U.S. Stocks Slide Intensifies

123jump.com Staff
28 Jul, 2008
New York City

U.S. stocks intensified their decline in the early afternoon. Benchmarke indexes, Dow Jones, S&P 500 and Nasdaq fell nearly 1%. Investors sold financial stocks after the passage of housing bill and braced for more losses at the banks. Crude oil traded flat and gold edged lower. Germany, France and Italy closed down 1% or more. Amgen rose 12% after it reported positive results from its experimental drug to treat bone loss.

[R]12:55PM New York – U.S. stocks benchmark indexes fall more than 1%. Investors are increasingly nervous that slowing housing market may inflict more losses on banks.[/R]

Investors sold stocks as worries related to housing market intensify and a growing skepticism on the effectiveness of the recently passed housing market bill. Dow Jones Industrial Average lost 163.49 or 1.5% to 11,207.04 and S&P 500 fell 12.30 or 1.00% to 1,245.99.

Kraft reported higher sales and earnings after it passed on prices increase to customers, Verizon traded up and down after it reported 11.8% rise in net income.

Stock Movers

Amgen Incorporated shares rose $6.83 or 13% to $60.72 after the company said that in a large trial with post-menopausal woman its experimental osteoporosis drug, Denosumab significantly lowered the risk of bone fracture.

Amgen Incorporated ((AMGN)) in the last one year traded as high as $62.50 in July 2008 and as low as $39.16 in April 2008. Based on the yesterday’s closing price the company has a market cap of $66.23 billion.

Northern Oil & Gas Incorporated fell 8.4% or 81 cents to $9.01 after the financial weekly Barron’s published a cautionary report on the company and said that the company has a track record of land deals with family members.

Northern Oil & Gas Incorporated ((NOG)) in the last one year traded as high as $16.40 in June 2008 and as low as $6.95 in September 2007. Based on the yesterday’s closing price the company has a market cap of $288.92 million.

Kraft Foods Incorporated rose 4.9% or to $30.83 after the second largest food-maker reported higher profits than analysts had estimated as the company passed on price increase of cheese, chocolate and cereals to customers.

Kraft Foods Incorporated ((KFT)) in the last one year traded as high as $35.29 in December 2007 and as low as $28.04 in July 2008. Based on the Friday’s closing price the company has a market cap of $46.65 billion.

S&P Movers

Of the stocks in S&P 500 index, 219 increased 275 declined and 6 remained unchanged.

Tyson Foods led the decliners in the S&P 500 index with a loss of 4.44% or $0.72, to $15.51 followed by losses in MBIA Incorporated of 3.49% or $0.17, to $4.70, in Hasbro Incorporated of 3.24% or $1.31, to $39.10, in Federated of 3.09% or $1.02, to $31.98 and in Goodrich Corporation of 2.66% or $1.31, to $47.91.

Amgen Inc led the gainers in the S&P 500 index with a rise of 15.50% or $8.36, to $62.28 followed by increases in Fannie Mae of 8.23% or $0.95, to $12.50, in Freddie Mac of 6.89% or $0.57, to $8.84, in Convergys Corporation of 6.05% or $0.72 to $12.62, and in XL Capital Ltd of 5.70% or $1.07 to $19.84.

Dow Gainers and Losers

Of the 30 stocks in Dow Jones Industrial Average 9 stocks gained and 21 declined.

Verizon Communication led the decliners in the Dow Jones Industrial Average with a loss of 2.47% or $0.85, to $33.60 followed by losses in Coca-Cola Company of 0.98% or $0.51, to $51.55, in AT & T Inc. of 0.85% or $0.27, to $31.13, in International Business Machines of 0.78% or $1.00, to $127.53, and in Boeing Company of 0.78% or $0.50, to $63.33.

Bank Of America led the gainers in the Dow Jones Industrial Average index with a rise of 2.55% or $0.75, to $30.33 followed by increases in Alcoa Incorporated of 2.26% or $0.72, to $32.52, in General Motors of 1.93% or $0.23, to $12.13, in America International Group of 0.84% or $0.23 to $27.47 and in JPMorgan Chase of 0.46% or $0.18 to $39.70.