FirstAlert[tm] 11/18: My Citi Was Gone

Tue. November 18, 2008; Posted: 12:14 AM

Nov 18, 2008 (financialwire.net via COMTEX) -- MDT | Quote | Chart | News | PowerRating -- November 18, 2008 (FinancialWire) (By Philip Holmes) Stocks ended down on Monday after investors sifted through bad news on banking employment from Citigroup and bad news on manufacturing from the New York Fed. The Dow Jones Industrial Average dropped a healthy 223.73 points, for a 8,273.58 close, while the S&P 500 index lost 22.54 points, for 850.75. The Nasdaq composite index plunged by 34.80 points to end the trading session at 1,482.05. Why so glum? Well, a record number of New York manufacturers gave a thumbs down to the economy, according to the New York Fed's Empire State survey. The survey fell to -25.43 in November, with plunging numbers for employment, new orders, shipments and prices, among other vitals. Citigroup held a town meeting on Monday, and cheered everyone in the room with news that it plans to cut an additional 52,000 people from its payroll in the near future. The company has already cut around 23,000 jobs in 2008. We can also expect JPMorgan Chase to release exact figures shortly on the scope of its coming layoffs. Expect the number to be daunting. BusinessWeek's Ben Steverman tried to come to terms with the forces that are roiling stocks, and came up with six big uncertainty factors: whether lows will hold, what Obama might do, the extent of coming layoffs, the retail health of the holiday season, whether hedge funds stop selling and the coming turns in the credit crisis. A sound list, but of course all of those things are related to the housing market. Until the bleeding stops there--and it won't for quite some time--we will not see a lasting rebound in anything. The politics of crisis will dictate many if not most of the new President's policy actions. Doesn't sound like the makings of a fun holiday season.

The Investrend Earnings Calendar features ArvinMeritor (NYSE: ARM), expected at $0.35; DHT Maritime (NYSE: DHT), expected at $0.32; Home Depot (NYSE: HD), expected at $0.38; Medtronic (NYSE: MDT), expected at $0.71.

The Investrend Economics Calendar lists Producter Price Index (PPI) for October (8:30 a.m.), Weekly Chain Store Sales (8:55 a.m.), Treasury International Capital for Sept. (10 a.m.), NAHB Housing Market Index for November (1 p.m.).

The Investrend Events Calendar showcases AV, DELL, CSC, CTSH, XGNT at Forrester Research Services & Sourcing Forum; Bank of America Securities San Francisco Health Care Mini Conference; BEXP, MGG, MMP, OKE, TXCO at Houston Financial Energy Forum; CLFC, STL, OZRK, NPBC, BPOP, FULT at B. Riley & Company Bank Conf; CNQR, ACAP, NETL, CTCT, PRA at Oppenheimer & Co. Mid & Small Cap Best Ideas Conf; Credit Suisse Group Insurance Conf; DNA, AGN, GSK, MRK, AZN at Cambridge Healthtech Institute Strategic Resource Management & Portfolio Management Conf; DORM, GM, MDS, MPAA, ORLY at BB&T Capital Markets Automotive Aftermarket Breakfast Panel Conf; EVVV at CanaccordAdams Cardiovascular "Fireside Chat" Conf; IFF, WMT, SVU, WAG, LO, STZ at Morgan Stanley Global Consumer & Retail Conf; MSFT at BAI Retail Delivery Conference & Expo; TECD, ARW, INXI, IM, LSI, AVT at Raymond James IT Supply Chain Conf; TPLM, BNK, BQI, TGA, BZP, GTE at CanaccordAdams Global Energy Conf; UNP, GWR, CSX, CNI, CP, NSC, CHRW at Citi Transportation Conf.

The Investrend Money Index is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ 50 Most Actives indicate the direction in which the mass of money is flowing. Last session's trading showed nine advancers versus 41 decliners. Advancers were led by Las Vegas Sands Corp (NYSE: LVS) up 6.87%. Decliners followed Baidu.Com, Inc. (NASDAQ: BIDU) down 25.04%, Sun Microsystems, Inc. (NASDAQ: JAVA) down 12.38%, Ml Co Cmn Stk (NYSE: MER) down 10.76%, Ultra Financials Pro (NYSE: UYG) down 9.70%, Bk Of America Cp (NYSE: BAC) down 8.47%, Amer Intl Group Inc (NYSE: AIG) down 8.17%, Morgan Stanley (NYSE: MS) down 6.73%, Citigroup Inc (NYSE: C) down 6.62%, On Semiconductor Corporation (NASDAQ: ONNN) down 6.57%, Charles Schwab Corporation (The (NASDAQ: SCHW) down 6.38%.

Vote in the Investrend Poll Question of the Day at Investrend Information (http://www.investrendinformation.com).

Investrend Website of the Day: http://www.couchsurfing.org/

Quote of the Day: "I could prove God statistically." Dr. George H. Gallup

Today is: Latvian Independence Day, Calvin and Hobbes Day.

Happy Birthday: Sojourner Truth, Dorothea Dix, Clarence Day, George Gallup, Imogene Coca, Johnny Mercer, Hank Ballard, Alan Shepard, Alan Dean Foster, Warren Moon.

Today in History: A seawall at the Zuider Zee dike broke in 1421, flooding 72 villages and killing about 10,000 people in the Netherlands. Christopher Columbus first sighted what was now Puerto Rico in 1493. Mark Twain's story The Celebrated Jumping Frog of Calaveras County was published in the New York Saturday Press in 1865. Release of the animated short Steamboat Willie, the first fully synchronized sound cartoon, directed by Walt Disney and Ub Iwerks, featured the second appearances of cartoon stars Mickey and Minnie Mouse in 1928. Calvin and Hobbes, a comic strip by Bill Watterson, was first published in 1985. World-renowned bird expert Tony Silva was sentenced to seven years in prison without parole in 1996 for leading an illegal parrot smuggling ring. The Nintendo GameCube was released in North America in 2001.

[FirstAlert" was created by Gayle Essary, founder of Investrend Communications, Inc., parent of Investrend Information (http://www.investrendinformation.com). The opinions expressed in FirstAlert" do not necessarily reflect the opinions of Investrend.]

FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .

Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .

http://www.financialwire.net

For full details on Arvinmeritor Inc (ARM) click here. Arvinmeritor Inc (ARM) has Short Term PowerRatings of 6. Details on Arvinmeritor Inc (ARM) Short Term PowerRatings is available at This Link.

More News: Market Updates | Stock Alerts | All Trading News | Stock Index

Archives

Feedback

Email Article Link

Close X

RELATED SITES

Please call 1-213-955-5858 ext. 1

Tax Relief Bank Levy Wage Garnishment

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.