Gold Drops Hard, Stocks Down, Oil Slips
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
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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
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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
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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
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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.
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