Halloween Stock Horror, High Velocity VIX, Amgen Sued
The final trading day of the week was a horror for the bulls as the major indexes closed sharply lower. Fears regarding declining consumer spending triggered the aggressive selling. The fear index VIX spiked nearly 25% as investors scrambled for derivative insurance against further losses. Word of a multi-state, class action suit against Amgen for alleged kickbacks further added to the pessimism on Wall Street. The DJIA plummeted -249.85 to 9712.73, the tech heavy Nasdaq gave back -52.44 to 2045.11 and the broad based S&P 500 fell -29.93 to 1036.18.
CIT Group
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PowerRating): Word of Billionaire investor Carl Icahn agreeing to support its boilerplate BK plan sent shares sharply lower by 24.21% or 23 cents to 72 cents.
Citigroup
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PowerRating): Respected banking analyst, Mike Mayo, stated that the company may suffer a $10 billion dollar write down this year causing the stock to drop 5.10% or 22 cents to $4.09/share.
MetLife
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PowerRating): Fell 7.63% or $2.81 to $34.03/share after posting a third quarter loss,
Zale Corp
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PowerRating): The diamond retailer reported a fiscal 4th quarter loss and is being investigated for accounting irregularities, resulting in shares falling 25.98% or $1.66 to $4.73,
Gold gave back $6.70 to $1040.00, oil dropped $2.87 to $76.97 and the fear index VIX spiked 23.95% to 30.69 posting its sharpest gain of the year.
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