Bears in Control as Dow Tumbles Over 200 Points

  • August 14, 2007
  • Darren Wong

Wall Street continues to take a beating on Tuesday, as stocks
move farther into the red. Heading into the last hour, the major
averages are trading near their intraday lows.

Stocks opened the day in positive territory after the labor
department released optimistic economic data. However, the gains
were short-lived as weakness in the retail sector drove stocks
lower.

Crude oil futures for September delivery
rose 1.1%  to $72.38 a barrel after the U.S. National
Hurricane Center upgraded an Atlantic depression heading toward
the Caribbean to a tropical storm. Gold futures for December
delivery fell fractionally to $679.70 an ounce on dollar strength.


Around Europe, Germany’s DAX index lost
0.7% to close at 7,425.07, France’s CAC 40 dropped 1.6% to
5,478.66, and Britain’s FTSE 100 fell 1.2% to 6,143.50.

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Stocks in Motion

Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating) Q2 Profit Drops 15% On Weak Housing Market, Reiterates
FY07 EPS Target (full
story). HD shares dropped 5%.

Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating) Q2 Profit Surges On Strong International Results;
Guides Q3; Cuts FY08 Outlook (full
story). WMT shares lost 5%.

Mattel
(
MAT |
Quote |
Chart |
News |
PowerRating) Set To Reveal Another Toy Recall Amid Lead-paint
Concerns (full
story). MAT shares fell 2%.

Fortress Investment Group
(
FIG |
Quote |
Chart |
News |
PowerRating) Posts Wider Loss In Q2 On Higher
Compensation Expenses; Shares Down (full
story). FIG shares lost nearly 7%.

Countrywide
(
CFC |
Quote |
Chart |
News |
PowerRating) Reports 6% Rise In July Mortgage Loan Fundings,
But Falls 14% Sequentially (full
story). CFC shares fell 9%.

TJX
(
TJX |
Quote |
Chart |
News |
PowerRating) Q2 Profit Falls Sharply On Charges; Adj. EPS Tops Street
View; Raises FY08 Adj. EPS View (full
story). TJX shares lost 0.2 %.

For more stories as they happen, go to our
Breaking News section.


Market Snapshot

Dow

 -207.61 13,028.92

NASDAQ

 -43.12 2,499.12

S&P 500

 -26.36 1,426.56

NYSE NASDAQ

Volume

 3,553,152,000 1,934,881,000

Advances

 502 877

Declines

 2800 2166

Up Volume

 298 345

Down Volume

 2854 1423

New Highs

 18 34

New Lows

 429 156




Strongest/Weakest Industry Groups

Strongest Industries

Weakest Industries
Healthcare Credit
Services
Energy Telecom
Internet
Insurance Brokers



Economic
News

Core PPI m/m +0.1% vs +0.2%
consensus

Core PPI y/y +2.3% vs +2.5% consensus

PPI m/m +0.6% vs +0.1% consensus

PPI y/y +4.0% vs +3.4% consensus

Trade Balance -$58.1 bln vs -$61.0 bln consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com

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