Stocks Sink Steeply, Time Warner Writedown, Oil Dips
Stocks Sink Steeply, Time Warner Writedown, Oil Dips
Positive New Year feelings were quickly erased today as stocks descend steeply on higher than expected jobless numbers and earnings warnings. Good news for consumers of higher oil inventories pushed crude lower while gold fell dramatically. The DJIA gave back -245.40 to 8769.70, the Nasdaq dropped -53.32 to 1599.06 and the broad based S&P 500 fell -28.05 to 906.65.
Time Warner
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PowerRating) – Fell 6.28% or 0.69 cents to $10.29/share after announcing its first loss in 6 years and a $25 billion dollar write down of AOL, publishing and cable systems.
Aetna
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PowerRating) – Goldman Sachs added this insurer to its conviction sell list resulting in the stock dipping 3.92% or $1.19 to $29.17/share.
Arbitron
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PowerRating) – Climbed 14.82% or $2.11 to $16.35/share after settling a racial bias suit.
Harley-Davidson
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PowerRating) – The iconic American motorcycle brand fell 12.53% or $2.48 to $17.32/share after Raymond James cut its rating to underperform.
Oil fell $5.95 to $42.78, gold plummeted $24.30 to $841.70 and the VIX fear index rocketed up 12.53% to 43.39.
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