EPS & Earnings ... Hits & Misses

[madrose1]

US STOCKS-Indexes decline as data adds to economy fears
Wed Sep 5, 2007 4:29PM EDT
http://www.reuters.com/article/marketsNews/idINN0526746920070905?rpc=44



By Caroline Valetkevitch

NEW YORK, Sept 5 (Reuters) - U.S. stocks fell on Wednesday after reports showed the housing slump was deepening and spreading to the job market while slowing consumer spending.

Investor concerns about the health of the U.S. consumer were exacerbated when Costco Wholesale Corp (COST.O: Quote, Profile, Research),reported sales for August that fell short of expectations and Apple Inc (AAPL.O: Quote, Profile, Research) announced big price cuts on its new iPhones in an effort to spur sales.

Retail and technology shares fell broadly, with the Nasdaq snapping a four-session winning streak.

The Dow Jones industrial average (.DJI: Quote, Profile, Research) was down 143.39 points, or 1.07 percent, at 13,305.47. The Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) was down 17.13 points, or 1.15 percent, at 1,472.29. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) was down 24.29 points, or 0.92 percent, at 2,605.95.

Evidence of possible trouble for the economy came from reports showing that pending sales of previously owned homes plunged by a record 12.2 percent in July and that private employers hired the fewest workers in more than four years in August.

"Coming into the session, there was profit-taking due in part to the ongoing uncertainty with regard to the health of the credit markets. That selling accelerated after the weaker-than-expected home sales report," said Michael Malone, trading analyst with Cowen & Co. in New York.

Citigroup Inc (C.N: Quote, Profile, Research) fell 2.6 percent to $46 and was the top drag on the S&P 500 index after The Wall Street Journal said Citi and other banks could face financial exposure due to affiliated investment units that have issued short-term debt. For details, see [ID:nN05460977]

Shares of home builders declined, with the Dow Jones home construction index (.DJUSHB: Quote, Profile, Research) down 4.3 percent. Continued...