Stocks End the Week on a Low Note
Stocks declined on Friday, after a jump in the CPI, bearish comments by Alan Greenspan, and Citigroup’s $49 billion SIV bailout.
Consumer prices rose the most since September 2005, and followed yesterday’s surge in wholesale prices, the largest in 34 years.
Investor sentiment was dealt another blow by comments from former Fed Chairman Alan Greenspan that the odds of a U.S. recession were rising (full story). Of course, the irony is that Greenspan is in fact responsible for much of the current problem – a claim he vehemently denies.
Shares of Citigroup
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PowerRating) fell after the company announced it was moving seven SIVs with $49 billion in assets onto its balance sheet (full story).
Black & Decker
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PowerRating) lost ground after the company revised its earnings expectations for Q4 and full-year 2007 (read more).
Novell
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PowerRating) fell after forecasting 2008 below estimates. The company also reported Q4 and FY07 results (read more).
BioMarin Pharmaceutical
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PowerRating) surged on the company’s improved outlook for one of its drugs. BRMN shares are currently higher by more than 21% (read more).
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