Service Stabilizes, Bright Bernanke, Stocks Down
Positive news that the service sector contracted less then expected in April combined with Bernanke’s bright and cheerful words on the economy were not adequate to stem a flow of good, old fashion profit taking today. Stocks began the day higher, selling off throughout the day on bank stress test fears and profit taking. The DJIA ended the day off by -16.09 to 8410.65, the Nasdaq dropped -9.44 to 1754.12 and the broad based S&P 500 gave back -3.44 to 903.80 maintaining its position above the critical 900 level.
Avon Products
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PowerRating) – The direct consumer to consumer seller of beauty products missed analysts earning estimates sending shares down 8.76% or $2.21 to $23.01/share.
Citigroup
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PowerRating) – Posted the second highest gain in the DJIA after Ben Bernanke clearly stated that the government does not want to run/own banks. Shares advanced 4.69% or 0.15 cents to $3.35/share.
Harmonic Inc
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PowerRating) – The video delivery system firm fell 21.73% or $1.68 to $6.05 after missing analysts sales forecasts.
Legg Mason
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PowerRating) – Posted its fifth straight quarterly loss and cut its dividend sending shares down 17.31% or $3.90 to $18.63/share.
Gold fell $23.10 to $904.30, Oil gave back 0.63 cents to $53.81 and the VIX fear index fell by 3.39% to 33.36.
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