Thursday, June 26, 2008
Midday Report: U.S. stocks move sharply lower; GM shares sink 10%
U.S. stocks move sharply lower; GM shares sink 10%
U.S. stocks tumble, amid a negative tone set by Goldman Sachs Group
Inc.'s downgrade of U.S. brokers and cautious outlooks from Research In
Motion Ltd., Nike Inc. and Oracle Corp.
The Ratings Game: Sour on brokers, Goldman puts Citigroup on conviction
sell list
Goldman Sachs analysts lower their view on brokerage stocks while adding
Citigroup to the firm's 'conviction' sell list over the possibility that
further multibillion-dollar write-downs may be in the offing.
Research In Motion shares fall on disappointing outlook
NEW YORK
Shares of Research In Motion slide more than 10% in early trading, a day
after the wireless device maker signaled that future earnings may come
under pressure as it ramps up spending to sustain its breakneck growth
rate. .
Oracle shares down as outlook raises concerns
Oracle Corp. posts a 27% increase in quarterly profit despite a sluggish
U.S. economy, but the company's disappointing outlook for its current
quarter sends shares lower.
The Fed: Cause of jump in commodity prices not clear: Fed's Kohn
The cause of the spike in food prices and energy costs this year remains
a mystery, but the increases seen to date are not yet a full-blown
emergency, Federal Reserve Vice-Chairman Donald Kohn says.
