Join        Login             Stock Quote

Wednesday’s Market Recap (1/7/09)

 January 07, 2009 07:02 PM

Bears took the day as Wall Street ended lower on Wednesday. The Dow Jones industrial average lost 245 points, and ended with 8,769 points. The Nasdaq composite index was also down, falling 53 points and finishing at 1,599 points. While the S&P 500 index was closed Wednesday at 906 points after falling 28 points. The three major U.S. indexes each lost approximately 3% for the day. The Russell 2000 index was down 17 points, and finished at 497 points.

Oil prices were down significantly as were the equity markets, after slowly rising for the past week. The price for a barrel of oil was down $5.95, and settled at $42.63. Gasoline and heating oil futures were both down on the NYMEX. Gasoline was down to $1.08 a gallon, while heating oil finished at $1.54 a gallon. Natural gas prices were lower by $0.11 and closed the day at $5.87 per 1,000 cubic feet.

In corporate news, Time Warner Inc. (TWX:10.29,-0.69(-6.28%)), which owns HBO and AOL plans to report annual losses for the first time in six years. Write downs amounting to $25 billion were recorded in the fourth quarter alone. They will be officially releasing earnings early next month.

Intel Corp. (INTC:14.44,-0.93(-6.05%)) also had a unimpressive fourth quarter, announcing today that sales fell by 23% due to the recessionary environment. Revenues for Intel fell to $8.2 billion for they year, as compared to $10.7 billion for 2007. Analysts had expected sales of $8.8 billion for the quarter.

Shares of Family Dollar Stores Inc. (FDO:27.81,+3.48(+14.30%)) saw a strong increase, adding 14%, and finishing at $27.81 on Wednesday. The retailer announced a 14% jump in first quarter net income.

Monsanto Co. (MON:86.16,+12.94(+17.67%)) said that it has increased its full year forecast after fiscal first quarter profit nearly doubled due to increased sales of Roundup weed-killer and corn seeds.

Please join us again tomorrow for the market recap.

-Hassan Chaudhry

Disclosure: The fund the author is associated with holds a long position with INTC.



Comments Closed

rss feed

Latest Stories

article imageWorld Growth: Mediocre or Pathetic?

The recent disappointing performance of the world economy has been labelled as the "new mediocre" by read on...

article imageSurvey Data For US Services Sector Hint At Mild Q2 Rebound

Yesterday’s discouraging numbers on job growth in April via the ADP Employment Report raise doubts about a read on...

article imageADP: US Job Growth Stumbled In April

Employment growth at US companies slowed in April to the weakest gain in three years, according to this read on...

article imageBogle Says Indexing Destined To Win The Battle Of The Quants

Vanguard founder John Bogle gave a powerful speech last month at the Q Group’s Spring Seminar that lays out read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.