Home | Stocks | Commentary | Stocks Sink, Led by Countrywide Financial

Stocks Sink, Led by Countrywide Financial

  • August 16, 2007
  • Darren Wong

Countrywide Financial
(
CFC |
Quote |
Chart |
News |
PowerRating) is seeing yet another down day
after it said it is going to tap into its entire credit line. CFC
shares are down nearly 15% as of 11:45AM EST. Meanwhile, economic
reports released suggested that the housing market is still not
out of the woods and the job market is showing signs of weakness,
which could fortify expectations for an interest rate cut.
Nonetheless, the credit crisis could linger in the minds of
traders and prod them to be more cautious before they take any big
bets.

Crude oil futures for September delivery fell
2.4% to $71.54 a barrel. Gold
futures for December delivery fell 2.2% to $664.90 an ounce, the
largest drop in over a month.


Around Asia, Shanghai’s Composite fell 2.1% to 4,765.45, Hong
Kong’s Hang Seng lost 3.3% to 20,672.39, Tokyo’s Nikkei index lost
2% to 16,148.49.

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Stocks in Motion

Amgen
(
AMGN |
Quote |
Chart |
News |
PowerRating) To Cut Up To 2600 Jobs; Cuts FY07 Earnings Outlook (full
story). AMGN shares drop over 3%.

PetSmart
(
PETM |
Quote |
Chart |
News |
PowerRating) Q2 Profit Rises On Higher Revenues, Benefit From
Renegotiation Of Contract; Guides Q3, FY07; Reveals New Share Repurchase Program
(full
story). PETM shares fell 1%.

Network Appliance
(
NTAP |
Quote |
Chart |
News |
PowerRating) Q1 Profit Down 37.3%, Non-GAAP EPS Tops
Consensus (full
story). NTAP shares jumped 9%.

Flowers Foods
(
FLO |
Quote |
Chart |
News |
PowerRating) Q2 Profit
Rises On Strong Bakeries Sales; Gives FY07 EPS View, Tightens Sales. FLO shares
are trading flat through the morning.

For more stories as they happen, go to our
Breaking News section.


Market Snapshot

Dow

 -158.52 12,702.95

NASDAQ

 -26.94 2,431.89

S&P 500

 -16.76 1,389.94

NYSE NASDAQ

Volume

 1,112,023,000 1,101,496,000

Advances

 765 1175

Declines

 2436 1799

Up Volume

 186 305

Down Volume

 774 680

New Highs

 7 28

New Lows

 842 258




Strongest/Weakest Industry Groups

Strongest Industries

Weakest Industries
Insurance Brokers Energy

Credit
Services		 Internet
Healthcare
Insurance Brokers



Economic
News

Housing Starts 1381K vs 1405K
consensus, prior revised to 1470K from 1467K

Building Permits 1373K vs
1400K consensus, prior revised to 1413K from 1406K

Initial Claims 322K vs 315K consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com

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