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Major indexes slump. Bernanke's statement fails to bolster hopes
Published on Wednesday, May 14, 2008
MarketWatch
NEW YORK: Stocks finished mostly lower on Tuesday, with renewed concerns about the financial sector weighing on the broad market, but with the technology sector receiving a late boost from a report that billionaire financier Carl Icahn might try to take over the board of Yahoo Inc.
The major indexes had slumped for much of the day, with financials greasing the slide, after Federal Reserve Chairman Ben Bernanke described financial markets as far from normal and an analyst slashed estimates for major brokers, including Merrill Lynch & Co.
''Financials [were] selling off again today,'' said Noman Ali, portfolio manager for U.S. equities at MFC Global Investment Management.
After hitting a bottom in mid-March — following the near collapse and subsequent bail-out of investment firm Bear Stearns — the broad market has risen about 10 percent, and is now ''just taking some profit,'' Ali said.
Off its earlier lows, the Dow Jones industrial average ended at 12,832.18, off 44.13 points, or 0.3 percent.
Of the Dow's 30 components, 14 ended in the red, with the blue-chip declines led by Hewlett-Packard Co., down 5.5 percent after the technology giant said that it would acquire Electronic Data Systems Corp. for $13.9 billion to better compete with International Business Machines Corp.
''Investors are having a hard time understanding this deal; [HP is] buying a slower growth, lower-margin business,'' added Ali.
For EDS shareholders, the pending transaction is a ''nice little premium,'' he commented. Shares of EDS gained 1.1 percent.
Wal-Mart Stores Inc., the world's largest retailer and another Dow component, lost 2.4 percent after forecasting earnings that will likely fall below analysts' forecasts.
MarketWatch
NEW YORK: Stocks finished mostly lower on Tuesday, with renewed concerns about the financial sector weighing on the broad market, but with the technology sector receiving a late boost from a report that billionaire financier Carl Icahn might try to take over the board of Yahoo Inc.
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