What Happened In The Market Today…23 Jan 09

What’s Happening In The Market Now…

  • The market was down sharply at the open once again this morning.
  • Corporate earnings reports continue to come in short of estimates and increase fears about the extent of the recession.
  • The British government released data showing the country’s economy shrank 1.5 percent in the fourth quarter, after contracting 0.6 percent during the third quarter. The fourth-quarter decline was the worst in Britain since 1980.
  • An increase in U.S. crude oil inventories helped pushed oil prices down while the pound fell to its lowest level against the dollar since September 1985.
  • Sectors starting the day out strong include gold, thrifts & mortgage and semiconductor equipment while office electronics, motorcycle manufacturing and airlines are down.
  • Volume leaders include General Electric Capital Corp (GE), Bank of America Corporation (BAC), Pfizer Inc (PFE), Wyeth (WYE) and Capital One Financial Corp (COF).

Stocks Most Watched Today
American Express Company (AXP), Petroleo Brasileiro (PBR), Biogen Idec Inc. (BIIB), Intuitive Surgical, Inc. (ISRG), Geron Corporation (GERN), Schlumberger Ltd (SLB), Yamana Gold Inc (AUY), Wyeth (WYE), Synaptics Incorporated (SYNA), Expeditors International of Washington Inc (EXPD), Illumina Inc (ILMN), Capital One (COF), Caterpillar Inc (CAT), Arcelor Mittal (MT) and Microsemi Corp. (MSCC)

Today’s News Leaders…
Wyeth (WYE), Capital One (COF), Geron Corp (GERN), American Express Company (AXP) and Schlumberger Ltd (SLB) top the lists of companies with news today.

Analysts Favorites…
Stocks on the list include: Wal-Mart Stores Inc (WMT), KLA Tencor Corporation (KLAC), Intuit Inc (INTU), Fortune Brands Inc (FO) and Goldman Sachs Group Inc (GS).

ETFs and HOLDRs Covered Today…
iShares Russell 2000 Index Fund (IWM), ProShares Ultra S&P500 (SSO), iShares MSCI Emerging Markets Index Fund (EEM), Select Sector SPDR Energy Fund (XLE) and Vanguard Growth ETF (VUG).

Tip of the Day…
Set a course and stick to it. This might sound inflexible but do your homework up front and you will have a plan worth sticking with no matter how the market looks at any one moment in time

Source: MarketIntelligenceCenter.com