Stocks Tumble as Earnings Disappoint and Subprime Worries Grow

  • July 24, 2007
  • Darren Wong

Stocks dropped sharply in Tuesday’s session after missed earnings
from major blue chip firms were announced. Missed earnings from
Countrywide Financial also contributed to the widespread selloff
as ongoing fears over the subprime meltdown reaches new levels. 

Crude oil futures for August delivery fell
1.7% to $73.64 a barrel on rumors that U.S. refineries are
increasing their fuel production.  Gold futures for
August delivery rose fractionally to $684.90 an ounce after the US
dollar continued its slide. To read today’s futures market recap,
click here.


Around Europe, Germany’s DAX index fell 1.7% to 7,806.79,
France’s CAC 40 index lost 1.7% to 5,907.47, and Britain’s FTSE
100 dropped 1.9% to 6,498.70.

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Stocks in Motion

McDonald’s
(
MCD |
Quote |
Chart |
News |
PowerRating) Slips To Loss In Q2 On One-time
Charge; Revenue Rises 12% (full
story). MCD shares fell 2%.

Countrywide Financial
(
CFC |
Quote |
Chart |
News |
PowerRating) Q2 Profit Falls 33%, Misses Estimate,
Lowers FY07 EPS Range (full
story). CFC shares dropped 10%.

Texas Instruments
(
TXN |
Quote |
Chart |
News |
PowerRating) Q2 Earnings Fall; Meet Estimate (full
story). TXN shares lost 5.3%.

Lockheed Martin
(
LMT |
Quote |
Chart |
News |
PowerRating) Q2 Profit Rises 34% On 7% Sales Growth;
Boosts FY07 Forecast (full
story). LMT shares added 3.3%. 

UPS
(
UPS |
Quote |
Chart |
News |
PowerRating) Q2 Profit Rises 4.1% On Strong International Package
Business; Guides Q3 (full
story). UPS shares added 0.5%.

American Express
(
AXP |
Quote |
Chart |
News |
PowerRating) Q2 Profit Up 12%, EPS From Cont. Ops Tops
Consensus, Revenue Grew 9%; Shares Decline (full
story). AXP shares fell 5.5%.

For more stories as they happen, go to our
Breaking News section.

 


Market Snapshot

Dow

 -223.54 13,719.88

NASDAQ

 -50.72 2,639.86

S&P 500

 -30.51 1,511.04

 

 NYSE NASDAQ

Volume

 3,937,531,000 2,420,118,000

Advances

 321 491

Declines

 2976 2586

Up Volume

 226 250

Down Volume

 3269 1963

New Highs

 83 75

New Lows

 342 282


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Airline Index (XAL) Natural Gas Index (XNG)
S&P Healthcare Index (HCX) Deutsche Bank
Energy Index (DXE)
S&P Retail Index (RLX) Securities Broker/Dealer Index (XBD)


 


Economic
News

No economic reports released
today.

Darren Wong

Associate Editor

darrenw@tradingmarkets.com

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