Stocks Slip on Housing Numbers, Corporate Earnings
The markets gave up early morning gains, as traders turned their focus to
negative earnings, negative economic reports and an overall negative market
atmosphere.
Countrywide Financial
(
CFC |
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PowerRating) plummeted 17% in morning trading on
negative reactions to a NYT piece about the country’s largest mortgage lender.
Microsoft
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MSFT |
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PowerRating) fell 1.8% after announcing plans to buy
Norweigian software developer Fast Search & Transfer for $1.2 billion (full
story).
Bear Stearns
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BSC |
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PowerRating) fell 1.7% on reports that CEO James Cayne would
step down to become a chairman following massive subprime losses and falling
stock prices (full
story).
Starbucks
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SBUX |
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PowerRating) rallied nearly 10% after a new CEO was named
after the company posted its worst annual drop in stock price (full
story).
KB Home
(
KBH |
Quote |
Chart |
News |
PowerRating) dropped 7% after announcing Q4 losses of $773
million (full
story).
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