Stocks Decline; Wachovia Reports Loss, Raises Capital
The major averages closed slightly lower on Monday, with financial stocks creating downward pressure after Wachovia reported an unexpected loss.
The Dow fell -23.36, the Nasdaq Composite -14.42 and the S&P 500 -4.51.
Wachovia
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PowerRating) reported an unexpected loss of -$0.14 per share, versus estimates of $0.40. The fourth-largest U.S. bank plans to raise capital via a $7 billion stock sale and is cutting its dividend. WB shares lost 9% today.
Blockbuster
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PowerRating) made an unsolicited offer to buy Circuit City
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PowerRating) for more than $1 billion in cash. BBI shares fell 9.9%, while CC shares surged 27.4%.
The Wall Street Journal reported that Delta Air Lines
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PowerRating) and Northwest Airlines
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PowerRating) will announce a merger, possibly as early as tomorrow. DAL gained 4.7% and NWA rose 2.4%.
Shares of W.W. Grainger
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PowerRating) closed 2.2% higher after the company reported earnings that beat estimates by $0.07.
March retail sales rose 0.2%, surprising economists, however, on closer inspection the number was flat if gas sales are excluded.
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