The bears were awakened from their slumber today with the S&P 500 falling for the first time this year. Poor earnings from Alcoa led to widespread concern on the domestic front. While fears of a Chinese led interest rate increase swept the world’s equity markets. Word of the Fed being subpoenaed in the AIG case added to the pessimistic sentiment of the session. The DJIA gave back 36.73, the Nasdaq fell 30.10, and the S&P 500 dropped 10.76.
Here are 7 stocks you need to know for Wednesday.
The SEC is suing ^BAC^ for supposedly failing to disclose billions of dollars of Merrill Lynch losses.
Mattress king, ^ZZ^, is expecting to see an EPS of 1 cent after the close.
Stuck in a down trend, ^OHB^, announce after the bell with an indeterminate forecast.
Michael Skarzynski, CEO of ^ARB^, has resigned due to providing misleading testimony to Congress regarding a home visit to the survey companies panelists.
^IBM^ was awarded more patents than any other firm in the world for the 17th straight year.
Bank of America increased the rating of ^PG^ to a “buy”.
^HIG^ stated it likely earned twice its forecast amount for the final 3 months of 2009.