Wall Street Declines Amid Light Trading, GM Tumbles

By: iStockAnalyst Friday, May 22, 2009 6:17 PM

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(By Salman - iStockAnalyst Writer)
US stocks finished with losses on Friday amid persistent worries over mounting budget deficit.

The Dow Jones Industrial Average fell 14.81 points or 0.18% to finish at 8,277.32. The S&P 500 slipped 1.33 points or 0.15% to end at 887. The Nasdaq Composite lost 3.24 points or 0.19% to 1,692.01.

Shares of financials retreated. Bank of America (NYSE: BAC) slumped 34 cents or 2.98% to $11.07. American Express (NYSE: AXP) lost 75 cents or 3.11% to $23.40. Citigroup (NYSE: C) fell 5 cents or 1.34% to $3.67. J.P Morgan (NYSE: JPM) slid 49 cents or 1.40% to $34.41. Shares of Wells Fargo & Co.(NYSE: WFC) plunged 73 cents or 2.92% to $24.31.

Shares of General Motors (NYSE: GM) sank 49 cents or 25.52% to $1.43. According to media reports, the Obama administration is preparing to send troubled automaker into bankruptcy as early as the end of next week.

Caterpillar Inc. (NYSE: CAT) plummeted $1.23 or 3.46% to $34.31.

Shares of the largest US aluminum maker Alcoa Inc. (NYSE: AA) tumbled 24 cents or 2.64% to $8.86.

General Electric Co. (NYSE: GE) slipped 14 cents or 1.06% to $13.10. McDonald's Corp. (NYSE: MCD) surged $1.39 or 2.50% to $57.08.

Early on Friday, Sears Holdings Corp. (NASDAQ: SHLD) announced that it swung to a profit of $26 million or 21 cents a share compared to a loss of $56 million, or 43 cents a share, in the comparable quarter in 2008. On an adjusted basis, the company earned $47 million, or 38 cents a share, for the quarter that ended May 3. Revenue slipped 9% to $10.06 billion from $11.07 billion. Shares of the company soared $5.21 or 10.38% to $55.40.

Late on Thursday, Salesforce.com Inc. (NYSE: CRM) said that its first-quarter net income climbed to $18.4 million, or 15 cents a share, from $9.6 million, or 8 cents a share, in the prior year quarter. Revenue jumped 23% to $304.9 million.Salesforce.com plunged $3.50 or 8.83% to $36.15.

Shares of Autodesk Inc.(NASDAQ: ADSK) jumped $1.87 or 9.93% to $20.70 after it said that it swung to a first-quarter loss of $32.1 million, or 14 cents a share, compared with a profit of $94.6 million, or 41 cents a share, in the year-earlier quarter. Revenue decreased to $425.8 million from $598.8 million.

Campbell Soup (NYSE: CPB) reported that net its fiscal third quarter income plunged to $174 million, or 49 cents a share, from $532 million, or $1.40 a share, in the year ago quarter. Revenue declined 10% to $1.7 billion. Shares of the company rose 56 cents or 2.09% to $27.35.

British Airways On Friday announced that it swung to a fourth quarter loss of 231 million pounds ($366 million) compared to a profit of 74 million pounds in the corresponding quarter last year.

US stocks finished lower on Thursday after Standard & Poor's cut its outlook on Britain to negative from stable fueling fears that the United States too is at risk of losing its AAA credit rating. However, Moody's Investors Service said that there are longer-term pressures on the rating.

European stocks settled with gains. The UK FTSE rose 19.82 points or 0.46% to 4,365.29. The German DAX and French CAC advanced 0.37% and 0.33% respectively.

Asian stocks finished with losses. The Nikkei 225 fell 38.34 points or 0.41% to 9,225.81. The Hang Seng index of Hong Kong slipped 136.97 points or 0.80% to 17,062.52.

NYMEX crude oil for May delivery climbed 62 cents or 1% to settle at $61.67 a barrel.

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

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