Seeking Alpha
Profile| Send Message|
( followers)  

4:33 PM, May 7, 2010

  • NYSE down 95.7 (1.4%) to 6,916.
  • DJIA down 140 (1.3%) to 10,380.
  • S&P 500 down 17 (1.5%) to 1,111.
  • Nasdaq down 54 (2.3%) to 2,266.

GLOBAL SENTIMENT

  • Hang Seng down 1.06%
  • Nikkei down 3.1%
  • FTSE down 2.62%

UPSIDE MOVERS

(+) CIM tops with earnings.

(+) MELI beats Q1 estimates.

(+) KNOT gets analyst upgrade.

(+) GS annual shareholder meeting looms; WSJ report says

(+) NCT swings to gain.

(+) AIG swings to profit.

(+) CF swings to loss but recovers from early decline.

(+) ATVI overcomes choppy recent action to continue evening gain that followed results.

DOWNSIDE MOVERS

(-) HBC broader market overshadows upbeat earnings.

(-) GGP gets $6.5 Bln offer from Simon Properties.

(-) XOMA swings to loss.

(-) SQNM down despite results that improve over year earlier.

(-) HANS misses Q1 estimates.

(-) TRMA reports sequential decline in earnings, revenue.

MARKET DIRECTION

Stock averages closed considerably lower for a third day, with major indexes shedding another 1% to 2%. For the week, the Dow industrials fell 5.7%, the S&P 500 lost 6.4% - its worst drop since March 2009 - and the Nasdaq dropped 8%.

Stocks chopped in mixed trading earlier in the day, as investors continued to work through jitters from yesterday's wild ride on European debt concerns and uncertainty surrounding pending financial regulation, all set against an upbeat report that showed the economy adding jobs.

A computer driven sell-off yesterday -- possibly related to a typographical error -- caused the Dow Jones industrial average to plunge by nearly 1,000 points in about 30 minutes yesterday afternoon, amid already volatile trading over Greece's debt problems. The market rebounded but the Dow still ended off 348 points or 3.2%

Earlier, bulls found some solace in the latest government jobs report.

Payrolls expanded by 290,000 jobs, the biggest gain in four years. But the jobless rate bumped up to 9.9% from 9.7% as an estimated 805,000 people who had stopped looking for work re-entered the job hunt. Private employers added 231,000 positions last month, also the most since March 2006, the Labor Department reported.

The Nasdaq OMX Group said late Thursday that it would cancel errant trades made between 2:40 p.m. and 3 p.m. ET. A rumor that Citigroup accidentally made a $16 billion rather than a $16 million futures transaction was refuted by the Chicago Mercantile Exchange.

CME says trading by Citigroup (NYSE:C) in its stock index futures markets "does not appear to be irregular or unusual in light of market activity today," according to reports.

Greece remains in the spotlight. The finance ministers of the Group of Seven leading economies are due to hold a conference call to discuss the Greek debt turmoil.

Source: Stocks Slide Again, Capping Dow's Worst Week Since 2008