Dark Days for the Major Indices
The major indexes were down big today, after Merrill reported massive losses
linked to the subprime mortgage markets. The S&P fell 2.9%, the Dow fell 2.4%,
and the Nasdaq dropped 1.9%.
Merrill Lynch
(
MER |
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News |
PowerRating) announced a Q4 loss of nearly $10 billion,
mostly stemming from bad subprime bets. MER fell more than 10% in today’s
session (read
more).
Ambac Financial
(
ABK |
Quote |
Chart |
News |
PowerRating) fell 53% after reporting larger losses than
were expected. The company is rumored to lose its AAA credit rating (read
more).
Perini
(
PCR |
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Chart |
News |
PowerRating) dropped 26.7% after announcing that the Cosmopolitan
Resort and Casino recieved a default note from investor Deutsche Bank. PCR is
the general contractor of the casino under construction.
Monsanto
(
MON |
Quote |
Chart |
News |
PowerRating) fell 12% after negative analyst comments
Gold fell 0.5% today, and crude oil futures were down 0.9% as well.
PowerRating Charts are now live! Click here to launch them.
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