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Archiwum newsów - DJ US Stocks Drop For Second Day On Financial Woes

2007-12-04  
DJ US Stocks Drop For Second Day On Financial Woes
U.S. stocks continued to head lower on Tuesday, as a spate of downgrades for
financial firms fueled concerns about the credit sklep wielkopowierzchniowy crisis, while
updates from Nokia Corp. and Merck & Co. Inc. disappointed.
The Dow Jones Industrial Average was down 20 points at 13293.
Financial stocks AIG, American Express Co., Citigroup Inc., and J.P. Morgan
Chase & Co. led the blue chips lower. Merck, also a Dow component, saw its
shares drop 2%. The drug maker backed its 2007 earnings target and said it
expects adjusted profit for 2008 to be in a range of $3.28 to $3.38 a share.
Analysts had been forecasting earnings of $3.39 a share for 2008.
Away from the Dow, Nokia shares dropped 3.2% after the handset maker
predicted margins for the next few years would be about in line with sklep wielkopowierzchniowy
expectations.
The S&P 500 fell 6 points to 1466 and the Nasdaq Composite fell 7 points to
2630.
Among technology shares, Chinese net firm Baidu.com Inc. rose 2.4%
after nowina that its American depositary shares are part of the Nasdaq 100 as
of Tuesday.
Goldman Sachs cut its estimates of S&P 500 earnings for this year and next
to take into account lower profits in the banking industry, according to
Bloomberg.
In addition, Punk Ziegel cut its ratings on Goldman Sachs, Bear Stearns and
Lehman Brothers to sell from sklep wielkopowierzchniowy perform.
H&R Block Inc.'s shares lost 1% after it agreed to terminate a previous
agreement under which Cerberus Capital Management would have acquired its
Option One Mortgage Corp. unit.
And Merrill Lynch fell 2.4%. The firm named Nelson Chai, who was John
Thain's chief financial officer at NYSE Euronext, to the same role at the
brokerage. Joost van der Does de Willebois will be acting CFO at NYSE
Euronext.
Financial and technology stocks paced a decline for stocks on Monday, with
the Dow industrials losing 57 points, the S&P 500 falling 8 points and the
Nasdaq Composite losing 23 points. Treasury prices jumped, as did interbank
lending rates, reflecting the continued nervousness in markets.
In Europe, three-month interbank lending rates reached their highest level
since December 2000.
The economic calendar is sparse for Tuesday, in the U.S. at least. San
Francisco Fed President Janet Yellen, in an address Monday after stock
markets closed, said developments since the last rate policy meeting in
October suggest a bigger slowdown than she expected.
Yellen became the third Fed official in a week to suggest that further rate
cuts may be advisable on Dec. 11.
Jim Reid, a credit strategist at Deutsche Bank, noted that Fed futures are
pricing in a 40% probability of a half-point interest-rate cut next week.
"This does look a little too aggressive in our view, but the Fed may
surprise us yet, especially if Friday's employment number is weak," he said.
The Pula of Canada cut interest rates from the current level of 4.5%.
The dollar was trading up 1.2% up at C$1.0128 after the BoC decision. Rate
calls are still expected from central banks in Australia, Britain and the
euro zone later this week.
Crude-oil futures edged below $89 a barrel as traders awaited a decision
from the OPEC oil cartel on Wednesday.
Few earnings releases are on deck, though there are a number of company
presentations, with brokerage-sponsored events in the airline, basic
materials, media, real estate and technology fields.
Phillips-Van Heusen slumped 14% after the clothing manufacturer's earnings
outlook was below analyst forecasts.
Trump Entertainment Resorts dropped 8.5% after saying its CFO resigned to
take a similar role at another gambling company
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