Stocks Down, Goldman Sachs Worries, Circuit City Bankrupt
The US stock market closed lower today despite China’s massive stimulus plan and positive news on additional intervention for AIG. Goldman Sachs fell hard after Barclay’s stated that they may post their first loss since going public. The DJIA gave back -73.27 to 8870.54 rallying off its lows, the Nasdaq fell -30.66 to 1616.74 and the S&P 500 dropped -11.78 to 919.21.
Google
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PowerRating) dropped 3.83% or $12.68 to $318.46/share after Barclay’s cut its fourth quarter estimates due to slowing in the search engine business.
Circuit City
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PowerRating) plummeted 55.96% or 14 cents to 11 cents/share due to a bankruptcy filing, becoming the largest retail casualty of the economic slowdown.
American International Group
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PowerRating) climbed 8.06% or 17 cents/share when the government decided to double the bailout cash for this ailing insurer.
American Capital Strategies
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PowerRating) led the S&P 500 lower falling 42.85% or $5.90 to $7.87/share after suspending its dividend, posting a quarter 3 loss and stating it would buy back European Capital, a former spin off division.
Oil climbed $1.21 to $62.25 and Gold added $12.20 to $764.40.
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