Market Tuesday 11/04

ron · #1 (**permalink**) 12-04-2007, 12:47 PM

The stock market opened on a lower note. Several factors are contributing to the negative bias, including disappointing guidance from Merck (MRK) and JPMorgan trimming its earnings estimate on Merrill Lynch (MER), Morgan Stanley (MS), Goldman Sachs (GS) and Lehman Brothers (LEH). Meanwhile, Punk Ziegel downgraded several brokerages to Sell from Market Perform.

ron · #2 (**permalink**) 12-04-2007, 12:47 PM

The Bank of Canada unexpectedly cut its target rate by 25 basis points. The bank cited that inflation over the next several months should be lower than previously expected.

ron · #3 (**permalink**) 12-04-2007, 12:55 PM

Jan crude oil ($87.70 -1.61) sold off modestly overnight, and after a failed move into positive territory, sold off further in morning trade, hitting an intraday low of $87.34 before rebounding slightly. Investors are awaiting tomorrow's OPEC meeting for confirmation on any increase to the group's current output.

ron · #4 (**permalink**) 12-04-2007, 12:57 PM

stock market continues to trade into red territories....Dow currently at 40.81 Points, followed by Naz -10.29 and NDX -4.09 rtq (real time quote).

ron · #5 (**permalink**) 12-04-2007, 01:18 PM

major indices continue remaining in negative territory...financials continue to weigh on the broader market.....Dow -24.14 Points, Naz -7.40 rtq.