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Icahn comments hit markets

Monday, November 18, 2013 - 01:57

Nov. 18 - Summary: Icahn comments weigh on U.S. markets; Boeing lifted by plane orders; Sony's big sales numbers; Tyson profit beats. Bobbi Rebell reports.

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The major U.S. indexes starting out the week strong hitting big milestones: the Dow crossing 16,000 for the first time, the S&P 500 going over 1,800. But stocks dropped back late in the session after activist investor Carl Icahn told Reuters he is "very cautious" on equities. By the closing bell, the Dow had fallen back below 16,000 and the S&P 500 and the Nasdaq both closed in the red - social media stocks like Twitter and Facebook getting hit hard. Its a tricky time to get into the market warns Commonwealth Financial Chief Investment Officer Brad McMillan: SOUNDBITE: BRAD MCMILLAN, CHIEF INVESTMENT OFFICER, COMMONWEALTH FINANCIAL NETWORK (ENGLISH) SAYING: "I think the smart money has been in the market for a while and is probably going to stay there because I think the expectation is we are going to continue to see the market run up towards the end of the year. I think the difference between the smart and the dumb money is the dumb money perhaps is starting to move in right now rather than continue to participate and I think at this point the smart money is looking at it and saying this is probably a trading position rather than a long term position. " According to research firm Trim Tabs, mom and pop investors are piling back into stocks at the fastest rate since January, with $34 billion flowing into mutual funds and ETF's in the past four weeks. Boeing was among the top Dow performers. It signed a number of big deals for new planes at the Dubai Airshow over the weekend. Sony says it sold a million units of its new Playstation 4 gaming console in just the first 24 hours it was available. Rival Microsoft launches its Xbox One console on Friday. Shares of Tyson Foods moved higher after reporting a much better than expected 28 percent jump quarterly operating profit. Chicken sales were higher and it's beef business rebounded. Its also going to benefit from lower grain costs. In Europe, data showing an improved economic outlook for the region helped lift stocks higher.

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Icahn comments hit markets

Monday, November 18, 2013 - 01:57

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