Confidence Craters, Yellen For Recovery, Stocks Mixed
Consumer confidence cratered for the second month in a row, falling well below the forecast figure of 49 to 46.3. For perspective, a 90 reading is needed to indicate all is economically well. Despite this negative news, Fed Governor, Janet Yellen, reiterated the party line that the first solid signs of an economic recovery have begun at a talk this morning. Stocks reacted with the DJIA falling back -11.79 to 9096.72, the Nasdaq eased higher by +7.62 to 1975.51, and the S&P 500 gave back -2.56 to 979.62.
Deutsche Bank
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Lennar Corp
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PowerRating) – The homebuilder fell 1.85% or 22 cents to $11.64 upon suffering a Citigroup downgrade.
Office Depot
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PowerRating) – The steepest drop in the S&P 500 falling 18.32% or 98 cents to $4.37/share after missing analysts estimates by over 90%.
Virgin Mobile
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PowerRating) – Soared 25.42% or $1.07 to $5.28/share after Sprint stated it will buy the company for $5.50/share.
Oil fell $1.15 to $67.26, gold plummeted $14.60 to $941.70 and the VIX fear index climbed 3.01% to 25.01.
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