Markets Slide on Subprime Worries and Disappointing Earnings

  • July 18, 2007
  • Darren Wong

The major indices pulled back on subprime worries, missed earnings
reports, and higher crude prices. The Nasdaq led to the downside
giving up 0.5% after tech bellwether Yahoo cut its earnings
forecast for the year and Intel reported lower profit margins.  

Crude oil futures for August delivery rose 1.4%
to $75.05 a barrel after the weekly Energy Department report
showed a decrease in crude oil inventories.  Gold futures for
August delivery rose 1.2% to $673.70 an ounce. To read today’s futures market recap,
click here.


Around Europe, Germany’s DAX index fell 1.8% to 7,893.61, France’s
CAC 40 fell 1.7% to 5,995.97, and Britain’s FTSE 100 fell 1.4% to
6,567.10.

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Stocks in Motion

Yahoo!
(
YHOO |
Quote |
Chart |
News |
PowerRating) Q2 Profit Slips 2.2% On Higher Operating
Costs, Sets Q3 Revenue Target, Slashes FY07 Revenue Forecast (full
story). YHOO shares fell 4.9%.

AMR
(
AMR |
Quote |
Chart |
News |
PowerRating) Posts 8.9% Increase In Q2 Profit; Revenue Dips On Bad
Weather (full
story). AMR shares fell 1.6%.

Strong Investment Banking Results Push JPMorgan Chase
(
JPM |
Quote |
Chart |
News |
PowerRating) Q2
Profit Up 20%, Concern On Home Loans Looms Large (full
story). JPM shares lost 2.25%.

Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating) Q2 Profit Falls 48%; Adj. EPS Misses Estimate;
Reaffirms FY07, ’08 View (full
story). PFE shares gave up 5%.

Altria Group
(
MO |
Quote |
Chart |
News |
PowerRating) Q2 Profit Declines 18% On Charges, Kraft Spin
Off; Lowers FY07 EPS Outlook (full
story). MO shares fell 1.4%.

For more stories as they happen, go to our
Breaking News section.

 


Market Snapshot

Dow

 -53.33 13,918.22

NASDAQ

 -12.80 2,699.49

S&P 500

 -3.20 1,546.17

 

 NYSE NASDAQ

Volume

 3,483,403,000 2,175,093,000

Advances

 1134 1111

Declines

 2065 1936

Up Volume

 1236 690

Down Volume

 2022 1399

New Highs

 119 105

New Lows

 187 189


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Deutsche Bank Energy Index (DXE) Nasdaq Other Finance Index (OFINX)
Natural Gas
Index (XNG)		 PHLX/KBW Bank
Sector Index (BKX)
Airline Index (XAL) S&P Banking Index (BIX)


 


Economic
News

Core CPI m/m +0.2% vs +0.2%
consensus, +0.1% prior

Core CPI y/y +2.2% vs +2.2% consensus, +2.2% prior

Housing Starts 1467 vs. 1450K consensus, prior revised to1434 K from
1474K

CPI m/m +0.2% vs +0.1% consensus, +0.7% prior

Building Permits 1406vs. 1480K consensus, prior revised to 1520K from
1501K -Update-

Darren Wong

Associate Editor

darrenw@tradingmarkets.com