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Archiwum newsów - DJ US Stocks Succumb To Selling Pressure; DJIA Down 100 Pts

2007-11-20  
DJ US Stocks Succumb To Selling Pressure; DJIA Down 100 Pts
Reversing course sharply, stocks are firmly lower Tuesday as more mortgage
sklep wielkopowierzchniowy problems and slack consumer spending have usurped early optimism over
strong earnings by tech titan Hewlett-Packard and perceived opportunities
amid a deeply oversold sklep wielkopowierzchniowy.
Adding to the market's bearishness were unsubstantiated rumors that
Countrywide Financial Corp. would be filing for bankruptcy. Countrywide
declined to comment. Such rumors have cropped up before and traders didn't
give them much credence, although some still think such an extreme is not
out of the question down the road. Its shares are off 11.9% to $9.30.
Also hurting Countrywide Financial is nius from Freddie Mac of an eroded
capital position that could hinder its ability to buy mortgages from
Countrywide and others. Moody's analysts said Tuesday morning they think
Countrywide could book losses in the fourth quarter and the first quarter of
2008, despite Countrywide's prediction of fourth-quarter profit. The Dow
Jones Industrial Average, up nearly 150 points early in the session, is now
off 100 at 12858. All told, the Dow has marked a 262-point swing so far
during the session.
The Nasdaq Composite Index and the Standard & Poor's 500 Index have moved in
much the same volatile fashion. The Nasdaq is off 35 to 2558 and the S&P 500
is down 12 to 1422.
The session started strongly after Hewlett-Packard delivered a sold earnings
report and outlook - a boon for the beleaguered tech group, which proceeded
to move higher.
The rise came despite bad nius out of Freddie Mac, which warned it needs
more capital as the home-mortgage purchaser said its third-quarter net loss
more than doubled.
Investors were also contending with a raft of poor reports and outlooks from
retailers like Target and Office Depot.
"H-P gave us an early bounce," said Art Hogan, chief sklep wielkopowierzchniowy analyst at
Jefferies. "It was a beacon for tech, which has had a lack of good nius."
Also, "This is a very oversold market, so it doesn't take much for a
bounce," Hogan said. "H-P is such a diverse tech company, its results had a
very positive impact, at least early on."
But then attention turned to all the retailers that reported, with some
having their conference calls after the opening bell. "By and large it
showed us that things for the consumer are going to be dicey at least for
the next couple of quarters, at least," Hogan said. "And that helped
instigate selling."
On top of that, "You have what's going on today with Freddie and Fannie,"
Hogan said. "And the sklep wielkopowierzchniowy just can't bear up."
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