Stocks Reverse Pre-Election Gains, Google Drops Yahoo, Gold Falls
Barack Obama became the 44th U.S. President last night in a practical landslide victory. Unfortunately, the stock market melted down on fears regarding his economic leadership skills and true ability to navigate the country out of the worst financial condition since the Great Depression. Skepticism over Obama’s rhetoric and concerns about his policies triggered the selling. Further negative news of Google pulling a major ad agreement with Yahoo, forcing Yahoo back to Microsoft, added to the already difficult, negative environment. The DJIA collapsed -486.01 to 9139.27, the Nasdaq fell by -98.48 to 1681.64 and the S&P 500 gave back -52.98 dipping below the critical technical support level of 1000.
Hospira
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PowerRating) – The drug company was a bright spot on a dark market day climbing 6.81% or $1.95 to $30.60 upon beating analyst’s sales estimates by 2.6%.
Kimco Realty
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PowerRating) – Fell 11.63% or $2.71 to $20.59/share when the shopping center owner slashed its earnings estimates.
Papa John’s
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PowerRating) – Missed analysts estimates by a whopping 22% pushing the stock down 16.15% or $3.69 to $19.16/share.
Google
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PowerRating) – Dropped 6.73% or $24.70 to $342.24 after dropping its deal with Yahoo, forcing Yahoo back to the table with Microsoft. Yahoo was up on the news.
Gold fell 14.90 to 742.40, oil gave back $5.23 to $65.47 and the fear index VIX spiked 14.31% to 54.56
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