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Market Recap: Stocks Fall, Marking The Worst Start On Record

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Stocks are making it a pretty gloomy new year. Markets fall for a fourth day.

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Stocks closed their worst week in recent memory. The Dow Industrials lost -59 points, or -0.49% to 12099, the S&P 500 fell -8 points, or -0.60% to 1325, and the Nasdaq Composite fell -7 points, or -0.29% to 2340.

Stock indexes steadily declined as many investors failed to believe President Bush's $150 bln economic revival plan would succeed. Investors disregarded the positive quarterly performances of General Electric (GE) and Blackstone's (BX) decision to acquire Performance Food Group (PFGC), and, instead, focused on the negative stories of the day. For more President Bush's plan, read Professor Kevin Depew's Five Things You Need To Know.

The decline was the fourth consecutive day stocks fell, marking the worst start to a year on record. Read Toddo's Freaky Friday Potpourri.

A few retail names took a beating in today's session. Under Armour (UA) continued its decline after the company was downgraded by Wachovia. The firm recommended investors sit on the sidelines, citing uncertainty in the consumer and UA's line of products.

"It is going to need a blood-wicking fabric to clean itself after the selling today and yesterday," said retail specialist Professor Jeff Macke, "Yesterday, it was the rumor that UA was going to be ramping up the marketing spend to roll out new products. After the bell, UA made the rumor true, taking down near-term numbers in the process. Hell hath no fury like a cult-brand stock with slowing growth prospects…"

UA's stock plunged -24.42% to $28.01.

Sprint (S) shares tumbled 25% to $8.70. The company said it would cut 4,000 jobs after reporting a loss of 683,000 contract customers during the last quarter. For more analysis, read Professor Macke's Who's Holding Up In Retail?

In commodities, crude oil gained +0.48 to 90.61. Gold added +4.10 to 884.60. Silver finished +0.208 to 16.138, and copper was higher +5.40 to 322.45.

The dollar index finished +0.219 to 76.389.


Click on Minyanville's Buzz Bits for more summaries.

Idea Flow

Below is a recap of some of the idea flow on today's Buzz & Banter. Please note that stocks may appear in both bullish and bearish categories, due to long and short term trades by our many Minyanville professors.

Some bullish trade or investment ideas: SLB, DE, AA, CAT, UTX, HON, SWKS, QCOM, BRCM, QQQQ, AAPL, ATVI, WMT, CROX, NYX, GSS

Some bearish trade or investment ideas: AAPL, CRM, DJIA, SLB, SII, HAL, SPY, UA, S

We earned our day off this week! Have a nice, long weekend.

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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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