Early Gains Overcome by Heavy Selling

  • July 31, 2007
  • John Patrick Lee

Stocks experienced a roller coaster ride on Tuesday, before
closing in the red. An early morning rally, on positive earnings
and deal news, was reversed in the afternoon, with all the major
averages surrendering their gains, leading to a heavy selloff in
the last hour of trading.

Johnson & Johnson
(
JNJ |
Quote |
Chart |
News |
PowerRating) announced plans to cut 3-4% of
its workforce (full
story), profit rose at Northwest Airlines
(
NWA |
Quote |
Chart |
News |
PowerRating)
(read more), and Hilton Hotels
(
HLT |
Quote |
Chart |
News |
PowerRating) reported that
profits increased in the second quarter.

American Home Mortgage
(
AHM |
Quote |
Chart |
News |
PowerRating) resumed trading and
promptly fell 90%.

According to the Wall Street Journal, it appears that
News Corp.
(
NWS |
Quote |
Chart |
News |
PowerRating) is on the verge of clinching a deal for Dow Jones
(
DJ |
Quote |
Chart |
News |
PowerRating).

Marathon Oil
(
MRO |
Quote |
Chart |
News |
PowerRating) agreed to acquire Western Oil Sands
in a cash and stock deal worth $6.2 billion, including debt (full
story).

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Stocks in Motion

General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) Turns To Profit In Q2 On Strong International
Sales (full
story).

Automatic Data Processing
(
ADP |
Quote |
Chart |
News |
PowerRating) Q4 Profit Plunges (full
story).

Waste Management
(
WMI |
Quote |
Chart |
News |
PowerRating) Q2 Profit Falls (full
story).

Health Management Associates
(
HMA |
Quote |
Chart |
News |
PowerRating) Q2 Profit Plummets 85% On
Higher Provision For Bad Debts, Cuts FY07 EPS Target (full
story).

Jones Apparel
(
JNY |
Quote |
Chart |
News |
PowerRating) Receives Definitive Proposal From Japan
Retailer To Buy Barneys For $900 Mln In Cash (full
story).

Anadarko Petroleum
(
APC |
Quote |
Chart |
News |
PowerRating) Q2 EPS Declines On Higher Costs And
Expenses (full
story).

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


Market Snapshot

Dow

 -148.60 13209.71

NASDAQ

 -37.01 2546.27

S&P 500

 -18.93 1454.98

NYSE NASDAQ

Volume

 2,173,848,470 2,727,375,140

Up Volume

 475,235,350 849,009,462

Down Volume

 1,683,461,320 1,838,328,632

Advances

 1,374 1,215

Declines

 1,972 1,808

New Highs

 34 56

New Lows

 256 207


Strongest/Weakest Industry Groups

Strongest Industries

Weakest Industries
Food Wholesale Consumer
Services
Regional
Airlines		 Medical
Practitioners
Farm Products Hospitals



Economic
News

June Personal Income; Actual 0.4%
Consensus 0.5%

June Personal Spending; Actual 0.1% Consensus 0.1%

July Chicago PMI; Actual 53.4 Consensus 58.5

June Construction Spending; Actual -0.3% Consensus 0.2%

July Consumer Confidence; Actual 112.6 Consensus 105.0

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