Stocks Drop, Fed’s Low Rates, Employment Pessimism

  • November 24, 2009
  • David Goodboy

Stocks traded in a vacillating manner today ending the session in negative territory. A better then expected GDP report and the Fed suggesting that interest rates will remain low was not enough to counter the bearish sentiment. Fed also expressed pessimism regarding the employment situation working itself out anytime soon, adding to the slightly sour trading day. The DJIA gave back -17.24 to 10433.71, the tech heavy Nasdaq fell -6.83 to 2169.18 and the broad based S&P 500 dipped -0.59 to 1105.65.

Cracker Barrel
(
CBRL |
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PowerRating): Climbed 7.63% or $2.70 to $38.07/share after projecting a killer positive year in 2010.

Brocade Communications
(
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PowerRating): Fell 8.95% or 70 cents to $7.10/share after revealing that it isn’t actively looking for a buyer.

Barnes & Noble
(
BKS |
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PowerRating): Dropped 5.40% or $1.27 to $22.25/share upon reducing its full year forecast.

Analog Devices
(
ADI |
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PowerRating): Advanced 6.44% or $1.80 to $29.74/share after stating it plans to beat analyst’s estimates in its fiscal first quarter.

Oil fell $1.54 to $76.13, gold added another $1.90 to $1167.00 and the VIX index gave back 3.26% to 20.47.

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Market Snapshot

Dow

 -17.24 10433.71

NASDAQ

 -6.83 2169.18

S&P 500

 -0.59 1105.65

Economic
News

Existing Home Sales (Oct): Consensus: 5.70M, Prior: 5.57M

GDP – Preliminary (Q3): Consensus: 2.9%, Prior: 3.5%

GDP Deflator – Preliminary (Q3): Consensus: 0.8%, Prior: 0.8%

Case Shiller 20 City Index (Sep): Consensus: -9.05%, Prior: -11.32%

Consumer Confidence (Nov): Consensus: 47.5, Prior: 47.7

FHFA Home Price Index (Sep): Consensus: 0.1%, Prior: -0.3%

Personal Income (Oct): Consensus: 0.2%, Prior: 0.0%

Personal Spending (Oct): Consensus: 0.5%, Prior: -0.5%

PCE Prices (Oct): Consensus: 0.1%, Prior: -0.5%

PCE Prices – Core (Oct): Consensus: 0.1%, Prior: 0.1%

Initial Claims (11/21): Consensus: 500K, Prior: 505K

Continuing Claims (11/14): Consensus: 5560K, Prior: 5611K

Durable Orders (Oct): Consensus: 0.5%, Prior: 1.0%

Durable orders ex Transportation (Oct): Consensus: 0.7%, Prior: 0.9%

Mich Sentiment-Rev (Nov): Consensus: 67.0, Prior: 66.0

New Home Sales (Oct): Consensus: 405K, Prior: 402K

Crude Inventories (11/20): Consensus: NA, Prior: -0.887K