Stock Market Recap: Stocks Hit Hard, Gas Surges to Record Prices

• May 21, 2008
• David Goodboy

US stock indexes get smacked down for the second straight day as the Federal Reserve suggests no further rate cuts and oil surged to a new all time high on supply report. The DJIA tumbled -227.49 to 12,601.19, the S&P 500 fell -22.69 to 1,390.71 and the NASDAQ dropped another -43.99 to 2,448.27.

UAL Corp
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PowerRating) – United Airlines collapsed nearly 30% or $3.30/share to $8.26 after Soleil Securities put out a sell recommendation.

Intuit Inc.
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PowerRating) added 3.60% or .98 cents/share to $28.22 due to increased profits and demand for Turbo Tax software.

Red Robin Burgers
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PowerRating) lost 9.02% or $3.49/share to $35.23 after posting first quarter profits that did not meet analysts’ expectations.

National Fuel Gas
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PowerRating) – Climbed 5.53% or $3.25/share after UBS upgraded it to a buy from neutral due to its Marcellus Shale project.

The dollar declined to $1.5787 against the Euro, Oil hit another all time high to $133.62 on a negative supply report, and the VIX spiked another 6.09% to 18.65 on the day.

Market Snapshot

Dow -227.49 12,601.19 NASDAQ -43.99 2,448.27 S&P 500 -22.69 1,390.71

Economic News

Leading Indicators (Apr): Actual 0.1%, Consensus 0.0% Core PPI (Apr): Consensus 0.2%, Prior 0.2% PPI (Apr): Consensus 0.4%, Prior 1.1% Crude Inventories (Apr): Consensus NA, Prior 176K Retail Sales ex-auto (Apr): Consensus 0.2%, Prior 0.1% Initial Claims (05/17): Consensus 372K, Prior 371K Existing Home Sales (Apr): Consensus 4.85M, Prior 4.93M