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Oil, Earnings and Sell-Off
Jan 20, 5:17 PM EST |
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| Broad sell-off in the averages was led by weaker than expected earnings and forecasts from General Electric and Citigroup. Google dropped $37 or 8.5%. |
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| Market was under pressure at the opening and averages declined sharply near close. Dow closed down 1.96%, Nasdaq down 2.35% and S&P down 1.84%. Google dropped 8.5% and closed below $400 for the first time in two months. Key Corp, Johnson Controls and Schlumberger beat earnings forecasts. Semiconductors, techs and banking stocks faced widespread selling, however casinos rose during the day. BlackRock surged 7% on rumoured merger with Morgan Stanley. Dow erased its gain for the year 2006. |
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Averages Sink Over 1%
Jan 20, 2:08 PM EST |
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| The University of Michigan's consumer sentiment index for January added nearly 2 points to read 93.4, topping economists' forecast of 92.5. |
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| Stock averages tumbled Friday morning, hurt by lackluster earnings reports from Citigroup and General Electric, as well as disappointing outlook from Motorola and rising oil prices. Motorola reported Q4 better-than-expected profit, but missed sales growth estimates. GE''''s adjusted earnings met estimates, but revenue figures disappointed. Citigroup posted Q4 30% profit rise, but adjusted earnings missed estimates. |
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Semiconductors Fall
Jan 20, 11:01 AM EST |
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| Supermarket chain Albertson's received a revised bid from a consortium including Supervalu. The raised offer is just above a previous $9.6 billion. |
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| U.S. stocks opened lower, hurt by lackluster earnings reports from Citigroup and General Electric, as well as disappointing outlook from Motorola and rising oil prices. Motorola reported Q4 better-than-expected profit, but missed sales growth estimates. GE posted adjusted earnings of 55 cents a share, matching estimates, but revenue figures disappointed. Citigroup posted Q4 30% profit rise, but adjusted earnings of 98 cents missed estimates. |
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GE and Citigroup Disappoint
Jan 20, 9:26 AM EST |
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| Crude oil prices rose to $67.24 a barrel amid continuing Iran and Nigeria supply concerns. European gold prices hovered round $560 on strong demand. |
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| Asian markets closed largely higher, lifted by strong close of U.S. markets. The Nikkei rose 0.8%, South Korean Kospi climbed 0.8%, Singapore Straits Times gained 0.55%. European averages traded mostly higher at mid-day, led by London''s FTSE 100 with an advance of 0.6%. The German DAX 30 slipped 0.1%. Motorola reported Q4 better-than-expected profit, but missed sales growth estimates. GE posted adjusted earnings of 55 cents a share, matching estimates, but revenue figures disappointed. |
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