Home › Forums › Financial Markets/Economics › Nasty day at the stock market today. Dow lost nearly 300 pts….
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August 29, 2007 at 2:07 PM #82447August 29, 2007 at 6:30 PM #82489kewpParticipant
Thanks LA_Renter!
Thats a ray of sunshine, at least.
August 30, 2007 at 8:54 AM #82561bsrsharmaParticipantWhat is this? Is it Doomsday already?
————————————————————AP
Out of the Gate: Wal-Mart Cut to “Sell”
Thursday August 30, 10:25 am ET
Merrill Lynch Downgrades Wal-Mart Stores to “Sell” – ReportsNEW YORK (AP) — Shares of Wal-Mart Stores Inc. fell after the opening bell Thursday after Merrill Lynch reportedly downgraded the world’s largest retailer to “Sell.”
The Dow Jones industrial average component was down 87 cents, or 2 percent, to $43.33 in morning trading.According to multiple media reports, the brokerage cut its rating on the shares from “Neutral,” citing concerns that profit margins are eroding at its U.S. stores as the economy slows. A Merrill spokeswoman would not confirm the rating change, and said they do not release their equity research to the media.
When it reported second-quarter results earlier this month, Bentonville, Ark.-based Wal-Mart cut its profit forecast for the full year. And when it released sales figures for July, the retailer posted a slim gain but warned that increased discounting is hurting profit margins.
http://biz.yahoo.com/ap/070830/wal_mart_out_of_the_gate.html?.v=1
September 7, 2007 at 7:54 AM #83711JESParticipantDown 200 and accelerating, how low will it go today?
September 7, 2007 at 8:42 AM #83717crParticipantI love how they say this is a surprise. Right… and so was people who owe money to Blockbuster defaulting on a $500,000 home loan.
I think it will pickup mid-day but still end 100pts down or so. The prospect of the FED coming to the rescue with more money and/or a rate cut will keep the bulls in the game a little longer.
I hate to admit but if I had to guess the FED will probably cut rates given the amount of pressure for it now.
I’d guess the death of the bulls will arrive when we have a one week rally after the cut, and then $100 Billion in mortgages reset in the coming months dropping it even harder.
The idea of a rate cut as helping the problems that were the result of the rate cut is just about in line with the logic our economy seems to be under these days.
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