Wall Street Retreats As Financials Decline, IBM Tumbles

By: iStockAnalyst Friday, March 27, 2009 5:45 PM

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(By Salman - iStockAnalyst Writer)
US stocks finished lower on Friday as investors sold off financial stocks after banking executives said that March was a little tougher than the previous two months.

The Dow Jones Industrial Average shed 148.38 points or 187% to finish at 7,776.18. The S&P 500 fell 16.92 points or 2.03% to end at 815.94. The Nasdaq Composite declined 41.80 points or 2.63% to 1,545.20.

For the week, Dow was up 497.8 points or 6.83%. S&P rose 47.4 points or 6.17%, while Nasdaq Composite settled with a weekly gain of 87.93 points or 6%.

Financial stocks retreated. Citigroup (NYSE: C) plunged 19 cents or 6.76% to $2.62. JP Morgan (NYSE: JPM) slumped $1.70 or 5.84% to $27.40 after CEO Jamie Dimon said “March was a little tougher” than January and February. Shares of Bank of America (NYSE: BAC) plummeted 24 cents or 3.17% to $7.34. American Express (NYSE: AXP) slipped 68 cents or 4.49% to $14.45.

The largest US aluminum maker Alcoa (NYSE: AA) dropped 32 cents or 3.94% to $7.80.

Energy stocks finished with losses. Exxon Mobil (NYSE: XOM) tumbled $1.18 or 1.66% to $70.05. Chevron Corp. (NYSE: CVX) subtracted $1.27 cents or 1.81% to $68.90.

Among technology stocks, shares of IBM (NYSE: IBM) were down $4.63 or 4.69% to $94.15. Chipmaker Intel Corp. (NASDAQ: INTC) fell 40 cents or 2.53% to $15.42. Microsoft (NASDAQ: MSFT) retreated 70 cents or 3.72% to $18.13.

General Motors Corp. (NYSE: GM) surged 21 cents or 6.16% to $3.62. According to reports, the embattled U.S. automaker has hired Commerzbank AG to find a suitable buyer for its Opel unit in Europe.

Early on Friday homebuilder KB Home (NYSE: KBH) said that its fiscal first quarter loss narrowed to $58.1 million, or 75 cents a share, from a loss of $268.2 million, or $3.47 a share, in the year ago quarter. Revenue decreased to $307.3 million from $794.2 million. Shares of the company soared 89 cents or 6.29% to $15.05.

Late on Thursday, Accenture Ltd. (NYSE: ACN) announced that fiscal second-quarter net income remained relatively flat at $411 million, or 63 cents, compared to $407 million, or 64 cents a share, in the prior year quarter. Revenue fell to $5.27 billion from $5.61 billion. The company lowered its full year financial guidance. Accenture slid $4.30 or 13.45% to $27.66.

TIBCO Software Inc. (NASDAQ: TIBX) slipped 29 cents or 4.89% to $5.64 after it said that its first quarter net profit remained flat at $5.6 million, or 3 cents a share, compared to $5.5 million, or 3 cents a share, in the comparable quarter last year. On an adjusted basis, the company earned $15.2 million or 9 cents per share in the latest quarter. Revenue fell to $132.9 million from $146.6 million.

On the front, of economic data, a release by Commerce Department on Friday showed that US consumer spending, which accounts for nearly two third of economy, rose 0.2% in February. Personal Income declined 0.2% in February.

According to a survey released by the University of Michigan/Reuters consumer sentiment index rose to 57.3 in late March from 56.3 in February.

European stocks settled with losses. The U.K. FTSE slumped 26.35 points or 0.67% to 3,898.85. The German DAX and French CAC decreased 1.31% and 1.78% respectively.

Asian stocks finished little changed. The Nikkei 225 fell 9.36 points or 0.11% to 8,626.97. The Hang Seng index of Hong Kong rose 10.52 points or 0.07% to 14,119.50.

NYMEX crude oil for April delivery declined $1.96 or 3.6% to settle at $52.38 a barrel.

Disclosure: Author does not own any of the stocks discussed here.

