NEW YORK (
) -- The markets sank Thursday on further signs of weakness in the economy.
Dow Jones Industrial Average
fell 145.64, or 1.41%, to 10,152.80, while the
dropped 18.35, or 1.68%, to 1,073.69. The
lost 36.81, or 1.63%, to 2,217.42.
Research In Motion
was down 7% in afterhours trading. Jim Goldman said on
's "Fast Money" TV show that the drop was due to the stiff competition as RIM saw lighter subscriber and unit sales numbers in the tough smartphone market.
For a breakout of some stocks from a recent "Fast Money" TV show,check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
3 Stocks I Saw onTV
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He said the stock would have fallen further if not for the fact it had already fallen quite a bit before today.
Jon Najarian said
move to get the iPhone on
network is hurting RIM.
Tim Seymour s said RIM's gross margins weren't that bad. He said what sent the stock down were the huge expectations.
Karen Finerman said it was discouraging to see RIM lose momentum and to see the iPhone gain acceptance as a business phone.
Barry Ritholz, director of research for Fusion IQ, also said that RIM will be in trouble once Verizon get its hands on some version of the iPhone.
Colin Gillis, senior tech analyst for BGC Financial, said the antenna issue for the new iPhone is something to watch, but he said he's more interested in the September quarter and whether Apple can sell 10 million units and get its EPS "north of four bucks."
Gillis said it's a "great time" to own Apple, with the iPad and iPhone positioned for the back-to-school season and holiday season.
Melissa Lee, the moderator of the show, said that RIM had said in its conference call that two "significant" products were coming. She intimated those might be a touchscreen phone and table, according to a recent
Wall Street Journal
Commenting on today's heavy selloff, Seymour said he was concerned about signs of disunity in the upcoming G-20 meeting in Toronto. Steve Grasso said the normal runup to the quarter's end is not there this time.
Lee said retail stocks took a bearish turn today. Finerman, though, was a bit more optimistic because of the strong balance sheets of the retailers she follows. She said she was going to wait until August to see where these stocks are.
Bed, Bath and Beyond
looked attractive at these levels.
Lee noted that
sank below $29 today. Pavel Molchanov, an analyst for Raymond James, said the market sentiment toward the stock has been negative. He said the situation won't improve until the relief wells are completed, sometime in August.
The trading panel heard a CNBC report that the Senate had moved forward on a strengthened version of the Volcker Rule that would allow banks to invest no more than 3% of its tangible common equity in hedge funds and private equity.
Christoper Whalen, senior vice president of Institutional Risk Analytics, said the move would allow banks to separate their principal prop desks from their hedging, treasury and customer businesses.
How will all this shake out? Whalen said he doesn't know which way
will go. He said Goldman may decide to become a broker dealer.
On the other hand, he said financial entities like
may finesse the situation and stick with the customer business.
In the trading the globe segment, CNBC anchor Maria Bartiromo said Russia is making a big push to attract Western investment to develop a tech hub like Silicon Valley. She said its president is currently on a venture capital road show to encourage such investment.
She said Russia, though it is the world's leading exporter of oil and natural gas, only has a GDP growth rate of 4%. She the country is making progress to helping entrepreneurs to be successful but is hampered by a "midmanagement level that doesn't get it."
What's the next catalyst to revive the market? James Paulsen, of Wells Capital Management, said passage of the financial overhaul bill will bring much needed market clarity. He said the second quarter GDP report in 30 days will also help, if it shows growth of 3 to 3.5%.
But he said the biggest factor will the direction of unemployment claims. He said they have to be brought down to 400,000 to help the market. He said all other issues pale by comparison.
In the final trades, Seymour liked
Central European Distribution
for a Russian Vodka play. Grasso liked
. Finerman liked
. And Najarian liked
-- Written by David Tong in San Francisco
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