NYSE Falls Hard As Trade Ebbs; Metal Issues Hit
January 31st, 2008 by 
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Watch today’s Markets Desk video.
The market doesn’t need much reason to fall when it’s in a correction. So when Goldman Sachs () warned that Citibank () may have to write off $15 billion in mortgage losses, you knew what sort of day we would see.
The New York composite fell 2.1%, the S&P 500 and the Dow 1.7%. Volume decreased on the NYSE.
These indexes fell to new lows for this correction. But the Nasdaq barely held above its Nov. 12 worst. So its rally attempt is still alive by the narrowest of margins.
Wimm-Bill-Dann Foods, () a Russian distributor of juices and dairy products, slumped 14.14 to 120.48 in more than twice its average activity. The company’s profit growth has slowed to just 15% in the latest quarter from 458% in last year’s Q2.
GameStop () fell 2.01 to 52.99 in fast trade. The chain of video game stores will report Tuesday. The Street is looking for 23 cents a share on $1.42 billion in sales.
BHP Billiton () slipped 3.89 to 70.84 in slightly above-average trade, while Freeport-McMoRan Copper & Gold () fell 7.54 to 92.50, also in busy trade. Both those miners had notched huge gains with the hot market for metals.
But the slowdown specter cast a pall on those markets. Copper, which got as high as $3.78 a pound on Oct. 5, closed Monday at $3. Dec. gold has slid 8% from its Nov. 7 high.
A few stocks bravely bucked the downdraft.
Intercontinental Exchange () climbed 5.21 to 180.25 in above-average trade.
The company, an electronic futures exchange, has seen its profit growth decline for three straight quarters. Views for the current period, 15%, would be the fourth deceleration.
Posted in Investment | 