Depressing Note Auction, Interest Rate Fears, Stocks Down
Stocks were knocked off of a morning uptrend as the 10 year Treasury Note Auction resulted in depressing results spawning rate fears. Shares sold off sharply, recovering somewhat in late day trade. Concern over an inflationary spiral further held stocks back during the session, despite positive fed words of a moderating recession. The DJIA closed down -24.04 to 8739.02, the Nasdaq gave back -7.05 to 1853.08 and the S&P 500 dropped -3.28 to 939.15.
99 Cents Stores
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PowerRating) – Doubled analysts profit estimates, sending shares higher by 17.52% or $1.88 to $12.61.
Home Depot
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PowerRating) – Climbed 0.16% or 0.04 cents to $24.39/share after saying it may actually make a profit despite earlier warnings.
Shuffle Master
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PowerRating) – The card shuffling machine maker added 21.48% or 0.99 cents to $5.60/share upon besting analysts EPS estimates.
Ameriprise Financial
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PowerRating) – Diluted its stock by offering to sell $900 million additional sending shares down by 7.26% or $2.06 to $26.33.
Oil advanced $1.32 to $71.41, Gold eased ahead $1.70 to $956.40, and the VIX advanced 0.67% to28.46.
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