Stocks Sink, Crude Crashes, GE Cut
Stocks sunk today on stalwart General Electric having its credit rating outlook cut to negative by Standard & Poors and falling economic indicators. Crude oil fell dramatically due to weak demand despite OPEC’s efforts to curtail production. The DJIA sunk -219.35 to 8604.99, the Nasdaq gave back -26.94 to 1552.37 and the broad based S&P 500 dropped -19.14 to 885.28.
Prudential
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PowerRating) – Climbed 5.35% or $1.56 to $30.74/share as insurers rallied due to a proposed loosening of regulations.
General Motors
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PowerRating) – Fell 16.26% or 0.71cents to $3.66 leading the DJIA lower due to the slowest auto sales in 26 years and uncertainty about the bailout.
Micron Tech
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PowerRating) – Soared 20.28% or 0.44 cents to $2.61/share after a competitor announced plans to cut chip production.
Virgin Media
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PowerRating) – Added 2.51% or 0.11 cents to $4.50/share after the second largest pay TV company in the UK named Jerry Elliott as the new CFO.
Oil collapsed $3.84 to $36.48, gold fell $7.90 to $860.60 and the VIX fell 5.02% to 47.34.
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