| Market Summary | ![[edit]](http://us.i1.yimg.com/us.yimg.com/i/my/edit2.gif) | |
| Most Actives | |
| Advances & Declines | | | NYSE | Nasdaq | | Advances | 2380 | (62%) | 1777 | (58%) | | Declines | 1344 | (35%) | 1170 | (38%) | | Unchanged | 59 | (1%) | 109 | (3%) |
| | Up Vol* | -2146 | | -2146 | | | Down Vol* | -2146 | | 534 | | | Unch. Vol* | 13 | | 109 | |
| | New Hi's | 42 | | 4 | | | New Lo's | 1349 | | 1226 | | | *in millions | more... |
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| | Market Update |   Set Alert | |
Weekly Recap - Week ending 21-Nov-08 A horrible experience this year for investors got even worse this week. The losses in the major indices were material and new lows were set in this bear market move. In fact, with the losses seen this week, the entirety of the gains recorded during the bull market move from the October 2002 low to the October 2007 high were wiped out at one point and the S&P fell to levels seen in 1997. Uncertainty continued to be the albatross around the market's neck as some key corporate developments (or lack thereof) and a number of economic releases fed the market's concerns about not knowing how deep and how long this economic slowdown will last. Among the more stunning developments this week was the collapse in Citigroup's (C) stock price. To be exact, Citigroup plummeted 60% to $3.77 per share, or nearly the equivalent of its ATM fee. Balance sheet concerns were at the heart of the sell-off as burgeoning reports of growing weakness in the commercial loan category fanned fears that Citigroup, and the financial sector, would need to raise a lot more capital to offset losses. Citigroup bore the brunt of the selling, though, as its management rankled investors Monday when it didn't indicate senior managers would forego bonuses this year, yet announced plans to cut up to 52,000 jobs from the bank's payroll. That was dumb corporate development #1. Dumb corporate development #2 was the CEOs of the major U.S. auto makers flying to Washington on private jets to beg Congress for billions of dollars of taxpayer bridge financing to avoid bankruptcy. | | more... |
| In Play® | | | 5:09PM CyberSource announces board approves $15 mln stock buyback (CYBS) 6.65 -0.79 : 5:07PM Cooper Industries expects Q4 EPS to be below previous guidance range of $0.83-0.92 vs consensus $0.88 (CBE) 24.13 +1.32 : Co announces that it expects Q4 results to be below the previous guidance range of $0.83 to $0.92 earnings per share, exclusive of restructuring charges. Co says, "in the past few weeks we have seen business conditions worsen, driven by the unprecedented credit crisis and rapid appreciation of the U.S. dollar. Retail orders in certain businesses have declined significantly, as has quoting and shipping activity in light commercial and certain utility products. We also have seen some customers delay or re-quote projects and we anticipate further destocking of customer inventory levels as the quarter progresses. In the near-term, we expect unprecedented volatility and are reducing production levels to ensure we manage inventory levels, while maintaining customer service. The volatility in commodity prices also is creating a difficult pricing environment in some of our businesses, which impacts margins in the near-term. As a result, we felt it necessary to reduce current expectations and defer issuing new guidance until we have better visibility in terms of customer commitments and a more stabilized economic environment. Although it is difficult to forecast the length and depth of a downturn, we continue to implement contingency plans that will reduce our cost structure, including planned production shutdowns over the remainder of the year as well as the previously announced workforce reduction of 1,000 employees." 4:54PM First Community Bancshares completes sale of securities in U.S. Treasury Capital Purchase Program woth $41.5 mln (FCBC) 24.90 -0.10 : First Community announce that it has issued to the U.S. Department of the Treasury, in exchange for aggregate consideration of $41.5 mln, a total of 41,500 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, with a $1,000 per share liquidation preference, and a warrant to purchase up to 176,546 shares of First Community's common stock at an exercise price of $35.26 per share. | | more... |
| Today's Highlights | | Upgrades | | Company Name | Symbol | Details | Analyst | | Tyco Electronics | TEL | Buy | Longbow | | Lithia Motors | LAD | Neutral | JP Morgan | | Asbury Automotive | ABG | Overweight | JP Morgan | | more... | | Downgrades | | Company Name | Symbol | Details | Analyst | | UCBH Holdings | UCBH | Neutral | FTN Midwest | | Sterling Financial | STSA | Neutral | FTN Midwest | | Center Finl | CLFC | Neutral | FTN Midwest | | more... | | Splits | | Company Name | Symbol | Split Ratio | | | Cleveland-Cliffs | CLF | 2-1 | | | more... | | Earnings | | Company Name | Symbol | EPS Estimate | Call | | ABERCROMBIE & FITCH | ANF | 0.65 | Call | | FAIRPOINT COMM INC | FRP | N/A | Call | | MULTI COLOR CP | LABL | 0.28 | Call | | more... | | Economic | | Statistic | For/Time | Actual | Prior | | Apr/8:00 am | 978K | 932K | | Apr/8:00 am | 1032K | 954K | | May/10:00 am | 59.5 | 62.6 | | more... |
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