Closing Bell 10.16.07

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Sponsored by the Financial Times.
Let’s begin at the end, with the after the bell earnings reports from Intel and Yahoo. Intel's net income jumped 43%, which was the number everyone had been talking about earlier today. Sales rose to $10.1 billion. Margins are totally awesome. Over at Yahoo, it’s going the other way. Net slips 4.6%. But everyone who was paying attention expected this to be a bad quarter. Big test will be the earnings call. (Check out Alley Insider, where they are live blogging it.)
It was another down day for all the major indexes. The Dow Jones Industrial Average dropped 71.86 to 13912.94. The S&P 500-stock index fell 10.18 to 1538.53. The Nasdaq Composite Index ducked down 16.14 to 2763.91. Yesterday we saw 900 stocks on the New York Stock Exchange rise. Today we had 213 risers, and 2,331 decliners. Volume held steady at 1.29 billion shares traded, which was about where we were yesterday.
Bear Stearns seems to be romancing China’s Citic Bank. We know that Jimmy Cayne recently planned a trip to China, although we can’t say for certain whether he ever went. But after some Chinese bureaucrat mentioned that Citic might buy a stake in Bear, shares rose 2%. The rest of Wall Street’s firms didn’t do quite as well, today. The Amex Broker/Dealer Index fell 1.4%.
Oil is now officially priceless. The dollar officially worthless. The Treasury International Capital study of capital flows show that investors are fleeing every sort of US security. Ben Bernanke thinks that maybe inflation might be a problem someday.
There's a whole lotta shakin going on at FT Alphaville.

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