Stocks fell sharply after Germany played down the idea of a quick fix for Europe and an index of regional manufacturing fell short. German Finance Minister Wolfgang Schaeuble said that a final solution to Europe’s debt crisis is unlikely to come out of the upcoming meeting on Oct. 23. Also, Wells Fargo fell 8.4% after the co. reported a third-quarter revenue decline and dragged financials down. Separately, industrial production rising 0.2% in September on increased demand for computers and cars. Hewlett-Packard slipped 4.8% on speculations that the co. could be hit by flooding in Thailand which hurt manufacturing operations of Western Digital. Apple said it sold more than four million units of its iPhone 4S over the weekend after the product’s launch on Friday, but slipped 0.5% ahead of earnings report. In the evening trade IBM lost 3.8% as its quarterly results failed to impress the market. Implied volatility surged to the 28 level on very light trading volumes.
Tuesday, October 18, 2011
Worries about Europe dominated
Stocks fell sharply after Germany played down the idea of a quick fix for Europe and an index of regional manufacturing fell short. German Finance Minister Wolfgang Schaeuble said that a final solution to Europe’s debt crisis is unlikely to come out of the upcoming meeting on Oct. 23. Also, Wells Fargo fell 8.4% after the co. reported a third-quarter revenue decline and dragged financials down. Separately, industrial production rising 0.2% in September on increased demand for computers and cars. Hewlett-Packard slipped 4.8% on speculations that the co. could be hit by flooding in Thailand which hurt manufacturing operations of Western Digital. Apple said it sold more than four million units of its iPhone 4S over the weekend after the product’s launch on Friday, but slipped 0.5% ahead of earnings report. In the evening trade IBM lost 3.8% as its quarterly results failed to impress the market. Implied volatility surged to the 28 level on very light trading volumes.
