Stock Smackdown, Optimism Questioned, Chips Downgraded
Analysts revealed that stock prices have already reflected a 25% earnings increase next year. Confirmation of these over optimistic levels triggered a broad based sell off today. In addition, a Bank of America downgrade of the chipmaker sector weighed heavily on tech stocks. The DJIA gave back -93.87 to 10332.44, the tech heavy Nasdaq dropped -36.32 to 2156.82 and the broad based S&P 500 fell -14.90 to 1094.90.
Alcoa
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PowerRating): Fell 3.92% or 54 cents to $13.22/share on the back of an industrial metal commodity retreat.
Intel
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PowerRating): The chipmaker fell 4.17% or 84 cents to $19.38/share along with the entire chip sector on a Bank of America downgrade.
New Gold
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PowerRating): The miner sank 17.69% or 77 cents to $3.59/share after operations were suspended in Mexico.
Sunrise Senior Living
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PowerRating): The retirement home operator soared 14.15% or 40 cents to $3.16/share upon completing a 21 unit sale to Brookdale Senior Living.
Oil fell $2.12 to $77.68, gold added another $1.00 to $1142.00 and the VIX advanced 4.81% to 22.67.
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