Monday, April 27, 2009

US Stocks Finish Lower On Swine Flu Jitters, Whirlpool Jumps

. Monday, April 27, 2009

By stockOzone team

US stocks retreated on Monday as investors remained worries about likely impact of Swine Flu on global economic outlook. The Dow Jones Industrial Average fell 51.29 points or 0.64% to finish at 8,025. The S&P 500 shed 8.72 points or 1.01% to end at 857.51. The Nasdaq Composite decreased 14.88 points or 0.88% to 1,679.41. The United States on Sunday declared a public health emergency as officials confirmed over 40 cases of swine flu in five US states and warned that they expected more in the coming days. The virus has already killed over 100 people in Mexico.

Shares of major U.S. airlines declined while healthcare stocks gained on Monday. AMR Corporation (NYSE: AMR) slumped 72 cents or 13.28% to $4.70.Continental Airlines (NYSE: CAL) slid $2.17 or 16.38% to $11.08. Gilead Sciences (NASDAQ: GILD) rose $1.73 or 3.78% to $47.53.GlaxoSmithKline plc (NYSE: GSK) finished at $31.56, up $2.22 or 7.57%.

Energy stocks finished with losses. Chevron Corp. (NYSE: CVS) fell $1.19 or 1.79% to $65.41. Exxon Mobil Corp. (NYSE: XOM) retreated 44 cents or 0.66% to $66.13.

Among financials, American Express (NYSE: AXP) plunged $1.07 or 4.23% to $24.23. Citigroup (NYSE: C) tumbled 12 cents or 3.76% to $3.07. Bank of America Corp. (NYSE: BAC) dropped 18 cents or 1.98% to $8.92. Shares of Wells Fargo (NYSE: WFC) plummeted $1.10 or 5.14% to $20.30.

Early on Monday Verizon Communications (NYSE: VZ) said that its first quarter profit rose slightly to $3.21 billion, or 58 cents a share, from $3.05 billion, or 57 cents a share, in the same quarter a year ago. Shares of the company fell 46 cents or 1.48% to $30.54.

Whirlpool (NYSE: WHR) jumped $2.96 or 7.27% to $43.69 after it said its first-quarter net income declined 28% to $68 million, or 91 cents a share, from $94 million, or $1.22 a share, a year ago. Revenue decreased 23% to $3.6 billion.

Shares of health insurer Humana (NYSE: HUM) gained $1.89 or 6.91% to $29.25 after it said that its first quarter net income more than doubled to $205.7 million, or $1.22 per share, compared with profit of $80.2 million, or 47 cents per share, a year ago. Revenue increased 11% to $7.71 billion.

Qualcomm Inc. (NASDAQ: QCOM) surged $1.81 or 4.38% to $43.17 after it reported that second quarter net loss of $289 million or 18 cents a a share, compared to profit of $766 million or 47 cents a share in the second quarter of last year. Revenue fell to $2.46 billion from $2.61 billion.

Shares of General Motors Corp. (NYSE: GM) soared 35 cents or 20.71% to $2.04 after it said in a Securities and Exchange filing that it intends to offer $27 billion in common stock to its debt holders as part of a restructuring plan.

European stocks settled mostly higher. The U.K. FTSE climbed 11.02 points or 0.27% to 4,167.01. The German DAX gained 0.42% while French CAC fell 0.01%.

Asian stocks finished mixed. The Nikkei 225 rose 18.35 points or 0.21% to 8,726.34. The Hang Seng index of Hong Kong plunged 418.34 points or 2.74% to 14,840.42.

NYMEX crude oil for May delivery declined $1.41 to settle at $50.14 a barrel.

Disclosure: Author does not own any of the stocks discussed here.

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