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Stock Market Update - Thu Nov 15 15:05:01 EST 2007

Thu Nov 15, 2007 3:05pm EST

[BRIEFING.COM] The stock market falls to fresh intraday lows as the financial sector (-3.4%) extends its losses.  Specifically, there is weakness in the thrifts & mortgages group (-6.3%), as Fannie Mae (FNM 43.80, -4.0) and Freddie Mac (42.03, -2.17) get sold off.

Kansas Fed president Thomas Hoeing says the impact of housing on the economy is wider than its mere 6% share of GDP.  He also says the decline in U.S. housing prices has not been seen since the early 1990s.

Separately, private-label maker Ralcorp Holdings (RAH 61.11, +5.64) announced today that it has signed a definitive agreement to integrate Kraft's (KFT 32.47, -0.51) Post cereal business into its operations in an all-stock merger. The transaction carries an approximate $2.6 billion value, including the issuance and assumption of roughly $950 million of debt. The deal is subject to customary closing conditions, but is expected to close in mid-2008.

NYSE Adv/Dec 784/2459...Nasdaq Adv/Dec 828/2109


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