Takeaways for Today (11/19/2007)
Big Selloff on Wall St.Stocks tanked Monday as Goldman Sachs' dour outlook on the financial sector and a weak report on home builder confidence sparked a broad market selloff.
Crude oil rises after OPEC leaves production target unchanged
Crude oil rose after members of the Organization of Petroleum Exporting Countries left production unchanged at a weekend meeting in Riyadh, Saudi Arabia.
Oil Settles near $95
Light, sweet crude for January delivery rose 80 cents Monday to settle at $94.64 a barrel on the New York Mercantile Exchange Monday after alternating between gains and losses. Gas dropped 1.4 cents over the weekend to a national average of $3.095 a gallon, according to AAA and the Oil Price Information Service.
Gold finishes lower, extending last week's losses
Gold for December delivery dropped $9 to finish at $778 an ounce on the New York Mercantile Exchange. Last week, gold futures declined $47.70. "A confluence of events" drove gold prices lower, said Zachary Oxman, a senior trader at Wisdom Financial.
Gas and gift prices cause customers to spend less
Thirty-five percent of consumers said they plan to spend less than last year, up from 32% a year ago, according to the survey of more than 1,000 adults, conducted for CFA and CUNA by Opinion Research Corp. The survey's margin of error is plus or minus 3 percentage points.
Wall St. plans on $38 bln of bonuses as shareholders lose
Shareholders in the securities industry are having their worst year since 2002, losing $74 billion of their equity. That won't prevent Wall Street from paying record bonuses, totaling almost $38 billion.
Goldman Sachs says sell Citi
Goldman Sachs analyst William Tanona on Monday recommended that clients sell Citigroup shares, because the bank's financial problems are likely to grow, and spread beyond current write downs for subprime mortgage losses and into its consumer business like credit cards and retail banking.
HP profit climbs as notebook sales increase
H-P (HPQ 49.44, -1.31, -2.6%) said it earned $2.2 billion, or 81 cents a share, compared with $1.7 billion, or 60 cents a share, a year ago. Revenue rose 15% from last year's $24.6 billion. Excluding charges and one-time items, H-P would have earned $2.3 billion, or 86 cents a share. By that measure, H-P beat the estimates of analysts surveyed by Thomson Financial, who forecast H-P to earn 82 cents a share on $27.4 billion in sales.
This entry was posted by David Choi, on
Monday, November 19, 2007.
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