The major index composites finished last session at abysmal lows. The heat of
the prior week had not even cooled before the opening bell brought plummeting
stock trends yesterday. It was one of the worst single day performances for
stocks since 2008. The tumultuous action witnessed in the marketplace this day
was due, in part, to the recent credit downgrade levied to the U.S. government.
The DJIA plummeted over 635 points to close out at 10,809.85. The S&P 500 fell
lower by almost 80 points to close out at 1,119.46 and the Nasdaq was red by
174.72 at 2,357.69. The pressure stemmed mostly from the credit downgrade, but
the continuing eurozone debt crisis is also applying negative pressure to
stocks. Investors on Wall Street are wondering if the negative action is just a
reaction to the credit debacle or if trends will be more recessive-like for a
longer period of time. The worries are hurting individual company outcomes.
Earnings data posted yesterday from Carmike Cinemas. Despite the drama in the
marketplace, Carmike Cinemas President reported that the company experienced its
sixth consecutive quarter with a year over year increase in per cap concessions
and revenue. The positive news was not enough to keep share values positive for
the day for Carmike however. CKEC closed out the last session negative according
to MSN stock quotes. CKEC closed out lower by 11.28 percent at 5.31. Frank Matto
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