Stocks closed down across the board led by the DJIA giving back -88.66 or .80%, S&P500 fell -12.86 or .60% and the NASDAQ lost -6.41 or .59%. It was a volatile session across asset classes with metals accelerating on the upside on power rationing and Oil hitting an all time intraday high.
Yahoo (YHOO | Quote | Chart | News | PowerRating) fell more than 14% to 24.37 after Microsoft (MSFT | Quote | Chart | News | PowerRating) withdrew its $47.5 billion dollar offer for the beleaguered internet company. This is the largest drop in 2 years.
Countrywide Financial (CFC | Quote | Chart | News | PowerRating) collapsed another 9.54% to 5.410 on analyst comments that Bank of America (BAC | Quote | Chart | News | PowerRating) should pull out of the takeover deal. This caused CFC to experience the largest change in option volatility across all US traded equity options today.
Sprint (S | Quote | Chart | News | PowerRating) surged over 10% today to 8.72 on rumors of its money losing unit Nextel being spun off. Nextel was acquired in 2005 for about $35 billion.
Oil climbed above 120.00/barrel for the first time in history today, settling at 119.97. This is an increase of 3.1% or $3.65 on supply/ demand concerns.
| Economic
News |
ISM Services (Apr): Actual 52.0, Consensus 49.1
Productivity Prel (Q1): Consensus 49.1%, Prior 49.6%
Pending Home Sales (Mar): Consensus -1.0%, Prior -1.9%
Crude Inventories (05/03): Consensus N/A, Prior 3848K
Consumer Credit (Mar): Consensus 6.0B, Prior 5.2B
Initial Claims (05/03): Consensus 375K, Prior 380K
Wholesale Inventories (Mar): Consensus 0.5%, Prior 1.1%
Trade Balance (Mar): Consensus -$61.3B, Prior -$62.3B |
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