While some analysts are blaming Thursday's sell-off on the weak response to the government's bond auction, the more likely culprit is simply the massively overbought condition stocks have been trading in for the past several days.
The Dow closed lower by 102.43. The Nasdaq Composite lost 42.86. And the S&P 500 ended the day down 12.14.
Here are 7 Stocks You Need to Know for Friday.
Struggling automaker General Motors ( GM | Quote | Chart | News | PowerRating) announced a quarterly loss of more than $6 billion on Thursday.
Wells Fargo ( WFC | Quote | Chart | News | PowerRating) announced after the close that it would be making a common stock offering of approximately $6 billion in a capital-raising effort.
On a day of widespread profit-taking in the financials, Capital One Financial ( COF | Quote | Chart | News | PowerRating) was up by more than 17% intraday, closing in overbought territory below the 200-day moving average for the second consecutive trading session.
Among the companies reporting quarterly earnings on Friday, Toyota Motor Company ( TM | Quote | Chart | News | PowerRating) is expected to report a per share earnings loss of 3.52, while Beazer Homes USA ( BZH | Quote | Chart | News | PowerRating) is expected to announce EPS of -1.60.
Down more than 4% after beating analyst quarterly earnings estimates by a nickel, Cisco Systems ( CSCO | Quote | Chart | News | PowerRating) is now oversold above the 200-day moving average. Fellow tech giant IBM ( IBM | Quote | Chart | News | PowerRating), was down more than 2% intraday and is also oversold above its 200-day moving average.
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