It attributed the decision to "significant decline" in the auto industry in recent months and a part of its efforts to "strengthen its balance sheet." Ford declined 14 cents or 5.2% to $2.55.
Equipment maker Caterpillar Inc.(NYSE: CAT) decreased $4.41 or 10.76% to $39.88.
Shares of raw material producers drifted lower. Alcoa Inc. (NYSE: AA) plummeted $1.45 or 13.48% to close at $9.31. Exxon Mobil (NYSE:XOM) and Chevron Corp. (NYSE: CVX) lost 7.29% and 8.85% respectively.
Among technology stocks, Intel Corp. (NASDAQ: INTC) fell $1.24 or 8.99% to $12.56.The Semiconductor Industry Association (SIA) said on Monday that sales of semiconductors fell globally by 2.4% in October to $22.5 billion compared to sales of $23.0 billion in October 2007. The report added that October sales decreased 2.1% from September 2008. Microsoft Corp. (NASDQ: MSFT) was down $1.61 or 7.96% to $18.61.
Home improvement retailer Home Depot Inc. (NYSE: HD) dropped $1.90 or 8.22% to $21.21.
Healthcare major Johnson & Johnson (NYSE: JNJ) said on Monday that it plans to acquire the breast-implant maker Mentor Corp. (NYSE: MNT) for $1.07 billion in cash. Shares of Johnson and Johnson slipped $3.25 or 5.55% to $55.33 while Mentor Corp. soared $14.43 or 89.35% to $30.58.
Largest U.S. chicken producer Pilgrim’s Pride Corp. (NYSE: PPC) filed for Chapter 11 bankruptcy protection today.
According to British Bankers’ Association, the London interbank offered rate, or LIBOR, that banks s charge each other for three-month loans in dollars rose slightly less than half a basis point to 2.22%. The overnight rate fell seven basis points to 1.09%.
Elsewhere, a release by UK's Chartered Institute of Purchasing and Supply’s factory index, showed manufacturing activity plunged to 34.4, the weakest since the data began in 1992. According to China Federation of Logistics and Purchasing, manufacturing activity in China contracted sharply in China and purchasing managers index fell to 38.8 in November. Another data showed Russian manufacturing activity posted fourth straight monthly decline. VTB’s Purchasing Managers’ Index dropped to 39.8, its lowest level since the records began.
European stocks settled with hefty losses. The U.K. FTSE fell 222.52 points or 5.19% to 4,065.49. The German DAX and French CAC tumbled 5.88% and 5.59% respectively.
Asian stocks finished mixed on Monday. The Nikkei fell 115.05 points or 1.35% to close at 8,397.22. Hong Kong's Hang Seng Index added 220.60 points or 1.59% to 14,108.84.
NYMEX Crude Oil for January delivery dropped $5.15, or 9.5%, to settle at $49.28 a barrel. The Organization of Petroleum Exporting Countries, in its meeting in Cairo on Saturday, left oil output unchanged at current levels and indicated that it may cut production next month. The oil cartel will meet again on December 17th in Oran, Algeria.
Disclosure: Author does not own any of the stocks discussed here.
