Day Traders Diary
1/14/09U.S. stocks opened sharply lower once again, this time due to December retail sales falling twice as much as forecasted. The Dow Jones Industrial Average shed 142 points to 8,305. The S&P 500 declined 17 points to 854. The Nasdaq Composite dropped 24 points to 1,522. In the retail space, Tiffanys and Under Armour both lowered guidance. Both stocks are down over 6%. Amazon was upgraded, however, the stock is down 4%. The financials are moving straight down once again. Citigroup is down 13%. Barclays is down 13% on rumors of job cuts. HSBC is down 8% after a Morgan Stanley analyst said the firm may have to raise as much as $30 billion in new capital. Deutsche Bank is down 8% after announcing a $6.4 billion loss. Blackrock was upgraded, however, the stock is down 3%. In the tech sector, more downgrades. Intel and AMD were downgraded. Nobody downgraded Nortel today as the company filed for bankruptcy. Analysts believe Yahoo will eventually do a partnership with Microsoft, but the stock is not reacting well. All the commodities are lower. Bunge is down 15% after lowering guidance. Nothing is working. After the first hour, the Dow fell 240 points to new recent lows. The Nasdaq declined 40 points.
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