Sinking Retail Sales, Record Foreclosures, Stocks Drop
Bad news from the retail sales front and record foreclosure filings knocked stocks off their uptrend for another day. Copper declined for the 5th day in a row while treasury bills gained ground indicating that the recovery may not be as smooth as some expected. The DJIA fell -184.22 to 8284.89, the Nasdaq gave back -51.73 to 1664.19 and the S&P 500 dropped -24.43 to 883.92.
Fortune Brands
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PowerRating) – The maker of gold balls and Jim Beam whiskey fell 4.98% or $1.89 to $36.09/share on the disappointing retail sales figures.
MasterCard
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PowerRating) – Stated its revenue growth would miss projections sending the stock down 4.18% or $7.44 to $170.76.
Dr. Pepper Snapple
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PowerRating) – Advanced 3.81% or 0.81 cents to $22.07/share after beating analysts estimates.
Bank of America
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PowerRating) – Fell 10.20% or $1.25 to $11.01/share due to an investor reevaluation of stress test results.
Oil dropped 0.83 cents to $57.92, Gold gained $2.00 to $925.90 and the VIX index gained 5.82% to 33.65.
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