The stock market closed out a painful second quarter Wednesday and left investors with heavy losses and far more doubts about the economy than they had just months ago. Stocks had their worst quarterly performance since the financial crisis. The Standard & Poor’s 500 index, considered by many professional investors to be the best measure of the market’s health, lost 11.9 percent, while the Dow Jones industrial average lost 10 percent.
Filed under: Stock activity
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Trades that sent Boeing down 44% canceled
From Bloomberg News | Erroneous orders to trade Boeing Co. shares sent shares in the Chicago-based aerospace company down 44 percent to $38.77 this morning. NYSE Euronext and Nasdaq OMX Group Inc. canceled trades.
June 28, 2010 at 11:01 a.m.
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Filed under: Investing, Stock activity, Technology, Wireless Amazon downgraded with crowded e-book market
Despite its early lead in the fast-growing e-book market, Amazon.com Inc. (AMZN) faces growing competition from tech giants Google Inc. (GOOG) and Apple Inc. (AAPL), according to one analyst.
Marianne Wolk of Susquehanna downgraded Amazon to a neutral rating on Monday. In a note to clients, the analyst cited “intensifying competition” in the e-book market, which is creating more uncertainty around the company’s Kindle business. Get the full story »
BioSante added to Russell 3000
BioSante Pharmaceuticals Inc. said today it has been added to the broad-market Russell 3000 Index as part of Russell Investments’ recent reconstitution of its comprehensive set of U.S. and global equity indexes after market close Friday. Get the full story »
BP shares fall; lost market value tops $100 billion
BP shares fell more than 5 percent in New York on Friday to a 14-year low as the costs rise for containing the oil spill in the Gulf of Mexico.
If the decline holds, BP will have lost more than $100 billion in market value since a rig it operated exploded and sank in the Gulf two months ago. Get the full story »
ITW director sells $5M in shares
From Barrons | Robert C. McCormack, a director at ITW since 1993, sold 108,400 shares of ITW at an average price of $46.52 on June 21, raising about $5 million. After the sale McCormack, a co-founder of the private-equity firm Trident Capital, still held about 10.1 million shares, or a 2 percent stake in the Glenview-based company.
Weak boat sales sink Brunswick shares
Shares of Brunswick Corp. fell Tuesday on worries that boat sales this year may be weaker than previously expected.
Raymond James analyst Joseph Hovorka said his firm’s survey of Florida, Texas and North Carolina — which represent about 23 percent of the U.S. retail boat market — showed retail boat sales fell 26 percent in May, putting year-to-date sales down 18 percent, less than the industry was expecting. Get the full story »
BP won’t issue more dividends this year
Dow Jones Newswires | BP PLC (BP) said it won’t issue more
dividends this year and agreed to put $20 billion in an independently
administered oil-spill escrow fund to help pay for claims as a result of
the Gulf oil disaster.
BP announced the moves after Chairman Carl-Henric Svanberg, Chief
Executive Tony Hayward and other company executives met at the White
House with President Barack Obama, who said BP also will set aside $100
million for those workers who lost jobs due to the drilling moratorium.
OptionsXpress retail-trading volume up in May
Dow Jones Newswires-Wall Street Journal | OptionsXpress Holdings Inc. reported retail-trading volume for May rose 5 percent from a year earlier and 11 percent from April, amid the month’s “flash crash.”
Get the full story: wsj.com.
Report: SEC is probing meeting drugmaker Mylan
Associated Press | Federal regulators are investigating generic drugmaker Mylan Inc. over whether it disclosed confidential earnings information to a group of investors last September, according to The Wall Street Journal. Its shares fell more than 3 percent in morning trading.
Get the full story: Report: SEC is probing meeting drugmaker Mylan.
ADM reviews growth strategy with investors
Associated Press | Archers Daniels Midland Co. said Tuesday it is poised for growth through acquisitions and expansion of existing business and it is likely to resume its stock buyback program.
Company officials discussed the company’s growth strategy with investors at the Deutsche Bank 7th Annual Global Consumer Conference in Paris.
Get the full story: ADM reviews growth strategy with investors.
Dow slips again as Greek debt gets hit by Moody’s
By Gail MarksJarvis | The stock market was back to its old tricks again today — trading up through most of the day, and then down again within minutes of the markets’ close. It wasn’t terrible. The Dow just lost 20 points in a day that saw commodities climb. And some analysts were claiming that the recent downturn has left bargains. But the old concerns were there — Europe and the euro.
Get the full story: Dow slips again as Greek debt gets hit by Moody’s.
Sara Lee among big stock market movers
Associated Press via New York Times | Sara Lee’s stock rose 15 cents Monday to end the day at $14.78. The Downers Grove-based food maker said its CEO is recovering from a stroke after taking a temporary medical leave last month.
Get the full story: Sara Lee among big stock market movers.
CVS Caremark board OKs repurchase program
Associated Press | CVS Caremark Corp. said Monday its board has approved a new share repurchase program for up to $2 billion of its stock. The new CVS buyback authorization comes as the drugstore chain and rival Walgreen Co. are taking shots at each other over CVS’ pharmacy benefits management program.
