Opening Bell Report
Posted on January 10, 2008 at 10:00 AM EST
The markets opened lower as investors worried about spreading credit problems. The Dow lost 25 points to 12,715 while Nasdaq dropped 20 points to 2454.
On the upside
Shares of E-Trade (Nasdaq: ETFC) rose on hopes that the restructuring will reduce risk exposure to the online brokerage's portfolio.
Airline stocks rose on an analyst upgrade as shares of UAL (Nasdaq: UAUA), which operates United Airlines, surged.
On the downsideCapital One Financial (NYSE: COF) lowered its 2007 earnings forecast due to delinquent loans and a $1.9 billion provision for loan losses.
Shares of Men's Wearhouse (NYSE: MW) tumbled after the retail clothing chain slashed its 4th quarter profit forecast due to slower same-store sales.
Barnes & Noble (NYSE: BKS) lowered its 4th quarter and full year guidance due to lower year-to-year same-store sales and recorded music sales that missed expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks dropped 6 points to 705.
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