Skip to comments.Stocks head for third day of declines
Posted on 11/09/2012 4:57:31 AM PST by rightwingintelligentsia
NEW YORK (CNNMoney) -- U.S. stock futures were lower Friday, as disappointing corporate results weighed on sentiment, setting the market up for a third straight day of declines.
J.C. Penney (JCP, Fortune 500) reported a much bigger than expected loss, sending its shares tumbling more than 8% in premarket trading. The company lost 93 cents a share excluding special items, while analysts surveyed by Thomson Reuters were forecasting a loss of only 7 cents. Sales also fell short of forecasts. It marked the third straight quarter of bigger than forecast losses at J.C. Penney as new CEO Ron Johnson struggles to remake the company.
After the closing bell Thursday, Disney (DIS, Fortune 500) reported earnings in line with analyst expectations but sales of the entertainment company were a bit short of forecasts. Shares of the Dow component were down 3% in premarket trading.
(Excerpt) Read more at money.cnn.com ...
cnn should be enjoying this since they helped elect obama
Just the beginning
Some evil part of me is enjoying this ...uggg :(
Cool. Kiss the 401K goodbye, also no hope of retirement in our future.
Obamanomics at work here!
CNBC, Bloomberg, CNN all look at the market charts that show a disastrous plunge beginning the morning after the election, and they blame the “fiscal cliff”! This president will never be blamed for anything. They will blame the Republican Congress instead.
By the way, on Bloomberg, there was an interview with the French premier. He and the new Socialist government in France are elated that Obama won, of course, and are counting on the USA to pull Europe out of its mess. So before you turn loose of a dollar, weigh the prospects of it not only helping Obama, but the French Socialists as well.
It’s almost as if something happened 3 days ago that threatens the entire economy! What could that be?
I wonder how long before they close comments. They are not CNN friendly...
I hope those O voters who have a 401 K understand that elections do have
SS won’t cut it for the majority of those who aren’t in poverty already, so
having a tanked 401 is the clearest sign that he wants a dependent society
and them included.
The rest of us will figure out how to diversify, did it already, and survive beyond
this fool and his flying monkey followers
I got up about 20 minutes ago and futures were down about 52. It’s 97 now. Gonna be another fun ride today.
While i know it's going to effect everybody, I hope those who voted for him a second time have a special type of suffering under his policies. At least we know what's coming and are trying to prepare. These idiots who voted for him think bliss is coming their way. I'd love to see their faces when they receive their paychecks in January! :-}
barack hussein obama... mmmmmm... mmmmmm... mmmmmm.
Just the opposite... no jobs... all will be retired.
Even if they have a 401K, the losses will be blamed on Bush, “rich people”, conservatives, and corporations.
In other words, they will come after us first.
There will be no complaining, comrades. There will be much cheering. As such, begin cheering now upon the great victory for the proletariat against the running dogs of evil capitalist bougeousie.. that’s an order.
I will take yours any day. I got wiped out in 2008. Been living off of fumes for 4 years and now all I have is Lucent and they just took a massive hit.
This was very predictable, and someone is making a ton of money off it.
The small business atmosphere that Obama has created is ruining small business’s and small business’s create money for largers ones.Therefore th larger business’s are hurting too.
Yesterday I was reading post after post of people laying off workers. Don’t know why they waited until after the elections.
Still finding it hard to believe that blacks are suffering from 25% unemployment and voted for an even higher percentage when hey voted for Obama.
Stupid is as stupid does.
This looks like a great web site - posts all the business layoff’s, bankruptcies, and closings for the DAY!.
Looks like it’s building the past 3 days.
This country needs to take its medicine, and it will be a bitter pill to swallow, but it is the only cure for the infection of the left.
Stocks have been inflated on Bernanke's quantitative easing for a long time. He bought this election for Obama, and now you get to try to sell what he bought.
In fact, it's being done already.
In short, the con artists in the administration and in the media are so good that they can blame "Europe" for this downturn that "just happened" to commence the morning after Obama's win.....and get away with it.
CNN is concerned, upset, surprised after helping elect the turd?! Romneys fault?
It’s an economic recovery, Jobless numbers are improving, see, 7.9% and we’ll simply keep adjusting the formula for calculating these things as needed, so it stay’s that way.
I believe we are going to see what would have happened to the U.S. if Jimmy Carter was reelected.
There was no reason to hang on to stocks and mutual funds in your 401k..you always sell stock before a Presidential election in a Banana Republic. Now there is even more of a reason to sell your stocks outside your 401k since capital gains will be going up.
If Obama follows Krugmans advice stocks will go even lower.
Have you ever looked at aggregate 401k investments for your company? If it’s anything like mine, my co-workers don’t know the first thing about diversification and investing. They are so stupid, they’ll never make the connection between going broke and obama.
Ive been in cash (cd’s etc) for 4/4.5 years,been waiting for this time to rebuild my conservative diversified portfolio that I abandoned in 08.
Right now only 24.9% is invested with 25 % of that 24% in equities(indexed stocks) .
I feel the next 30 to 90 days is the time to jump back in.
Thank you for the sage words, I went on the sidelines back in September, I’m buying stuff on sale these days, but sadly despite my advice, many of my clients did not follow my example.
The criminal banks have created a Frankenstein monster, and they’ll do everything they can to keep it alive. Just last week the Barclays libor trial started in the UK, and they’re talking about many civil suits to follow. Civil suits? Why aren’t these thieves facing life in prison? Hell, they should be hanged from lampposts.
Christmas this year will be nice since less people will have jobs to spend on it and will be belt tightning. Maybe Santa Obama will give the people stuff they want.
Bernanke must have seen this early CNN report, and printed some more money and threw it into U.S., markets; DJIA up 60 some points, NASDAQ up 30 some points and S&P up 11 points a few minustes ago;
however, early day buyers (”gee, this stock looks like a buy”) sometimes are just creating conditions that entice even more sellers (”gee, these stocks are too high, better sell now”) later in the day