Stocks Slide as Credit Worries Persist
Stocks closed lower on Tuesday, as concerns about the credit crunch weighed on investor’s minds. Financial stocks were out of favor again, after J.P. Morgan Chase downgraded a number of brokerages.
Bloomberg reported a senior company executive at Citigroup
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PowerRating) said the bank “lost more money than it made from financial instruments based on U.S. subprime mortgages” (read more).
Merck
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PowerRating) reaffirmed its 2007 outlook and forecast earnings growth in 2008 (read more).
Nokia
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PowerRating) said it currently estimates operating margin in the range of 16-17% targeted within the next one to two years (read more).
Dell
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PowerRating) announced a $10 billion share buyback (read more).
Dow Chemical
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PowerRating) announced it is cutting 1000 jobs, or 2.3% of its work force (read more).
AutoZone
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PowerRating) shares are surging after the company reported profit increased 7% on higher sales and improved profit margins (read more). AZO gained more than 18%.
CMGI Inc.
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PowerRating) is also surging after reporting a 17% drop in net earnings and backing its full-year 2008 outlook (read more). CMGI rose nearly 30%.
Sanderson Farms
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PowerRating) reported Q4 profit more than doubled (read more). SAFM shares jumped by almost 7%.
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