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US midday: Headlong plunge resumes
Thu, 20 Nov, 2008
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US midday: Headlong plunge resumes
Fri, 10 Oct 2008, 17:10:00
US stocks had a jittery morning session in which an attempt at a rally fizzled out and shares resumed the headlong plunge embarked upon yesterday.<br /> <br /><b>Morgan Stanley</b> again came under selling pressure after credit rating agency Moody's said it may downgrade the former investment bank's debt rating. <b>Goldman Sachs</b> slumped in sympathy.<br /><br />Energy stocks hit the skids after oil slipped below $80 a barrel on fears that a world-wide recession will hit demand. <b>Chesapeake Energy</b>, <b>National Oilwell</b>, <b>Exxon Mobil</b> and <b>Southwestern Energy</b> were among many oil related stocks suffering double-digit percentage falls.<br /><br /><b>Wachovia</b> was a bright point, however, advancing by almost one-third after <b>Citicorp</b> said it was giving up the fight to gain control of the bank which will now be able to proceed with its agreed takeover by <b>Wells Fargo</b>. Other regional banks such as <b>Keycorp</b> and <b>Sovereign Bancorp</b> were also wanted.<br /><br />General Electric said today that earnings dropped 10% while revenue increased 11% in the third quarter, in line with expectations.<br /><br />Car manufacturer <b>General Motors</b> improved after it dismissed speculation that it is considering bankruptcy.<br /><br />On the economic front, the Commerce Department said the trade balance in August shrunk to $59.1bn, slightly worse that expected, and smaller than July's revised $61.3bn. <br /><br />The Labor Department said its import price index decreased 3% in September, led by a decrease in oil prices. Concerns about economic growth have dampened demand for crude. <br /><br /><b>S&P 500 - Risers</b><br />Wachovia Corp. (WB) $4.75 +31.94%<br />Xl Capital Ltd. (XL) $5.06 +26.18%<br />Slm Corp. (SLM) $7.50 +17.19%<br />Ford Motor Co (F) $2.33 +11.93%<br />General Growth Property Inc. (GGP) $4.20 +7.69%<br />Lincoln Natl Corp. (LNC) $19.53 +6.66%<br />Unumprovident Corp. (UNM) $15.66 +6.03%<br />Keycorp (KEY) $6.79 +5.76%<br />Sovereign Bancorp (SOV) $3.44 +5.52%<br />Cognizant Technology Solutions Corp. (CTSH) $17.04 +5.51%<br /><br /><b>S&P 500 - Fallers</b><br />Morgan Stanley (MS) $8.18 -34.30%<br />Chesapeake Energy Corp. (CHK) $12.82 -27.61%<br />Aes Corp. Inc. (AES) $6.99 -19.00%<br />Goldman Sachs Group Inc. (GS) $82.21 -18.89%<br />National Oilwell Varco (NOV) $23.28 -18.89%<br />Coca Cola Entrpr Inc. (CCE) $9.88 -18.55%<br />Xto Energy Inc. (XTO) $26.31 -18.32%<br />Autonation Inc. (AN) $7.09 -17.08%<br />BJ Services Company (BJS) $9.70 -16.81%<br />Southwestern Energy (SWN) $19.58 -16.61%<br /><br /><b>Dow Jones I.A - Risers</b><br />General Motors (GM) $5.01 +5.25%<br />JP Morgan Chase Co (JPM) $37.68 +2.73%<br />Bank Of America Corp. (BAC) $20.13 +2.55%<br />Citigroup Inc. (C) $12.97 +0.31%<br />Gen Electric Co (GE) $19.03 +0.10%<br /><br /><b>Dow Jones I.A - Fallers</b><br />Exxon Mobil Corp. (XOM) $60.32 -11.29%<br />Chevron Corp. (CVX) $57.74 -9.78%<br />American Express Inc. (AXP) $22.34 -6.92%<br />Alcoa Inc. (AA) $11.60 -6.90%<br />Intel Corp. (INTC) $14.58 -6.54%<br />Microsoft Corp. (MSFT) $20.98 -5.92%<br />Caterpillar Inc. (CAT) $42.26 -5.67%<br />Boeing Co (BA) $41.90 -5.64%<br />Procter Gamble Co (PG) $57.66 -5.29%<br />Home Depot Inc. (HD) $18.93 -5.02%
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