Airlines Soar, Apple Rocks, Stock Smack Down

  • October 22, 2008
  • David Goodboy

A commodity led sell off combined with a soaring dollar and earnings fears pressed stocks down for a second straight day. The S&P 500 and Nasdaq hit 5 years lows on surprisingly low volume. The DJIA lost -514.45 to 8519.21, the Nasdaq fell an astounding -79.36 to 1617.32 and the broad based S&P 500 index gave back -58.25 to 896.25 breaking the technically critical 900 level.

UAL Corp.
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PowerRating) – Airlines soared on lowering fuel costs with UAL adding 6.16% or 0.85 cents to $14.63/share.

Alcoa
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AA |
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Apple
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AAPL |
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PowerRating) – Rocked 5.88% or $5.38 to $96.87/share after selling 10 million iPhones beating analysts estimates.

Carters Inc
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CRI |
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Gold was crushed today falling $45.00 to $723.00, Oil dropped $5.76 to $66.42 and the fear index VIX exploded up 31.14% hitting an intraday high of 81.45

Market Snapshot

Dow

 -514.45 8519.21

NASDAQ

 -79.36 1617.32

S&P 500

 -58.25 896.25

Economic
News

New Home Sales (Sep): Consensus 458K, Prior 460K

Consumer Confidence (Oct): Consensus 54.0, Prior 59.8

Durable Orders (Sep): Consensus -0.5%, Prior -4.5%

Crude Inventories (Oct 25): Consensus NA, Prior NA

FOMC Policy Statement: Consensus NA, Prior NA

Chain Deflator-Adv. (Q3): Consensus 4.0%, Prior -1.1%

GDP-Adv. (Q3): Consensus -0.1%, Prior 2.8%

Initial Claims (Oct 25): Consensus NA, Prior NA

Employment Cost Index (Q3): Consensus 0.7%, Prior 0.7%

Personal Income (Sep): Consensus 0.1%, Prior 0.5%

Personal Spending (Sep): Consensus 0.1%, Prior 0.0%

Chicago PMI (Oct): Consensus 49.7, Prior 56.7

Mich Sentiment-Rev. (Oct): Consensus 67.0, Prior 57.5

 

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