Thursday, May 14, 2009

Wall Street Tumbles On Economic Worries, Alcoa Tumbles

. Thursday, May 14, 2009

By stockOzone team

US stocks finished with steep losses on Wednesday as worse than expected economic data revived concerns about the health of economy. The Dow Jones Industrial Average declined 184.22 points or 2.18% to finish at 8,284.89. The S&P 500 plunged 24.43 points or 2.69% to end at 883.92. The Nasdaq Composite decreased 51.73 points or 3.01% to 1,664.19.
A release by Department of Commerce on Wednesday showed US retail sales declined 0.4% in April. Economists expected retail sales to remain unchanged.

According to RealtyTrac, foreclosure filings - default notices, auction sale notices and bank repossessions - jumped 32% to to 342,038 in April from a year earlier.

Shares of financials extended losses. Bank of America (NYSE: BAC) sank $1.25 or 10.20% to $11.01.Citigroup (NYSE: C) plunged 25 cents or 6.83% to $3.41. J.P Morgan (NYSE: JPM) retreated $1.31 or 3.70% to $34.05. American Express (NYSE: AXP) slumped $1.27 or 4.99% to $25.24. Shares of Wells Fargo & Co.(NYSE: WFC) slipped $1.50 or 5.84% to $24.20.

Alcoa (NYSE: AA) plummeted 83 cents or 8.77% to $8.63.

Shares of equipment maker Caterpillar Inc. (NYSE: CAT) slid $1.98 or 5.20% to $36.08.

Diversified US firm, General Electric (NYSE: GE) lost 77 cents or 5.63% to end at $12.91.

Energy stocks finished lower. Exxon Mobil Corp. (NYSE: XOM) fell $1.05 or 1.48% to $69.77. Chevron Corp. (NYSE: CVX) decreased $1.09 or 1.58% to $68.10.

Shares of United Technologies (NYSE: UTX) plunged $1.85 or 3.49% to $50.61.

The European Commission on Wednesday slapped chipmaker Intel Corp. (NASDAQ: INTC) with a record fine of €1.06 billion, or $1.44 billion, for anti-competitive practices. The regulator found that between 2002 and 2007, Intel had paid manufacturers and a retailer to favor its chips over those of rival Advanced Micro Devices (NYSE: AMD). Shares of Intel Corp. finished at $15.13, down 8 cents or0.53%.

Early on Wednesday, Macy's (NYSE: M) said that its first-quarter loss widened to $88 million, or 21 cents a share, from $59 million, or 14 cents, in the prior year quarter. Revenue slipped 9.5% to $5.2 billion. Macy’s plunged 83 cents or 6.72% to $11.52.

Shares of Wal-Mart (NYSE: WMT) fell 59 cents or 1.17% to $50.03.

Late on Tuesday, Applied Materials Inc. (NASDAQ: AMAT) reported that it swung to a fiscal second quarter loss of $255.4 million, or 19 cents a share, compared to earnings of $302.5 million, or 22 cents a share, in the same quarter a year ago. On an adjusted basis, the company lost $136 million, or 10 cents a share, for the latest quarter. Revenue plunged 53% to $1.02 billion. Applied Materials dropped 49 cents or 4.27% to $10.99.

Shares of BMC Software Inc. (NYSE: BMC) slumped $2.63 or 7.50% to $32.42 after it said that its fiscal fourth-quarter net income declined to $83 million, or 45 cents a share, from $97 million, or 50 cents a share, in the comparable period a year earlier. On an adjusted basis the company earned 64 cents a share. Revenue climbed 3% to $479 million.

European stocks settled with losses. The UK FTSE declined 94.17 points or 2.13% to 4,331.37. The German DAX and French CAC retreated 2.61% and 2.42% respectively.

Asian stocks finished mixed. The Nikkei 225 rose 41.88 points or 0.45% to 9,340.49. The Hang Seng index of Hong Kong fell 94.02 points or 0.55% to 17,059.62.

NYMEX crude oil for May delivery declined 82 cents, or 1.4 percent, to $58.03 a barrel.

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





Bookmark and Share

0 comments:

Post a Comment

 
Visit blogadda.com to discover Indian blogs