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Stock slam on Wall St.

Monday, Apr 07, 2014 - 02:31

April 7 - Red dominates Monday's stock trading; Amazon Dash debut; Yahoo's next media move; ATM impact of Windows XP support wind down; Airline customer ratings. Bobbi Rebell reports.

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Red was the color of the day Monday on Wall Street- the S&P 500 cementing its biggest three-day drop since late January. Investors rotated into defensive names - to protect against more damaging losses. At the end of the day, all three major indexes fell by more than a percent. The Nasdaq posting its steepest three-day decline since November of 2011. Michael Gayed, Chief Investment Strategist, Pension Partners: SOUNDBITE: MICHAEL GAYED, CHIEF INVESTMENT STRATEGIST, PENSION PARTNERS (ENGLISH) SAYING: "This has been a rally which has really been driven by a lot of speculative high beta areas of the stock market. You've seen that really in the biotechs especially, very recently you've seen it in social media which is certainly very tech heavy. I do think that you got to a point where momentum fed on itself so aggressively that it because wildly illogical so it makes sense that you would see a mean reversion type of juncture within the Nasdaq which has some of these high beta tech names and that in turn probably means that you could see somewhat of a continuation of a volatile period ahead." On the heels of Amazon Fire TV- Amazon Dash. The latest expansion of its "Fresh" online grocery business- a black and white wand lets users add to their shopping list- by either scanning items or using a microphone. It's still in limited rollout. Amazon stock was lower, along with the market, in Monday trading. Yahoo continuing to power up its television business. According to the Wall Street Journal- it's spending up to several million dollars per episode to order four Web series. Share of Yahoo were lower. Banks could soon face higher costs to protect their ATM machines. When Microsoft stops support for Windows XP on Tuesday April 8th- the 95 percent of ATM's in the world that run on Windows XP software could face new vulnerabilities. Only about a third of the world's machines have been upgraded- because of backlogs. So now many banks have deals to pay Microsoft for support until they can get the upgrades. And it may not feel like it to many flyers, but airlines are actually getting fewer complaints from passengers. The annual National Airline Quality Rating study showed carriers also had a lower bumped passenger rate. But the skies are not all friendly- airlines got worse at handling baggage and were late more. In Europe: stocks retreated after a three-week rally-Britain's FTSE having its biggest one-day decline in a month.

Stock slam on Wall St.

Monday, Apr 07, 2014 - 02:31

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