This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bears Roar Into Finish; Dow Closes Below 8000

As General Motors continued to scrape for cash, German solar firm SolarWorld announced plans to buy assets of GM's German segment, Adam Opel.

The U.S. auto companies weren't the only ones coping with a tough market. Toyota (TM) said it will cut production in North American plants and lay off 250 of its temporary workers. Shares slipped 5.5% to $59.76.

Boeing (BA), which along with GM is a Dow component, is resetting its production schedule as it attempts to recover from a strike by its machinists' union, according to a report by The Wall Street Journal. Boeing shed 5.3% to $37.48.

Meanwhile, industrial conglomerate and fellow Dow company General Electric (GE - Get Report) said it would restructure its GE Capital finance branch to cut costs. Shares tumbled 10% to $14.45.

Elsewhere, government-controlled mortgage firm Fannie Mae (FNM) received notice from the New York Stock Exchange that it faces delisting if it can't keep its share price above $1. The stock dropped 19% to 38 cents.

Biotech Select

Staying with the financials, Citigroup (C - Get Report) said it would buy $17.4 billion in assets held by structured-investment vehicles, funds that issue short-term debt to make long-term loans at higher debt. Such funds have been significantly hampered by the credit crunch. The stock got crushed, falling 23% to $6.40, falling below $7 for the first time in 13 years.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
C $52.50 -0.57%
F $15.84 -0.35%
GM $35.48 -0.84%
GE $26.78 -0.35%
MSFT $49.01 2.00%

Markets

DOW 18,071.40 +33.43 0.19%
S&P 500 2,105.92 -3.00 -0.14%
NASDAQ 5,049.08 -11.1660 -0.22%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs