Day Traders Diary


U.S. stocks opened sharply lower once again, this time due to December retail sales falling twice as much as forecasted. The Dow Jones Industrial Average shed 142 points to 8,305. The S&P 500 declined 17 points to 854. The Nasdaq Composite dropped 24 points to 1,522. In the retail space, Tiffanys and Under Armour both lowered guidance. Both stocks are down over 6%. Amazon was upgraded, however, the stock is down 4%. The financials are moving straight down once again. Citigroup is down 13%. Barclays is down 13% on rumors of job cuts. HSBC is down 8% after a Morgan Stanley analyst said the firm may have to raise as much as $30 billion in new capital. Deutsche Bank is down 8% after announcing a $6.4 billion loss. Blackrock was upgraded, however, the stock is down 3%. In the tech sector, more downgrades. Intel and AMD were downgraded. Nobody downgraded Nortel today as the company filed for bankruptcy. Analysts believe Yahoo will eventually do a partnership with Microsoft, but the stock is not reacting well. All the commodities are lower. Bunge is down 15% after lowering guidance. Nothing is working. After the first hour, the Dow fell 240 points to new recent lows. The Nasdaq declined 40 points.

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