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4:10 PM, May 13, 2009

  • NYSE down 192 (3.3%) to 5,666.29
  • DJIA down 184 (2.2%) to 8,285
  • S&P 500 down 24.4 (2.7%) to 883.91
  • Nasdaq down 51.7 (3%) to 1,664


GLOBAL SENTIMENT

  • Nikkei +0.5%
  • Hang Seng -0.6%
  • FTSE -2.0%


DOWNSIDE MOVERS

(-) AMAT falls after results.

(-) INTC upbeat comments about quarterly results diluted by European fine.

(-) HOG may move production plant.

(-) AIG CEO says he sees bailout repayment if economy holds.

(-) MDCO discontinues Phase 3 Cangrelor study.

(-) M reports narrower-than-expected Q1 loss, maintains guidance.

(-) KRG selling shares at discount.

(-) FLEX given analyst downgrade.

(-) LIZ misses with Q1 results.

(-) MGM issuing stock.

(-) BBT prices 75 mln share offering at $20.

UPSIDE MOVERS

(+) MFB Q1 EPS beats Street; raises FY profit view.

(+) ETFC reports record accounts, rise in daily average trades.

(+) HD gets analyst upgrade.

MARKET DIRECTION

The major averages close down 2% to 3% and at or near their lows for the session.

Stocks were lower throughout Wednesday's session, with the Dow Jones Industrial Average posting a 200-point loss at one point. Stocks declined as retail sales unexpectedly fell in April, undermining what have been largely improving economic reports in recent weeks.

Sales at U.S. retailers fell 0.4% in April, for the second straight month, as consumers bought less gasoline and electronics. It was expected to remain flat in April. Shares of Macy's (NYSE:M) fell after it backed its full-year forecast for a sales decline.

Also worrying investors were recent moves by financial companies to raise more capital, diluting existing shareholder value. Financial stocks were lower as several banks undertake large capital-raising efforts to satisfy regulators and investors. Shares of BB&T (NYSE:BBT) fell after the bank priced 75 mln share offering at $20 per share.

Tech shares were mostly lower. Applied Materials (NASDAQ:AMAT) was a leading decliner after reporting a quarterly loss in Tuesday's after-hours session. Intel (NASDAQ:INTC) was flat as upbeat comments about quarterly results were diminished by a European antitrust fine. Advanced Micro Devices (NASDAQ:AMD) gained on the ruling.

Health care stocks were mostly higher after President Barack Obama met with the House of Representatives regarding a health care bill. Speaker Nancy Pelosi said she is "quite certain" a reform bill will be on the House floor by the end of July.

Crude oil traded mixed but ended down 1.4% at $58.02 a barrel, moving lower with stocks and despite a reported decline for inventories. The Energy Department reported a 4.7 million-barrel decline in crude oil inventories, compared with an expected increase of 1.4 million barrels, according to a survey by Platts.

Source: Wednesday's Closing Update