Stocks Drop Together With Home Sales (SAP, MT, IBM, AMD)
October 28, 2009 11:08 AM
With the news of dropping Sales of Home, US Stocks tumbles as well in early morning trading. New Home sales for September fell 3.6% to a 402,000 annual rate. The Figures for august sales were also readjusted lower.
On early trading, the 30 Stock Dow Jones Industrial Average fell by 19.5 points to 9,862.22. The S&P500 Stock Index went down 6.16 points 1,057.25. and NASDAQ fell 17.99 points to 2098.10.
On the other side of the planet, European and Asian Stocks took a defensive position as benchmark indices declined 1.84% in Hong Kong, 1.62% in London, 1.35% in Tokyo, and 1.31% in Frankfurt and Paris. Meanwhile, the Shanghai Index closed higher with an increase of 0.33%.
US Stocks that set the tone include SAP (NYSE: SAP) and ArcelorMittal (NYSE: MT) which did not quite meet analyst expectations. However, good news from Visa beating analyst expectations and buy back program help slow down the decline. IBM (NYSE: IBM) is also increasing its Share Buy Back Program. Finally, AMD (NYSE: AMD) is under extreme pressure after news came out that their former CEO, Hector Ruiz is involved in Galleon Insider Trading Scandal.
