Stocks Slammed, Bank Of England Cuts, Fidelity Slashes
Another day of heavy selling slammed stocks today due to sharply climbing jobless claims and weak earnings across a variety of sectors. The S&P 500 suffered its worst 2 day decline since 1987 as economic woes mount, despite massive intervention efforts. The DJIA gave back -443.48 to 8695.79, the tech heavy Nasdaq fell -72.94 to 1608.70 and the S&P 500 was slammed another -47.89 to 904.88. This pullback wasn’t completely unexpected after the massive 18% plus increase over the last several weeks.
Amdocs
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PowerRating) – Fell 18.37% or $4.31 to $19.32/share after the billing software company missed analysts fiscal fourth quarter estimates.
Blackstone Group
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PowerRating) – The world’s largest buyout fund gave back 12.21% or $1.05 to $7.55/share after reporting massive losses.
DryShips
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PowerRating) – Dropped 20.73% or $4.00 to $15.30/share after the commodity shipping company stated it may not be able to pay back its loans.
Global Crossing
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PowerRating) – A bright spot in a sea of selling climbed 17.07% or $1.06 to $7.27/share after giving positive guidance for the rest of 2008
Gold fell $10.20 to $732.20 and oil gave back $4.53 to $60.98
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