Embattled Bernanke, Stocks Slip, Retail Sketchy

  • December 3, 2009
  • David Goodboy

Fed chief Ben Bernanke is battling for his political life as his second term approaches. Accused of regulatory failures, he calmly addressed his senatorial critics with a strong case for another term. Shrinking service industries and sketchy retail sales for November knocked stocks off their 3 day uptrend. The DJIA fell -86.53 to 10366.15, the Nasdaq dropped -11.89 to 2173.14 and the broad based S&P 500 slipped -9.32 to 1099.92.

Abercrombie & Fitch
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PowerRating): The teen clothier fell 9.25% or $3.69 to $36.21/share after a November drop in business hurt retail across the board.

MGIC Investment
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PowerRating): Climbed 8.94% or 38 cents to $4.63/share after the mortgage insurer Wisconsin regulator dismissed a minimum capital regulation for insurance sellers.

Toll Brothers
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PowerRating): Gave back 7.54% or $1.47 to $18.02/share upon reporting a larger than forecast loss.

Comcast
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PowerRating): Agreed to purchase a majority stake in NBC sending shares higher by 6.49% or 97 cents to $15.91/share.

Oil fell 14 cents to $75.84 and gold moved ahead by $5.20 to $1218.00. While the VIX index spiked by 6.34% to 22.46.

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Market Snapshot

Dow

 -86.53 10366.15

NASDAQ

 -11.89 2173.14

S&P 500

 -9.32 1099.92

Economic
News

Chicago PMI (Nov): Consensus: 53.3, Prior: 54.2

Construction Spending (Oct): Consensus: -0.4, Prior: 0.8%

ISM Index (Nov): Consensus: 54.8, Prior: 55.7

Pending Home Sales (Oct): Consensus: -0.5, Prior: 6.1%

Auto Sales (Nov): Consensus: NA, Prior: NA

Truck Sales (Nov): Consensus: NA, Prior: NA

Challenger Job Cuts (Nov): Consensus: NA, Prior: -50.7%

ADP Employment Report (Nov): Consensus: -148K, Prior: -203K

Crude Inventories (11/27): Consensus: NA, Prior: 1.02M

Fed Beige Book: Consensus: NA, Prior: NA

Initial Claims (11/28): Consensus: 483K, Prior: 466K

Continuing Claims (11/21): Consensus: 5517K, Prior: 5423K

Productivity-Rev. (Q3): Consensus: 8.5%, Prior: 9.5%

Employment Cost Index (Q4): Consensus: NA, Prior: 0.4%

ISM Services (Nov): Consensus: 51.5, Prior: 50.6

Nonfarm Payrolls (Nov): Consensus: -114K, Prior: -190K

Unemployment Rate (Nov): Consensus: 10.2%, Prior: 10.2%

Average Workweek (Nov): Consensus: 33.1, Prior: 33.0

Hourly Earnings (Nov): Consensus: 0.2%, Prior: 0.3%

Factory Orders (Oct): Consensus: 0.1%, Prior: 0.9%