Stocks Slammed, Wal-Mart Cut, Manufacturing Falls
Stocks were slammed down today on a weaker than expected manufacturing report and falling commodity prices. Dow component Wal-Mart was cut to neutral by Goldman Sachs further fueling the pessimism. Even the commodity producers were not immune as falling crude and gold prices depressed the sector. Overall a dark day on the street with the DJIA plummeting -187.13 to 8612.13, the Nasdaq collapsed -42.42 to 1816.38 and the S&P 500 fell -22.49 to923.72.
Wal-Mart
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PowerRating) – Dropped 2.75% or $1.37 to $48.47 after suffering a Goldman downgrade to neutral.
Bank of Ireland
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PowerRating) – Was hit with a Deutsche Bank downgrade sending shares plummeting 13.77% or $1.74 to $10.90/share.
Columbia Banking
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PowerRating) – JMP Securities downgraded the bank to market perform; shares dropped 17.78% or $2.24 to $10.36/share.
Patriot Coal
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PowerRating) – Dropped 9.53% or 0.94 cents to $8.92/share due to a contract dispute.
Oil dropped $1.42 to $70.50, Gold fell $13.20 to $927.50 and the VIX index advanced 9.45% to 30.81.
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