WaMu Collapses, Congress Debates Wall Street Bailout, Stocks End Mixed
An extremely volatile week ended today with the biggest bank collapse in US History when regulators seized Washington Mutual. Republicans are pushing for an “insure don’t restore” alternative to the $700 billion dollar financial bail out initiative. This idea has the government providing insurance for troubled assets rather than buying them outright. President Bush is pushing hard for a resolution by Monday at the latest. The banking sector closed lower on the WaMu news, however the broad market closed mixed with the DJIA climbing +129.43 to 11151.49, the Nasdaq slipped -3.23 to 2183.34 and the S&P 500 added +4.49 to 1213.67.
Washington Mutual
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PowerRating) was shuttered by the Feds today after being judged “unsound” by regulators. The stock utterly collapsed 90.51% or $1.53 to .16 cents/share and trading has since been halted. Washington Mutual has earned the dubious honor of being the largest US bank collapse in history.
Indevus Pharmaceuticals
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PowerRating) soared 103.47% or $1.79 to $3.52/share after Teva Pharmaceuticals agreed to pay $140 million plus for a drug that treats the speech ailment stuttering.
Research In Motion
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PowerRating) dropped the most since April, 2000 falling 27.47% or $26.79 to $70.74/share after lowering its profit forecast due to the Apple massively successful iPhone product.
Perfumania Holdings
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PowerRating) collapsed 47.43% or $9.97 to $11.05/share after cutting its third quarter forecast.
Oil fell 76 cents to $107.26/barrel, gold climbed $5.90 to $887.90 and the fear index VIX jumped 5.85% to $34.74 indicating a still very uncertain market.
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