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3/28/2009 9:47:29 AM IBM Intel in Trillion Dollar Lawsuit & Patent Theft by Eliot Bernstein Perhaps the sell off of stock by top IBM execs and the layoffs are the result of a Trillion dollar lawsuit IBM is named in. Check it out below, wonder if shareholders know, also Intel named. A SEC complaint has been filed against Intel for failure to notify shareholders of liability @ http://www.iviewit.tv/CompanyDocs/20090325%20FINAL%20Intel%20SEC%20Complaint%20SIGNED2073.pdf MADOFF + STANFORD + DREIER + SATYAM + ALBERT HU = PROSKAUER ROSE Investors who have been burned in these scams should start to seek redress from the lawyers who were involved with these scams. I personally have been trying to notify regulators and authorities of a ONE TRILLION DOLLAR scam that is putting states like New York and Florida at huge risk, as well as, companies like Intel, Lockheed, SGI and IBM. The states and companies involved in the fraud fail to acknowledge the risk exposing shareholders and citizens to impending liabilities. Investigators, courts and federal agents ignoring the crimes and evidence, including a car-bombing attempt on my life. I know how Harry Markopolos felt trying to expose Madoff in a world without regulation. Did I hear Proskauer Rose is involved in Madoff (involved many clients too) and acted as Allen Stanford's attorney. Investors who lost money in these scams should start looking at the law firm Proskauer's assets for recovery. First, Proskauer partner Gregg Mashberg claims Madoff is a financial 9/11 for their clients, if they directed you to Madoff sue them. Then, Proskauer partner Thomas Sjoblom former enforcement dude for SEC and Allen Stanford attorney, declares PARTY IS OVER to Stanford employees and advises them to PRAY, this two days before SEC hearings. Then at hearings, he lies with Holt to SEC saying she only prepared with him but fails to mention Miami meeting at airport hanger. Then Sjoblom resigns after SEC begins investigation and sends note to SEC disaffirming all statements made by him and Proskauer, his butt on fire. If you were burned in Stanford sue Proskauer. Proskauer Rose and Foley & Lardner are also in a TRILLION dollar FEDERAL LAWSUIT legally related to a WHISTLEBLOWER CASE also in FEDERAL COURT. Marc S. Dreier, brought in through Raymond A. Joao of Meltzer Lippe after putting 90+ patents of mine in his own name, is also a defendant in the Federal Case. The Trillion Dollar suit according to Judge Shira Scheindlin is one of PATENT THEFT, MURDER & A CAR BOMBING. For graphics on the car bombing visit www.iviewit.tv. The Federal Court cases United States Court of Appeals for the Second Circuit Docket 08-4873-cv - Bernstein, et al. v Appellate Division First Department Disciplinary Committee, et al. - TRILLION DOLLAR LAWSUIT Cases @ US District Court - Southern District NY (07cv09599) Anderson v The State of New York, et al. - WHISTLEBLOWER LAWSUIT (07cv11196) Bernstein, et al. v Appellate Division First Department Disciplinary Committee, et al. (07cv11612) Esposito v The State of New York, et al., (08cv00526) Capogrosso v New York State Commission on Judicial Conduct, et al., (08cv02391) McKeown v The State of New York, et al., (08cv02852) Galison v The State of New York, et al., (08cv03305) Carvel v The State of New York, et al., and, (08cv4053) Gizella Weisshaus v The State of New York, et al. (08cv4438) Suzanne McCormick v The State of New York, et al. John L. Petrec-Tolino v. The State of New York – Reply Rating: (0) (0)

Perhaps the sell off of stock by top IBM execs and the layoffs are the result of a Trillion dollar lawsuit IBM is named in. Check it out below, wonder if shareholders know, also Intel named. A SEC complaint has been filed against Intel for failure to notify shareholders of liability @ http://www.iviewit.tv/CompanyDocs/20090325%20FINAL%20Intel%20SEC%20Complaint%20SIGNED2073.pdf

MADOFF + STANFORD + DREIER + SATYAM + ALBERT HU = PROSKAUER ROSE

Investors who have been burned in these scams should start to seek redress from the lawyers who were involved with these scams. I personally have been trying to notify regulators and authorities of a ONE TRILLION DOLLAR scam that is putting states like New York and Florida at huge risk, as well as, companies like Intel, Lockheed, SGI and IBM. The states and companies involved in the fraud fail to acknowledge the risk exposing shareholders and citizens to impending liabilities. Investigators, courts and federal agents ignoring the crimes and evidence, including a car-bombing attempt on my life. I know how Harry Markopolos felt trying to expose Madoff in a world without regulation.

Did I hear Proskauer Rose is involved in Madoff (involved many clients too) and acted as Allen Stanford's attorney. Investors who lost money in these scams should start looking at the law firm Proskauer's assets for recovery. First, Proskauer partner Gregg Mashberg claims Madoff is a financial 9/11 for their clients, if they directed you to Madoff sue them. Then, Proskauer partner Thomas Sjoblom former enforcement dude for SEC and Allen Stanford attorney, declares PARTY IS OVER to Stanford employees and advises them to PRAY, this two days before SEC hearings. Then at hearings, he lies with Holt to SEC saying she only prepared with him but fails to mention Miami meeting at airport hanger. Then Sjoblom resigns after SEC begins investigation and sends note to SEC disaffirming all statements made by him and Proskauer, his butt on fire. If you were burned in Stanford sue Proskauer.

Proskauer Rose and Foley & Lardner are also in a TRILLION dollar FEDERAL LAWSUIT legally related to a WHISTLEBLOWER CASE also in FEDERAL COURT. Marc S. Dreier, brought in through Raymond A. Joao of Meltzer Lippe after putting 90+ patents of mine in his own name, is also a defendant in the Federal Case.

The Trillion Dollar suit according to Judge Shira Scheindlin is one of PATENT THEFT, MURDER & A CAR BOMBING. For graphics on the car bombing visit www.iviewit.tv.

The Federal Court cases

United States Court of Appeals for the Second Circuit Docket 08-4873-cv - Bernstein, et al. v Appellate Division First Department Disciplinary Committee, et al. - TRILLION DOLLAR LAWSUIT

Cases @ US District Court - Southern District NY

(07cv09599) Anderson v The State of New York, et al. - WHISTLEBLOWER LAWSUIT

(07cv11196) Bernstein, et al. v Appellate Division First Department Disciplinary Committee, et al.

(07cv11612) Esposito v The State of New York, et al.,

(08cv00526) Capogrosso v New York State Commission on Judicial Conduct, et al.,

(08cv02391) McKeown v The State of New York, et al.,

(08cv02852) Galison v The State of New York, et al.,

(08cv03305) Carvel v The State of New York, et al., and,

(08cv4053) Gizella Weisshaus v The State of New York, et al.

(08cv4438) Suzanne McCormick v The State of New York, et al.

John L. Petrec-Tolino v. The State of New York –

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The above story is the opinion of the author only and it does not reflect iStockAnalyst opinion. Further, the author is not personally advising you regarding the suitability of the story for your investment needs. In no event iStockAnalyst will be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from or arising out of, or in connection with the use of this information. Please consult your investment advisor before making any investment decision.

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