 9496.28, the Nasdaq gave back -19.71 to 2009.06, and the S&P 500 dropped -8.31 to 1020.62.
American International Group
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PowerRating): Took some heat from Barron’s who stated it was overpriced, falling to 9.76% or $4.90 to $45.33/share.
Discover Financial
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PowerRating): The struggling credit card issuer was downgraded to “underperform” at Calyon, sending shares lower by 3.37% or 48 cents to $13.75.
DreamWorks
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PowerRating): Added 6.53% or $2.07 to $33.76/share after Goldman stated it may be ripe as a takeover target.
Exponent
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PowerRating): The engineering consulting firm will be added to the S&P 600, sending shares higher by 11.34% or $2.88 to $20.28.
Oil fell $2.78 to $69.69, Gold dropped $5.30 to $953.50 and the VIX fear index spiked 5.05% to 26.01.
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