Geithner Cries Help, Wells Fargo Smack Down, Stocks Drop
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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PowerRating) – Dropped 6.19% or $1.04 to $15.76/share upon announcing that fourth quarter losses will be higher than expected.
Coinstar Inc
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SIRIUS XM Radio
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Abercrombie & Fitch
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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.
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