Profit Takers Indulge, Citibank Falls, Kerkorian Dumps Ford
Profit taking ruled the market today after yesterday’s impressive rally. Mixed news on the earnings front further weighed on the indexes pushing the DJIA down -232.81 to 9032.62, the Nasdaq fell -73.35 to 1696.68 and the S&P 500 gave back -30.35 to 955.05. Citibank being downgraded and word from billionaire Kurt Kerkorian that he is dumping Ford shares further shoved the indexes down the steps.
Ford
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PowerRating) – Kurt Kerkorian gave word that he is selling a substantial stake and may liquidate his entire holdings forcing the stock down 6.87% or 0.16 cents to $2.17/share.
Citibank
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PowerRating) – Dropped 6.03% or 0.91 cents to $14.18 after being downgraded to a sell from Goldman.
Myriad Genetics
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OptionsXpress
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PowerRating) – The option trading broker added 13.99% or $1.77 to $14.42/share after crushing analysts profit estimates.
Gold fell another $16.10 to $773.90, oil slipped $2.49 to $71.90 and the VIX index climbed 4.02% to $70.33
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