from Thomson I-Watch
Market Recap:
*=====================================================================*
* Bulls attempted to assert themselves early, before the bears stepped
in like a man-child and mauled them, sending the major averages
tumbling. Market watchers attributed the drop to the turmoil between
China and the US, Treasury Secretary Summers comments on the state of
the economy (he said that the economy has yet to bottom), and
trepidation as preannouncement season gets under way. Lehman's bearish
comments on semis and biotechs pressured the respective groups. The
NASDAQ Composite dropped 3.1% to 1,782, a new bear market low. The Dow
fell 1.0% to 9,778, reversing sharply after hitting a session high of
9,993. After the close, Ariba (ARBA), E.piphany (EPNY), Inktomi
(INKT), and Redback Networks (RBAK) headline the companies that issued
profit warnings after the closing bell. |
