Market Mixed, Morgan Stanley Misses, Economy Sinks
The International Monetary Fund reported that the global economy may fall 1.3% in 2009. This is the first drop expected in over 60 years as economic activity decreases worldwide. Morgan Stanley firmly missing earning forecasts led the financial sector lower as stocks sold off hard near the close. However, the Nasdaq managed to keep its head above water with the DJIA losing -82.99 to 7886.57, the Nasdaq closing up +2.27 to 1646.12 and the S&P 500 giving up -6.53 to 843.55.
Equity Residential
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PowerRating) – Apartment rents and occupancy dropped for the 3rd straight quarter pushing the largest U.S. apartment owning REIT down 9.39% or $2.15 to $20.75/share.
PF Chang’s
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PowerRating) – The Asian themed restaurant operator soared 20.52% or $5.54 to $32.54 lifted its profit forecast.
Wabtec
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PowerRating) – A maker of train brakes beat analysts estimates sending shares higher by 12.98% or $4.00 to $34.82/share.
US Airways
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PowerRating) – After a steep sell off this year, Bank of America stepped in upgrading the company to a buy sending shares higher by 4.31% or 0.18 cents to $4.36/share.
Oil climbed 0.30 cents to $48.66, Gold added $9.80 to $892.50 and the fear index VIX advanced 2.58% to 38.10.
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