Stocks Plunge on Credit Concerns
U.S. stocks opened the week with heavy losses, with the troubled financial sector leading the decline. Overnight losses in Asia and Europe set the tone for today’s weak start, with most of the world’s markets
Citigroup
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PowerRating) was downgraded to “sell” by Goldman Sachs, after analysts forecast the company could face up to $15 billion of write-downs over the next two quarters, forcing it to cut its dividend (read more).
Lowe’s
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PowerRating) reported a 10% decline in third quarter profit, lowered guidance for Q4 and its full-year outlook (read more).
In the biotechnology sector, Genentech
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PowerRating) announced that its cancer drug Avastin showed encouraging results in a Phase II study. Also, Onyx Pharmaceuticals
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PowerRating) announced that the FDA approved a supplemental New Drug Application for their oral anticancer drug Nexavar (read more).
Amazon.com
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PowerRating) introduced a portable reading device, named Amazon Kindle, which it will sell for $399 (read more).
Crude oil is slightly lower, currently trading at $93.71 per barrel. This weekend’s OPEC summit was overshadowed by underling tensions over the differences on the sensitive issue of a weak U.S. dollar (read more).
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