Rates Up, Stocks Down
Stocks fell sharply
after the Fed raised interest rates a quarter point to 3.75%–the 11th rise in
15 months. The Fed said Katrina could fuel inflationary pressures,
saying the economy could face a "near term setback." The Fed hinted that rates
would continue to rise, as the "measured pace" phrase remained intact. Oil fell
$2, but that did little to stop the selling.
After the close, Christopher & Banks
(
CBK |
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missed by a penny. CKE Restaurants
(
CKR |
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stock traded up after hours.
Goldman Sachs
(
GS |
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beat by 0.87, reporting 3.25/share. Q3 earnings rose 84%.
Circuit City
(
CC |
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year 2006 guidance. (full
story)
Tempur-Pedic
(
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downgraded the stock to a Hold from Buy and Goldman Sachs cut it to In Line from
Outperform.
Strong Sectors were: Biotech
(
BTK |
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+0.60%
Weak sectors were:
Gold
(
XAU |
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(
RLX |
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-1.79% Chemicals
(
CEX |
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PowerRating) -1.62%
|
|
-76.11 | 10,481.52 |
| -13.92 | 2131.34 | |
| -9.68 | 1221.34 |
Stocks in the news:
Deutsche Bank started coverage on Apple
(
AAPL |
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Qualcomm
(
QCOM |
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Swift Transportation
(
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PowerRating) guided below consensus and said it
will cut the number of stock options granted to employees.
Brice Wightman