Market Wrap: Boeing Loses Big Order; Salesforce Can't Close; Bullard Says FOMC Irrelevant; Amazon's Exciting Event


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August 23, 2012 5:50 PM EDT Send to a Friend
Market wrap-up for August 23rd

End of the Day: Dow Jones down 115.3 to 13,057.46; S&P 500 down 11.4 tp 1,402.08; Nasdaq down 20.3 to 3,053.40

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The following is a brief summary of events moving markets today:
  • Boring!: St. Louis President James Bullard spoke on CNBC earlier today about relevancy of the FOMC. Bullard said the FOMC minutes were no longer relevant because of recent, positive economic data in the U.S. and the rally in the stock market.

    Currently, Bullard is not a voting member of the FOMC.

    The FOMC released the minutes from its July 31st - August 1st meeting yesterday afternoon.

  • Canary in a coal mine?: Boeing (NYSE: BA) marched lower on the session, closing down about 3.4 percent, following earlier reports that Qantas Airlines was canceling an order for 35 787-9 Dreamliners. Qantas also pulled forward delivery options on 50 787s to 2016, meaning the earliest it would be able to take delivery is two years out.

    The order totaled about $8.5 billion at book prices.

  • Autodesks...transform!: Autodesk, Inc. (Nasdaq: ADSK) is getting crushed following its second-quarter 2013 results, which included an announcement that the company would be undergoing a restructuring plan.

    In addition to the news, Autodesk cut its growth outlook for the rest of fiscal 2013, seeing sales rising 4 percent to 6 percent, from 10 percent anticipated last quarter.

  • Can we call it a bellwether?: Internet stock bellwether salesforce.com (NYSE: CRM) reported strong second-quarter 2013 numbers, but a flat outlook for fiscal 2013.

    Second-quarter EPS topped views by 3 cents with revs of $731.7 million besting views as well. Looking to FY13, salesforce.com sees EPS of $1.48 to $1.51, versus consensus views of $1.49.

  • Bye bye, hedge fund! Helllllooooo, safety!: Citigroup (NYSE: C) said "adios!" to John Paulson and his Paulson & Co hedge funds, pulling a reported $410 million out in an effort to stem losses at its private bank. News comes as Paulson is gritting his teeth through 2012, with his big bets on gold losing their luster with each passing day.

    Don't feel too bad for Paulson, though...his funds still hold a combined $21 billion in assets.

  • No more homes left? Buy a new one!: Sales of new homes rose 26 percent in July, according to new data from the U.S Census Bureau, to a seasonally-adjusted annual rate of 370,000 units. Inventories fell to a record low of 142,000 units in the month.

    Data follows numbers on Wednesday, when the National Association of Realtors said inventory levels for existing homes fell to a 6.4-month supply in July, from a 9.3-month supply in the same period last year.

  • September, the month for events: Amazon (Nasdaq: AMZN) is holding an event on September 6th, with chatter already starting. Mostly, a new version of the Kindle Fire is expected ahead of the holiday sales season, though Amazon has been rumored to be building its own smartphone.
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FOMC Minutes, Citi, Paulson & Co. (PCI), Federal Open Market Committee, Standard & Poor's, Hedge Funds, Kindle, Earnings, James Bullard

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