Stocks are down again, this time on a weak manufacturing report & a significant drop in consumer sentiment. Dow is down 76, decliners over advancers 5-2 & NAZ is down another 22. The nation's industrial output had a weak Jan. Consumer confidence dropped to only 69.6. The bond insurer FGIC plans to split into 2 companies. On this news ABK & MBI are down about 6%. This ongoing story has serious ramifications for the entire credit market which backs up into the stock market. BestBuy (BBY), where I got my computer about 10 days ago, reduced guidance, stock's down 1.77. Campbell Soup (CPB) reported lower profits in qtr ending Jan 27, up 1.85 off it's 52 week low.
Better news, Abercrombie & Fitch (ANF) reported profits increased 9% and good guidance for 2008 but the stock's down 0.38. Today is shaping up as another down day, the last 2 could wipe out most of the gains from the prior 3 days setting a negative tone over the long weekend.
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