Stocks Take Another Drubbing
08/14/07 - 04:54 PM EDT
Robert Holmes
Overseas, European bourses declined in the wake of cautious remarks by UBS (UBS Quote - Cramer on UBS - Stock Picks). London's FTSE lost 1.2%, and Frankfurt's DAX was down 0.7%. Overnight in Asia, Tokyo's Nikkei gained 0.3%, and Hong Kong's Hang Seng added 0.5%.
Switzerland's UBS dropped 4.8% after warning that earnings for the second half of 2007 would fall from year-ago levels because of the recent market conditions. The bank, however, did post a 79% jump in second-quarter earnings, topping estimates. UBS shed $2.60 to $51.49. Another loser was Mattel (MAT Quote - Cramer on MAT - Stock Picks), whose stock lost 2.4% following an announcement that it would recall millions of toys that were made in China, marking its second product recall in recent weeks. Mattel gave back 57 cents to $23. One of the best performers was VMware (VMW Quote - Cramer on VMW - Stock Picks), an EMC (EMC Quote - Cramer on EMC - Stock Picks)-owned software company that jumped more than 70% in its market debut. Away from equities, the September front-month oil contract was 76 cents higher to finish at $72.38 a barrel. Gasoline tacked on 3.5 cents at $1.97 a gallon.
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