U.S. stocks extended a global drop as concern grew that the rally has outpaced the prospects for economic growth and Bank of America Corp. downgraded chipmakers. Technology stocks drove the broad-based U.S. sell-off on Thursday, while economic data underscored the fragility of the recovery. The yen and the dollar strengthened, oil tumbled and yields on six-month Treasury bills reached a 50-year low. Gold gained. On the session, decliners outpaced advancers by a 4:1 margin. The sell-off was broad-based, with all but four of the Dow's 30 stocks ending lower. Among other hard-hit sectors were financials, industrials and consumer discretionaries.
In late trading Dell fell 6.7 percent to $14.80 after falling 19 cents to $15.87 at 4 p.m. New York time in Nasdaq Stock Market trading. The shares have gained 55 percent this year. Revenue fell 15 percent to $12.9 billion, missing the average analyst estimate of $13.2 billion, according to Thomson Reuters I/B/E/S. Although Dell did not provide a formal outlook, it said it expects fourth-quarter revenue to improve from the third quarter.
Posts
0 comments:
Post a Comment