Geithner Cries Help, Wells Fargo Smack Down, Stocks Drop

  • February 13, 2009
  • David Goodboy

Transmitting further signals of uncertainty, Timothy Geithner reached out to the G7 nations meeting in Rome requesting that they take exceptional measures to stem the financial meltdown. Adding further negativity, America’s second largest home lender, Wells Fargo, announced larger than forecast fourth quarter losses sending shares steeply lower. The DJIA dropped -82.35 to 7850.41, the Nasdaq gave back -7.35 to 1534.36 and the S&P 500 fell -8.35 to 826.84.

Wells Fargo
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Coinstar Inc
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SIRIUS XM Radio
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Abercrombie & Fitch
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PowerRating) – Advanced 10.05% or $2.08 to $22.78/share upon beating analysts estimates.

Oil climbed $3.53 to $37.94, Gold fell $7.00 to $942.00 and the VIX fear index added 7.37% to 41.25.

Market Snapshot

Dow

 -82.35 7850.41

NASDAQ

 -7.35 1534.36

S&P 500

 -8.35 826.84

Economic
News

Wholesale Inventories (Dec): Consensus: -0.7%, Prior: -0.6%

Trade Balance (Dec): Consensus: -$37.0B, Prior: -$40.4B

Crude Inventories (Feb 06): Consensus: NA, Prior: 7.2M

Treasury Budget (Jan): Consensus: -$75.0B, Prior: -$83.6B

Initial Claims (Feb 07): Consensus: 610K, Prior: 626K

Retail Sales (Jan): Consensus: -0.3%, Prior: -2.7%

Retail Sales ex-auto (Jan): Consensus: -0.4%, Prior: -3.1%

Business Inventories (Dec): Consensus: -0.6%, Prior: -0.7%

Mich Sentiment-Prel (Feb): Consensus: 61.5, Prior: 61.2