Red Across the Board

  • October 24, 2007
  • John Patrick Lee

Negative results from a number of major Nasdaq stocks have rocked the
markets. All indices are trading deep in the red, with the Nasdaq Composite
leading the downside, down 2.3%. Bad news from Merrill Lynch is also weighing
the market down, after the company announced even more write-downs stemming from
the recent credit crisis. Overall, the markets seem to be struggling to keep
from going into a free-fall.

Amazon.com
(
AMZN |
Quote |
Chart |
News |
PowerRating) fell over 16% despite reporting positive Q3
earnings; future projections, however, did not meet analyst expectations (read
more).

Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) also fell 16% after missing analyst earnings
estimates by one penny (read more).

Juniper Networks
(
JNPR |
Quote |
Chart |
News |
PowerRating) also missed analyst earnings
estimates, and fell by more than 10% through the morning (read more).

Strong earnings results from Qlogic
(
QLGC |
Quote |
Chart |
News |
PowerRating) led to shares rallying
more than 10% (read more).

Market Snapshot

Dow

 -141.04 13535.19

NASDAQ

 -56.94 2742.32

S&P 500

 -20.14 1499.45

NYSE NASDAQ

Volume

 604,744,740 1,223,950,632

Up Volume

 95,949,410 97,520,939

Down Volume

 503,174,630 1,115,658,340

Advances

 599 559

Declines

 2546 2247

New Highs

 47 62

New Lows

 109 204

Strongest/Weakest Industry Groups

Strongest Industries
% Change

Weakest Industries
% Change

Defense		 +0.90%
Mortgage Finance		 -5.74%

Pipelines		 -0.42%
Semiconductor		 -4.06%

Exploration and Production		 -0.29%
Railroads		 -3.05%


Economic
News

Sales of previously owned homes fell 8% in
September.

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