Red Across the Board After Citigroup Profits Plunge

Stocks declined on Monday, weighed down by Citigroup’s disappointing earnings.

Citigroup
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reported a 57% drop in third quarter profits, after writing down losses of $3 billion, related primarily to the credit crunch (read more).

Danaher
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agreed to acquire Tektronix
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for $2.8 billion, and revised its earnings outlook for Q3 (read more).

Biogen Idec
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shares are surging, up nearly 21%, after the company put itself up for sale (read more).

Primedia
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is trading sharply lower after revising its 2007 full year outlook (read more).

Shares of Eaton
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are also lower after the company reported third quarter profit rose by 4% but lowered full-year expectations (read more).

Medtronic
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shares are falling after the company suspended distribution of its defibrillation leads, which may have led to the death five patients (read more).

Crude oil hit a record high today, climbing above $86 per barrel.

Market Snapshot

Dow

-108.28 13984.80

NASDAQ

-25.63 2780.05

S&P 500

-13.09 1548.71

  NYSE NASDAQ

Volume

1,287,284,500 3,004,436,963

Up Volume

308,319,450 830,363,140

Down Volume

967,882,950 2,152,235,534

Advances

900 885

Declines

2358 2103

New Highs

160 108

New Lows

56 95

Strongest/Weakest Industry Groups

Strongest Industries

% Change

Weakest Industries

% Change
Independent Oil & Gas
+3.04%
-5.08%
Drug Delivery
+2.66%
Foreign Money Center Banks
-4.37%
Major Integrated Oil & Gas
+2.55%
Residential Construction
-3.50%


Economic
News

None Today