NEW YORK (CNN/Money) -
The statistics finally seem to speak the truth. The jobs report was terrible -- the worst drop since 9.11 -- which anyone hunting for a job already knew. That has economists whispering the word "recession."
"Catastrophically weak," said one. That sent the dollar to fresh lows against the Euro, and the market tumbling to lows not seen since the dark days of last October. But chatter that we may soon nab Bin Laden helped stocks recoup their losses -- as did talk of yet another rate cut. The Dow finished up 66.04 at 7,740.03, and the Nasdaq added 2.40 to 1,305.29.
STOCK STUFF What was everyone saying about Intel just last week? Oops. Last night, Intel (INTC: Research, Estimates) cut its revenue estimates for the first quarter, sending its stock down 55 cents to $16.14 today and spreading a nasty chill across the entire technology sector. After all, if Intel can't sell chips, who can sell anything?
3Com (COMS: Research, Estimates) also cut its numbers, sending its stock down 39 cents to $4.11. Midwest Express (MEH: Research, Estimates) plummeted 33 cents to $2.52 after announcing that it's trying to suspend some debt payments. Uh-oh.
VSE (VSEC: Research, Estimates), which provides services to the government, said it would stick to its strategy instead of pursuing "strategic alternatives." I guess the market doesn't think much of said strategy -- the stock fell $1.30 to $10.54. Province Healthcare (PRV: Research, Estimates) added 65 cents to $8.29 on an upgrade from Lehman.
And today's winner: Click Commerce (CKCM: Research, Estimates) shot up $1.165 to $2.675 -- 77 percent -- after announcing that Insight Venture Management would put it out of its misery -- I mean, buy the portion of the company that it doesn't already own -- for $3.55 to $3.80 a share.
Chiquita Brands (CQB: Research, Estimates) gained $1.82 to $10.76 after announcing that it will sell its vegetable canning business.
IS IT THE 1930s? Writes Solly's Tobias Levkovich: "Some have wondered whether we should consider the $9.3 trillion in equity value losses since the first quarter 2000 peak to be on par with the bank losses during the Depression?" $9.3 trillion?!? Ouch.
Never fear, says the usually optimistic Levkovich. Although household assets have fallen by some $3.6 trillion, we still have some $38 trillion. In other words, our assets have only shrunk some 5 percent, which isn't quite the Great Depression. Say thanks to your home...
Loose change
Sally Paychecks! That's what some wags are calling Citi's new research and brokerage head in the wake of the news that her two year pay package could be worth some $30 million. It pays to be honest...
Think the US market stinks? The Nikkei average hit a 20 year low today!...
Why has CSFB gotten off easy in the Enron imbroglio? Is that about to change?...
In the wake of the scandal surrounding Ahold and the resulting 60 percent plus drop in its stock price, Solly Smith Barney has UPGRADED the ADRs. That's actually refreshing -- usually analysts say "buy" until after the bad news and resulting stock price plunge, at which point they say, oh-so-helpfully, "sell." (Solly does warn that its optimism is predicated on the company being able to avoid bankruptcy.)...
I'm listening to CNBC discuss the concept of peace on Earth. Isn't there just something strange about that? The CNBC part, I mean.
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