Stocks on the move [HOT-RTRS] Real-time Equity news [U E] [RESF/US]
U.S. stock market report [.N]
1530 ET 02Feb2009-Wilshire's drawdown period faster than '00-'02 bear market
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From October 2007 until the end of last year, the Dow Jones Wilshire 5000
index .DWCF tumbled more than 41 percent, a faster fall than what was seen
during the 2000 to 2002 bear market, Dow Jones Indexes said on Monday.
During the previous drawdown period, the index dropped 44.12 percent within
a little more than two years.
The "drawdown period" refers to the peak-to-trough decline during a
specific period of an investment, fund or commodity. On October 9, 2007 the
Wilshire index, the broadest measure of the U.S. stock market, closed at an
all-time high of 15,806.69.
Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net
1513 ET-02Feb2009 Players load up on Ralph Lauren puts after grim Macy's news
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Shares of retailer Ralph Lauren (RL.N) dropped 6.41 percent to $38.41 in
afternoon trade in sympathy with Macy's share price drop, said Frederic Ruffy,
option strategist at WhatsTrading.com. Sentiment in the options market is
bearish as well, with 5,360 RL puts traded, or about 10 times the number of
calls. In the Feb $40 and $35 puts, nearly 5,000 contracts traded combined and
ISE sentiment data suggests a majority is opening customer buy orders. The
interest in Ralph Lauren puts comes ahead of earnings due on Wednesday, he
said. Macy's said it would slash about 7,000 jobs and cut its quarterly
dividend as it forecasts full-year earnings for fiscal 2009 that were far below
Wall Street expectations.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1505 ET 02Feb2009-Many execs prefer to handle corruption privately-survey
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About 40 percent of executives in a survey said they would rather deal with
incidents of corruption internally or wait to see if they have consequences,
rather than diclose them to authorities immediately.
Still three-quarters of the 329 executives worldwide interviewed said they
support zero tolerance anti-corruption policies with strong disciplinary
measures, according to the survey, conducted by the Economist Intelligence Unit
on behalf of Deloitte.
"While they are serious about dealing with corruption, many companies still
foster a culture that views these incidents as a private matter, so they
continue to balk at airing 'dirty laundry' in public," said Ed Rial, leader of
the Foreign Corrupt Practices Act Consulting practice at Deloitte.
Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net
1449 ET 02Jan2009-Corus plummets, co needs capital, won't get TARP
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Shares of Corus Bankshares CORS.O plummeted on Monday, losing nearly half
their value after the company said it might run out of capital and that the
U.S. Treasury Department plans to reject its request for a government cash
infusion under the TARP program.
In a statement that was released on Friday, Corus said it "may no longer be
considered well-capitalized and may be required to identify additional sources
of capital." The bank said it ended December with $758 million in capital, and
that it qualified as well-capitalized at the end of the year. [ID:nN02441745]
The stock shed 47 percent to 59 cents on Monday.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1434 ET 02Jan2009-ADC Telecom falls after outlook, job cuts
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Shares of ADC Telecommunications (ADCT.O) fell on Monday after the company
widened its outlook for a first-quarter loss, citing a fall in customer
spending and a weak economy, and said it plans to cut more jobs. For details,
see [ID:nBNG426327]
The network equipment maker said that it now sees a first-quarter loss of
17 to 23 cents compared with its earlier loss outlook of 5 to 17 cents. The
company also reduced its revenue view for the quarter to between $240 million
and $255 million from $255 million to $290 million.
The company had previously cut 10 percent of its work force in October.
Shares plunged nearly 26 percent to $3.76.
(Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net)
1425 ET 02Feb2009-Dow, S&P extend losses after data, Nasdaq flat
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The Dow Jones industrial average .DJI and the S&P 500 .SPX fell on
Monday, pressured by a round of new economic data, while the Nasdaq .IXIC was
flat, lifted by some strength in the tech sector.
The Dow fell 1.5 percent to 7,877.41 while the S&P slid 1 percent to 817.38
after data showed that consumer spending fell for the sixth straight month in
December. The Nasdaq was down less than a percent at 1,476.05.[ID:nN02463326].
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1421 ET 02Feb2009-Crude oil slides after economic data
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March crude futures slid on Monday, dropping below $41 a barrel after the
release of new economic data, which prompted more concerns that the recession
was weighing on fuel demand in the United States. The data showed consumer
spending falling for the sixth straight month in December. [ID:nSYD119442]
The contract fell 2.7 percent to $40.56 a barrel. The S&P Energy Index
.GSPE was down 1.5 percent to 368.45.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
