U.S. Markets
Dow -370.03 (-2.93%)
Nasdaq -73.28 (-3.08%)
S&P 500 -44.18 (-3.20%)
News That Moved the Market
Market Plunges On ISM Service Data. Stocks fell the most in nearly a year after a disappointing ISM service figure. The Institute for Supply Management announced its non-manufacturing index dropped to 41.9% last month, well below the 53.0% economists had estimated. Looking at today's report combined with the disheartening monthly jobs report announced on Friday, the risk of recession has grown very strong in the last week.
BHP Ups Bid for Rio Tinto. BHP Billiton (BHP, -4.1%) offered 3.4 shares for each share of Rio Tinto (RTP, -2.5% day, + 4.4% A.H) after Rio refused to begin merger talks. The bid is worth $147.4 billion.
MBIA Back Under Review For Downgrade. MBIA's (MBI, -3.2% day, -5.4% A.H.) AAA rating will come under further pressure after Fitch placed the bond insurer back under review for a downgrade. The ratings firm will probably increase the capital needed for the company to maintain its AAA rating. Fitch already has cut its AAA rating for Ambac Financial (ABK, -0.0%).
Disney Beats Estimates. Disney (DIS, -2.7% day, +5.9% A.H.) reported a 27% decrease in profits after the bell, but traded higher after topping analysts' estimates. Revenue jumped 9%.
Tomorrow Notable Earnings
Time Warner (TWX) Before Open
Prudential (PRU) After
CloseCisco (CSCO) After Close
Economic Events:
8:30 AM: Productivity and Costs
10:30 AM: Crude Inventories
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment