Indexes Drop Hard, VIX Soars, Apollo Rockets

  • July 2, 2008
  • David Goodboy

U.S. stock indexes stumbled into Bear Market territory today on record high oil prices, tumbling steel makers and weak factory orders. The DJIA fell -166.75 to 11215.51, the Nasdaq gave back -53.50 to 2251.46 and the S&P 500 lost -23.39 to 1261.52.

Apollo Group
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PowerRating) rocketed up 18.72% or $8.66 to $54.92/share as the operator of University of Phoenix reported quarterly earnings that beat analysts estimates.

US Steel
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PowerRating) tumbled 12.65% or $22.18 to $153.17/share on collapsing auto sales fears.

Family Dollar Stores
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PowerRating) climbed 8.33% or $1.69 to $21.98/share due to bargain hunting consumers.

Aladdin Knowledge Systems
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PowerRating) – The Israeli security company collapsed 33.63% or $4.46 to $8.80/share after order delay forecasts and the strong shekel.

The VIX soared 9.60% to 25.92 on extreme market volatility, gold climbed $2.00 to $946.50/oz and oil struck $143.85/barrel rising $2.88.

Market Snapshot

Dow

 -166.75 11215.51

NASDAQ

 -53.50 2251.46

S&P 500

 -23.39 1261.52

Economic
News

Durable Orders (May): Actual 0.0%, Consensus 0.0%

New Home Sales (May): Consensus 510K, Prior 525K

Chain Deflator-Final (Q1): Consensus 2.6%, Prior 2.6%

GDP Final (Q1): Consensus 1.0%, Prior 0.9%

Initial Claims (06/21): Consensus 375K, Prior 381K

Existing Home Sales (May): Consensus 4.95M, Prior 4.89M

Personal Income (May): Consensus 0.4%, Prior 0.2%

Personal Spending (May): Consensus 0.7%, Prior 0.2%

Crude Inventories (06/21): Consensus NA, Prior -1242K

PCE Core Inflation (May): Consensus 0.2%, Prior 0.1%