Stocks sank on worries about the global economy and the health of European banks. Economic reports were mixed. Jobless claims rose by 9,000 last week, but the four-week average fell to 402,500, also the Conference Board’s index of leading economic indicators grew 0.5% in July, better than the 0.4% rise expected. While the Philly Fed’s factory activity fell sharply in August, to negative 30.7 from 3.2 in July. Big declines from NetApp highlighted the losses across the tech sector, sending nearly every major tech stock into the red and putting even more pressure on Hewlett-Packard and its upcoming quarterly earnings report. Hewlett-Packard lost 6% after the co. cut its full-year sales forecast in an early release of its earnings statement, originally expected for after the bell. Implied volatility surged above the 35 level on huge volumes.
Friday, August 19, 2011
Sank on economic worries
Stocks sank on worries about the global economy and the health of European banks. Economic reports were mixed. Jobless claims rose by 9,000 last week, but the four-week average fell to 402,500, also the Conference Board’s index of leading economic indicators grew 0.5% in July, better than the 0.4% rise expected. While the Philly Fed’s factory activity fell sharply in August, to negative 30.7 from 3.2 in July. Big declines from NetApp highlighted the losses across the tech sector, sending nearly every major tech stock into the red and putting even more pressure on Hewlett-Packard and its upcoming quarterly earnings report. Hewlett-Packard lost 6% after the co. cut its full-year sales forecast in an early release of its earnings statement, originally expected for after the bell. Implied volatility surged above the 35 level on huge volumes.
