Market this Wed 10/24

ron · #1 (**permalink**) 10-24-2007, 11:20 AM

mrkt opened on a negative note following yesterday's late day rally. Amazon.com (AMZN) is a drag despite the company beating earnings estimates by one penny. Many investors were expecting Amazon to report blowout earnings, and are concerned about the company's profit margins.

Merrill Lynch (MER) is also a laggard after reporting a larger loss than expected. The company reported write-downs of $7.9 billion across CDOs and U.S. sub prime mortgages, significantly greater than the $4.5 billion write-down disclosed earlier....Dow -71 Points, Naz -36.61 rtq.

ron · #2 (**permalink**) 10-24-2007, 11:21 AM

According to released report : National Association of Realtors September existing home sales slid 8.0% to an annualized rate of 5.04 million. Analyst expected a 4.6% decline to an annualized rate of 5.25 million.

ron · #3 (**permalink**) 10-24-2007, 11:46 AM

Bad Existing Home Sales report and Merrill Lynch's 3q steep loss seems to be the catalysts for today's red session...Dow sinking to -102 Points, Naz -48.03

ron · #4 (**permalink**) 10-24-2007, 11:46 AM

Merrill 3Q Roiled by Mortgage Crisis

ron · #5 (**permalink**) 10-24-2007, 12:07 PM

market dropped to fresh intraday lows following the disappointing existing home sales report. The major indices are now trading above their session lows following a slight recovery. Just reported, crude oil inventories had a draw of 5288k for the week ended 10/19....Dow -124 Points, Naz -54.54 rtq