Treasury yields were a a new low and gold approached a new high on global
economic fears, and the Standard & Poor's 500 Index was down more than 52
points, or about 4.4%, to below 1,142. Released this morning was data that
investor outflows from mutual funds are at September 2008 levels. Declining
stocks outnumber advancing stocks by better than a 10-to-1 ratio. NetApp (NASDAQ
: NTAP ) was down by around 20% to under $33.40, losing more than $8 per share
after its numbers disappointed Wall Street in which more bad news was not
needed. Three buy recommendations were reiterated for NetApp this morning. Up
almost 2% for the week, NetApp is down about 20% for the month. The entire tech
sector is being battered in early trading. Joining its tech brethren in heading
south was LSI Corp. (NYSE: LSI ), losing more than 8.4% per share to under
$6.40, shedding about 60 cents per share. LIS released its 10Q this morning
which, along with a negative report, sent it in full tailspin. LSI is up about
5% for the week and 6% for the month. Citigroup (NYSE: C ) was off by about 9%
to under $26.80 a share, losing close to $3. The financial sector is the
worst-performing group in the market. Down more than 20% for the month and
almost 30% for the quarter, Citigroup now has a beta of 2.52 with the market as
a whole at a 1, such is the volatility in financials. Citigroup is close to
trading at its year low. PulteGroup (NYSE: PHM ), the big home builder, was down
more than 10%, about 50 cents, to go below $4.15 a share. Pulte is down more
than 30% for the month, 30% for the quarter and 40% for the year. There have
been several negative reports about housing in recent days, with the most recent
being that housing starts fell in July by 1.5%. Consul Energy (NYSE: CNX ) was
up, one of only two stocks on the S&P 500 in early-morning action, to over
$43.20, picking up about 80 cents a share. Consul Energy announced the sale of
half its interest in the Marcellus shale acreage for $3.4 billion to Noble
Energy. Consul is up almost 11% for the week. Up early but staying flat around
$24.76 was National Semiconductor Corp. (NYSE: NSM ). Recent releases of new
research for a single-wire 16-bit digital-to-analog converter was propping up
the stock. National Semiconductor is up almost 90% for the year. Jonathan Yates
does not own any of the stocks mentioned in this article.
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