U.S. stocks opened lower for a third straight day, as investors worry about the ailing financials, the auto sector, and Best Buy which lowered its outlook this morning. The Dow Jones Industrial Average fell 168 points to 8,525. The S&P 500 declined 16 points to 882, while the Nasdaq Composite shed 26 points to 1,554. Best Buy is down 7% even though the company still expects to make $2.30 a share next year translating into a PE of 10. Most of the retailers are lower except for Bed Bath & Beyond which was upgraded this morning. Macy's is also modestly higher even though they reported a quarterly loss. The restaurant stocks are not doing much better. Bob Evans Farms is down 9% after missing estimates and then lowering guidance. The financials are trying to hold in there. American Express is down 7% on rumors the company needs more money. In the tech sector, Research in Motion, Adobe, and AMD were downgraded. Yahoo is warning of slowing ad spending. Shocker. Oil is now solidly below $60 a barrel. The Brazilian oil company, Pretobras is down 9% after lowering guidance. The stock is down 70% since May. Not bad. Through the morning the averages moved lower. The Dow fell 300 points. The Nasdaq declined 38 points. The Treasury Secretary is out speaking trying to defend his moves with the TARP program. It clearly is not being used for what it was intended for, which was, the toxic bank assets. Investors are starting to loss credibility with the Treasury Secretary.In the afternoon the averages remained weak with more stocks breaking down. Citigroup is now below $10 a share. Google broke $300 a share. Bank of America is at new lows. The list goes on and on. Diana Shipping beat estimates and then suspended their dividend to buy back their stock. Well, they're going to be able to buy it back at a lower price because the stock is down 22%. Entering the last hour, the Dow was down 300 points. The Nasdaq declined 70 points. In the last hour more selling. We're getting closer to testing the October lows. The Dow Jones Industrial Average fell 411 points to 8,282. The S&P 500 declined 46 points to 852, while the Nasdaq Composite shed 81 points to 1,499.
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