Housing Hit Hard, Ford Huge Loss, Markets Drop Fast
Housing sales hit a 10 year low and Ford posted a 8.7 billion dollar loss resulting in a severe drop in the stock market. The DJIA fell -283.10 to 11349.28, the Nasdaq gave back -45.77 ending the day at 2280.11 and the broad based S&P 500 dropped -29.65 to 1252.54.
Ford
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PowerRating) posted a huge $8.7 billion loss resulting in a drop of 15.26% or $0.92 to $5.11/share in the stock. The company plans on cutting back on truck sales and migrating to smaller vehicles in response.
Amazon
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PowerRating) climbed 11.80% or $8.18 to $78.72 after beating second quarter analyst profit estimates.
Baidu.com
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PowerRating) advanced 16.07% or $46.38 to $335.60/share after China’s most popular internet search engine posted a stellar 87% increase in second quarter profits.
Janus Capital
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PowerRating) climbed 3.50% or $0.96 to $28.36/share on a 36% profit increase.Oil added $0.95 to $125.39/barrel, gold fell another $0.50 to $922.30 and natural gas fell $0.49 to $9.30.
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