Stocks Volatile, Citi Slashes, Mark Cuban Busted

By | TradingMarkets.com | November 17, 2008 05:00 PM
Symbols: LOW, YUM, DIS, NOV

The stock market extended two weeks of losses after a volatile session. The major indexes struggled into positive territory and almost broke even several times prior to being pushed negative by an afternoon selling frenzy. News that Citigroup is laying off another 53,000 employees, in a cost slashing measure, increased the overall bearish sentiment. The SEC filed an action against famed internet billionaire, Mark Cuban, for insider trading in Mamma.com shares back in 2004, reviving memories of the internet boom and bust in many investors’ minds. The DJIA gave back -223.73 to 8273.58, the Nasdaq fell -34.80 to 1482.05 and the S&P 500 dropped -22.54 to 850.75.



Lowe's ( LOW | Quote | Chart | News | PowerRating) - Climbed 4.17% or 0.76 cents to $18.99/share after announcing 3rd quarter profits that fell less than expected.


Targanta Corp ( TARG | Quote | Chart | News | PowerRating) - Jumped 32.61% or $2.09 to $8.50/share when its product showed additional benefits against skin infections.


Walt Disney ( DIS | Quote | Chart | News | PowerRating) - Fell 6.36% or $1.34 to $19.74/share upon a downgrade by Soliel Securities.


Yum! Brands ( YUM | Quote | Chart | News | PowerRating) - Added 2.08% or 0.52 cents to $25.50/share when the fast food chain owner was raised to a buy at UBS.


Oil fell $2.09 to $55.04, gold slipped $0.50 to $742.00 and the VIX fear index added 4.28% to 69.15.










Market Snapshot
















Dow

 -223.73 8,273.58








NASDAQ

 -34.80 1,482.05






S&P 500

 -22.54 850.75












Economic
News










NY Empire State Index (Nov): Consensus -26.0, Prior -24.6


Capacity Utilization (Oct): Consensus 76.5%, Prior 76.4%


Industrial Production (Oct): Consensus 0.2%, Prior -2.8%


Core PPI (Oct): Consensus 0.1%, Prior 0.4%


PPI (Oct): Consensus -1.8%, Prior -0.4%


Net Foreign Purchases (Sep): Consensus $17.5B, Prior $14.0B


Building Permits (Oct): Consensus 772K, Prior 786K


Core CPI (Oct): Consensus 0.1%, Prior 0.1%


CPI (Oct): Consensus -0.8%, Prior 0.0%


Housing Starts (Oct): Consensus 780K, Prior 817K


FOMC Minutes (Oct 29): Consensus N/A, Prior N/A


Initial Claims (Nov 15): Consensus 503K, Prior 516K


Leading Indicators (Oct): Consensus -0.6%, Prior 0.3%


Philadelphia Fed (Nov): Consensus -35.0, Prior -37.5

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Read David's latest thoughts on his blog, www.marketsurfer.com
Original publication: November 17, 2008
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