Stocks Plunge as GE Disappoints
Stocks plunged on Friday after General Electric reported much weaker than anticipated results, and lowered its earnings forecast for 2008, and consumer sentiment fell to a 26-year low.
The Dow fell -256.56, the Nasdaq Composite -61.46 and the S&P 500 -27.72.
General Electric
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PowerRating) dropped nearly 13%, the most since the ’87 crash, after the company reported earnings that missed estimates by $0.07 per share. The news was particularly disappointing because the company announced in January that it expected to report earnings in-line with estimates.
Shares of AMR Corp
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PowerRating) dropped 4% after American Airlines was forced to cancel hundreds more flights on Friday. The total number of flights cancelled by American Airlines so far this week rose above 2,600.
Genentech
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PowerRating) reported earnings of $0.84 per share, beating the consensus forecast by $0.02. DNA shares fell 1.6%.
Fastenal
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PowerRating) rose 4.1% after the company beat estimates by $0.03.
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