Day Traders Diary
12/17/09U.S. stock losses intensified early Thursday as investors tracked the move up in the U.S. dollar and weak economic data. The Dow Jones Industrial Average fell 91 points to 10,349. The S&P 500 Index declined 10 points to 1,099. The Nasdaq Composite shed 23 points to 2,183. The financials are lower thanks in part to Citigroup's decision to raise capital even though the pricing was very weak. Morgan Stanley and Goldman Sachs had their numbers cut once again. Discovery is lower by 6% as earnings slipped year over year. PNC Financial is one of the few banks higher thanks to an upgrade. Lincoln Financial is up 3% on an upgrade as well. Bank of America was upgraded, but the stock is lower. The techs are lower ahead of earnings from Oracle and Research in Motion tonight. Intel was upgraded, but the stock is lower. Allegheny Tech is one of the few techs higher on an upgrade. The commodities are all lower thanks in part to the strong dollar. Solar company First
Solar raised guidance last night. The stock did trade higher on the news, but is now lower. Rival, Sunpower was upgraded this morning, but the stock is lower as well. In the retail space Rite Aid, General Mills, Pier One, and Scholastic beat estimates. Pier One is jumping 9%. Only Scholastic is lower. FedEx reported disappointing earnings and guidance. The stock is down 3%. After the first hour the Dow dropped 100 points. The Nasdaq is lower by 21 points. Through the morning the averages remained weak near the lows of the day. Not many stocks up today. Exxon, GE, Merck, and Verizon are in the green. Verizon was upgraded. Cedar Fair is jumping 23% on a buy out offer. In the afternoon, the averages remain weak. In the last hour the averages sold off. One of the weakest days in some time. The Dow Jones Industrial Average finished down 132 points, or 1.3%, at 10,308. The S&P 500 Index declined 13 points, or 1.2%, to 1,096 while the Nasdaq Composite Index dropped 26 points, or 1.2%, to 2,180. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.