Market Breakdown, Monster AIG Loss, Surging Volatility
The DJIA broke down below the 7000 support level today for the first time in 11 years. A midday attempt to pare the carnage failed as the market closed at the daily low. Monster derivative losses from insurance giant AIG furthered fueled investors pessimism pushing the volatility VIX index up over 13%. Fear reigns supreme with the DJIA down nearly 300 points, dropping -299.64 to 6763.29, the Nasdaq fell -54.99 to 1322.85 and the broad based S&P 500 gave back -34.27 to 700.82.
FTI Consulting
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PowerRating) – The company turnaround counselor was a bright spot during this dark day climbing 13.05% or $4.77 to $41.37 after beating analysts earning estimates.
Leucadia National
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PowerRating) – Dropped 18.80% or $2.75 to $11.88/share after the holder of insurance, wine and real estates concerns reported a massive loss of $11.53/share in the 4th quarter.
American International Group
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PowerRating) – Surged the most in the S&P 500, intraday, despite booking monster losses due to a $30 billion dollar cash injection promise from the Feds. The firm closed the day even at 0.42 cents/share.
ICT Group
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PowerRating) – Takeovers and buyouts are still alive in well despite the negativity with this call center operator exploding up 64.17% or $2.31 to $5.91/share after Aegis Inc offered a buyout offer of $8.00/share.
Oil dropped $4.61 to $40.05, Gold plummeted $2.50 to $940.00 and the fear index VIX soared 13.59% to 52.65.
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