Starbucks Warns, Stocks Slip, Oil Plummets

  • December 4, 2008
  • David Goodboy

Stocks sold off today on anticipation of a nasty employment report, automaker fears and energy names falling on perceived decreasing demand. Oil plummeted on forecasts of potential $25.00/barrel due to world wide severe recession. The DJIA slipped -215.45 to 8376.24, the Nasdaq gave up -46.82 to 1445.56 and the S&P 500 fell -25.52 to 845.22.

Starbucks
(
SBUX |
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PowerRating) – Coffee loving stock holders recoiled slightly after the company warned that first quarter profits may miss estimates pushing the stock down 0.33% or 0.03 cents to $8.61/share.

Nordstrom
(
JWN |
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News |
PowerRating) – Gained 10.18% or $1.11 to $11.38/share after sales declines didn’t hit analysts’ estimates.

General Motors
(
GM |
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News |
PowerRating) – Led the DJIA lower today falling 16.12% or 0.79 cents to $4.11/share after warning that it may fail this month, if the government delays bailout assistance.

Oil collapsed $3.12 to $43.70, gold fell $5.00 to $765.50 and the fear index VIX added 4.81% to 63.64.

Market Snapshot

Dow

 -215.45 8376.24

NASDAQ

 -46.82 1445.56

S&P 500

 -25.52 845.22

Economic
News

Construction Spending (Oct): Consensus -0.9%, Prior -0.3%

ISM Index (Nov): Consensus 38.0, Prior 38.9

Auto Sales (Nov): Consensus NA, Prior 3.8M

Truck Sales (Nov): Consensus NA, Prior 4.1M

ADP Employment (Nov): Consensus -173K, Prior NA

Productivity-Rev. (Q3): Consensus 0.9%, Prior 1.1%

ISM Services (Nov): Consensus 42.6, Prior 44.4

Fed’s Beige Book: Consensus NA, Prior NA

Initial Claims (Nov 29): Consensus NA, Prior 529K

Factory Orders (Oct): Consensus -2.7%, Prior -2.5%

Average Workweek (Nov): Consensus 33.6, Prior 33.6

Hourly Earnings (Nov): Consensus 0.2%, Prior 0.2%

Nonfarm Payrolls (Nov): Consensus-300K, Prior -240K

Unemployment Rate (Nov): Consensus 6.8%, Prior 6.5%

Consumer Credit (Oct): Consensus $2.7B, Prior $6.9B

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