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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– 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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– Dropped 6.03% or 0.91 cents to $14.18 after being downgraded to a sell from Goldman.

Myriad Genetics
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– Climbed 4.80% or $2.83 to $61.80 after the company revealed plans to spin off a unit.

OptionsXpress
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– 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

Market Snapshot

Dow

-232.81 9032.62

NASDAQ

-73.35 1696.68

S&P 500

-30.35 955.05

Economic
News

New Home Sales (Sep): Consensus 458K, Prior 460K

Consumer Confidence (Oct): Consensus 54.0, Prior 59.8

Durable Orders (Sep): Consensus -0.5%, Prior -4.5%

Crude Inventories (Oct 25): Consensus NA, Prior NA

FOMC Policy Statement: Consensus NA, Prior NA

Chain Deflator-Adv. (Q3): Consensus 4.0%, Prior -1.1%

GDP-Adv. (Q3): Consensus -0.1%, Prior 2.8%

Initial Claims (Oct 25): Consensus NA, Prior NA

Employment Cost Index (Q3): Consensus 0.7%, Prior 0.7%

Personal Income (Sep): Consensus 0.1%, Prior 0.5%

Personal Spending (Sep): Consensus 0.1%, Prior 0.0%

Chicago PMI (Oct): Consensus 49.7, Prior 56.7

Mich Sentiment-Rev. (Oct): Consensus 67.0, Prior 57.5

 

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