The Dow Lost 14 Points, Nasdaq Fell 3
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The Dow lost 14.39 points to close at 13,337.66, the Nasdaq fell 2.92 points to close at 2,574.16, and the S&P 500 lost 4.85 points to close at 1,492.89. Stocks started higher, but fell throughout the day as investors digested weak data on home sales and consumer confidence. Also, some traders are sticking to the sidelines until the Federal Reserve\'s decision on interest rates on Thursday. Separately, Oil fell $1.41 to close at $67.77.
Volume was modest with the NYSE trading 3.4 billion shares and 2.10 billion traded on the Nasdaq. Decliners crushed Advancers by a margin of 20:12 on the NYSE and 17:14 on the Nasdaq.
In individual stories, Ventana Medical Systems (Nasdaq: VMSI) gained 47.7% after Roche offered $75/share to acquire the company. VMSI has declined to enter talks. W Holding Company (NYSE: WHI) fell 37.3% after determining that one of its larger asset-based loans originated by its asset-based lending division is impaired. The Company also determined there is a significant collateral deficiency with respect to this impaired loan. At this time, the Company is unable to make a determination as to the amount or range of amounts of any collateral deficiency, impairment charge or future cash expenditures with respect to such charge. However, on a preliminary basis, management believes the collateral deficiency to be at least $80 million. The Company is currently in the process of evaluating the loan, the existing and possible potential new collateral and the loan guaranty to determine the financial impact, if any, of this loan impairment.
Tomorrow, investors will be looking for economic data on Durable Goods Orders (8:30AM EST) and Oil Inventories (10:30AM EST). Also, traders will be looking for earnings on ConAgra (NYSE: CAG), McCormick (NYSE: MCK).
Volume was modest with the NYSE trading 3.4 billion shares and 2.10 billion traded on the Nasdaq. Decliners crushed Advancers by a margin of 20:12 on the NYSE and 17:14 on the Nasdaq.
In individual stories, Ventana Medical Systems (Nasdaq: VMSI) gained 47.7% after Roche offered $75/share to acquire the company. VMSI has declined to enter talks. W Holding Company (NYSE: WHI) fell 37.3% after determining that one of its larger asset-based loans originated by its asset-based lending division is impaired. The Company also determined there is a significant collateral deficiency with respect to this impaired loan. At this time, the Company is unable to make a determination as to the amount or range of amounts of any collateral deficiency, impairment charge or future cash expenditures with respect to such charge. However, on a preliminary basis, management believes the collateral deficiency to be at least $80 million. The Company is currently in the process of evaluating the loan, the existing and possible potential new collateral and the loan guaranty to determine the financial impact, if any, of this loan impairment.
Tomorrow, investors will be looking for economic data on Durable Goods Orders (8:30AM EST) and Oil Inventories (10:30AM EST). Also, traders will be looking for earnings on ConAgra (NYSE: CAG), McCormick (NYSE: MCK).
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