Day Traders Diary
4/14/09U.S. stocks tumbled lower at Tuesday's start, with disappointing retail sales figures for March weighing on sentiment. The Dow Jones Industrial Average fell 102 points to 7,955. The S&P 500 Index declined 12 points to 845 while the Nasdaq Composite shed 21 points to 1,631. Goldman Sachs had great earnings last night, but the stock is lower by 6% due to a $5 billion stock offering priced around $123 a share. Most of the financials are modestly lower after a great run up. Metlife is down 2% even though they say they don't need Treasury assistance. Discover is down 5% on a downgrade and job cuts. Citigroup is bucking the trend, trading up 10%. The earnings and upgrades and downgrades are starting to flood in. J&J is higher after beating estimates by 4 cents. JB Hunt is higher after beating estimates. Dressbarn is higher after raising estimates. Philips Electronics is higher even though sales declined 17% year over year. Talbots is down 22% after a fourth quarter loss. Coach is lower on a downgrade while Dr. Pepper Snapple is up 3% on an upgrade. Sanderson Farms is down 5% on a downgrade. RBC upgraded Google and Amazon, however, both stocks are lower. VMware is down 3% on a downgrade. MGM Mirage is jumping 18% after receiving bank funding. The diamond of the day is Dendreon, up 177% after positive data for their prostate cancer drug. After the first hour, the averages remained weak, but many of the financials perked up. In the afternoon, the rebound fizzled along with the rally within the financials. The Dow dropped over 140 points. The Nasdaq declined 30 points. The shrewd Goldman Sachs hasn't seen their stock price over $120 a share since October. Yesterday the stock hit $130 a share so they came out with a $5 billion common equity offering. The offering was priced at $123 a share and then the stock proceeded to go lower. Suckers. Entering the last hour, the Dow was trying to recover once again, down just 100 points, but it didn't last. The Dow Jones Industrial Average finished down 137 points, or 1.7%, at 7,920. The S&P 500 Index dropped 17 points, or 2%, to stand at 841, while the Nasdaq Composite fell 27 points, or 1.7%, to 1,625.
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