Christmas Worries, Toyota Negative, Stocks Slip
The first day, of this shortened holiday trading week, disappointed stock investors. Increased Christmas sales worries from retailers and Toyota issuing a negative earnings warning led to a decline in the major indexes. The DJIA gave back -59.42 to 8519.69, closing above the technically critical 8500 support level. The Nasdaq fell -31.97 to 1532.35 and the broad based S&P 500 lost -16.25 to 871.63.
Monsanto
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PowerRating) – This giant agricultural seed producer was downgraded to neutral by Goldman Sachs leading to the stock to decline 7.46% or $5.32 to $66.31/share.
Micron Tech
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PowerRating) – A one time day trader favorite stock fell 12.7% or 0.38 cents to $2.61/share after JP Morgan stated the company may miss revenue and earnings forecasts.
U.S. Steel
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PowerRating) – Fell 8.16% or $3.03 to $34.10/share after Deutsche Bank cut its outlook to hold from buy.
Manpower
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PowerRating) – The staffing company retracted its forecast due to declines in the labor market pushing the stock down 14.37% or $5.23 to $31.17/share.
Gold climbed $9.80 to $847.20, oil fell $2.45 to $39.85 and the VIX index gave back 0.85% to 44.55 signaling a potential quiet end to the year.
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