Wagoner Shamed, Automakers Slammed, Volatility Spikes
Stocks dropped steeply today after President Obama rejected a plea from the struggling automakers for Federal aid. General Motor’s chief, Rick Wagoner was deemed unfit to save the company being forced to resign in shame. The market closed off the lows but the Volatility Index VIX spiked higher as investors sought insurance against further declines. The DJIA fell -254.16 to 7522.02, the Nasdaq gave back -43.40 to 1501.80 and the S&P 500 gave back -28.41 to 787.53.
Arena Pharmaceuticals
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PowerRating) – The weight loss drug company was slammed today after missing FDA’s criteria for a new drug dropping 28% or $1.26 to $3.24/share.
CBS Corp.
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PowerRating) – The entertainment company was downgraded by UBS sending the stock down 17.79% or 0.82 cents to $3.79/share.
Providence Services
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PowerRating) – The social services provider for the government soared 27.64% or $1.49 to $6.88/share after lifting profit forecasts.
Lincoln National
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PowerRating) – Was crushed 38.19% or $3.96 to $6.41/share leading the S&P 500 lower after failing to meet Federal qualifications for a government guarantee.
Oil dropped $3.97 to $48.50, Gold dipped $7.60 to $917.70 and the VIX fear indexed spiked 10.96% to 45.54.
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