Financial Stocks Cast Shadow Over Wall Street
Stocks are lower on Tuesday, as concerns about the credit crunch continue to weigh on investors minds. Financial stocks are out of favor again today after J.P. Morgan Chase downgraded a number of brokerages.
Bloomberg reported a senior company executive at Citigroup
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PowerRating) said the bank “lost more money than it made from financial instruments based on U.S. subprime mortgages” (read more).
Merck
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PowerRating) reaffirmed its 2007 outlook and forecast earnings growth in 2008 (read more).
Nokia
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PowerRating) said it currently estimates operating margin in the range of 16-17% targeted within the next one to two years (read more).
Dell
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PowerRating) announced a $10 billion share buyback (read more).
Dow Chemical
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PowerRating) announced it is cutting 1000 jobs, or 2.3% of its work force (read more).
AutoZone
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PowerRating) shares are surging after the company reported profit increased 7% on higher sales and improved profit margins (read more). AZO is currently up more than 13%.
CMGI Inc.
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PowerRating) is also surging after reporting a 17% drop in net earnings and backing its full-year 2008 outlook (read more). CMGI is up nearly 22%.
Sanderson Farms
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PowerRating) reported Q4 profit more than doubled (read more). SAFM shares are up nearly 10%.
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