Gold Drops Hard, Stocks Down, Oil Slips

  • January 12, 2009
  • David Goodboy

Deep fears on the corporate earnings front depressed stocks today. Lowering global demand worked to push the commodity complex lower including gold and oil prices. The DJIA dropped -125.21 to 8473.97, the Nasdaq fell -32.80 to 1538.79 and the broad based market barometer S&P 500 dipped -20.09 to 870.26.

Citigroup
(
C |
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PowerRating) – Fell another 17.33% or $1.17 to $5.58/share as word of a government aided break up hits the street.

Hartford Financial
(
HIG |
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PowerRating) – Gave back 18.61% or $3.38 to $14.78 as the entire insurance group dropped on a reaction to a regulatory group not loosening reserve standards.

Landry’s Restaurants
(
LNY |
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PowerRating) – Collapsed 33.93% or $4.19 to $8.16/share as the owner of “The Crab House” and other restaurant chains terminated the effort to take the company private.

Yahoo
(
YHOO |
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PowerRating) – Gave back 6.93% or 0.91 cents to $12.22/share after being downgraded to neutral by Broadpoint Capital.

Gold fell hard $34.00 to $821.00, oil dropped $3.24 to $37.67 and the fear index VIX added 7.05% to 45.84.

Market Snapshot

Dow

 -125.21 8,473.97

NASDAQ

 -32.80 1,538.79

S&P 500

 -20.09 870.26

Economic
News

Treasury Budget (Dec): Consensus: -$33.0B, Prior: -$48.3B

Export Prices ex-ag. (Dec): Consensus: NA, Prior: NA

Import Prices ex-oil (Dec): Consensus: NA, Prior: NA

Retail Sales (Dec): Consensus: -1.1%, Prior: -1.8%

Retail Sales ex-auto (Dec): Consensus: -1.2%, Prior: -1.6%

Business Inventories (Nov): Consensus: -0.5%, Prior: -0.6%

Crude Inventories (Jan 09): Consensus: NA, Prior: NA

Core PPI (Dec): Consensus: 0.1%, Prior: 0.1%

Initial Claims (Jan 10): Consensus: NA, Prior: NA

PPI (Dec): Consensus: -1.9%, Prior: -2.2%

Philadelphia Fed (Jan): Consensus: -35.0, Prior: -32.9

Core CPI (Dec): Consensus: 0.1%, Prior: 0.0%

CPI (Dec): Consensus: -1.0%, Prior: -1.7%

Capacity Utilization (Dec): Consensus: 74.7%, Prior: 75.4%

Industrial Production (Dec): Consensus: -0.8%, Prior: -0.6%

Mich Sentiment-Prel (Jan): Consensus: 60.0, Prior: 60.1

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