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There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

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Date: Friday 29 Aug 2008

LONDON (ShareCast) - US stocks finished sharply in the red ahead of the Labor Day weekend as separate data showed that prices are rising even as incomes move the other way.

Investors worried that a 0.7% fall in personal income in July will hurt consumer spending. Last month’s decline was the steepest monthly drop since August 2005 and far worse than the 0.2% decrease economists had been expecting.

Meanwhile, consumer spending growth slowed to 0.2% in July, from 0.6% in June. The rise is more than accounted for by inflation; inflation-adjusted spending dipped 0.4%.

Coffee shop chain Starbucks and online bookseller Amazon were among the companies hit by the data.

A retreat in the oil price near $115 a barrel failed to lift equities.

Technology stocks finished sharply lower after computer giant Dell saw second quarter profit fall 17% to $616m, which was below forecasts. Hewlett Packard and chip maker Intel also slipped, not helped by Dell’s gloomy comments about technology spending.

A conservative outlook for the third quarter from semiconductor firm Marvell Technology added to the pessimism.

It wasn’t all doom and gloom in the tech sector though. Software group Novell advanced after third quarter profits came in ahead of analysts’ estimates.

Pet shop chain Petsmart shrugged off the consumer data to rise 11% after second quarter profit beat expectations.

Camera film maker Fujifilm was a heavy faller after downgrading its outlook for the year.

Across the markets, the Dow Jones closed 171 points lower at 11,543, the tech-loaded Nasdaq Composite gave up 44 points to 2,367, while the broader S&P 500 finished down 17 at 1,282.


S&P 500 - Risers
Liz Claiborne Inc (LIZ) $16.22 +6.15%
M G I C Invest Cp (MTG) $8.41 +5.52%
Sunoco Inc (SUN) $44.38 +5.14%
Novell, Inc. (NOVL) $6.30 +4.91%
Regions Financial Cp (RF) $9.29 +4.15%
Washington Mutual (WM) $4.01 +3.62%
Fifth Third Bancorp (FITB) $15.88 +3.45%
Merrill Lynch & Co., Inc (MER) $28.35 +3.02%
E Trade Financial Corp (ETFC) $3.20 +2.89%
Pulte Homes, Inc. (PHM) $14.51 +2.83%

S&P 500 - Fallers
Fannie Mae (FNM) $6.83 -14.09%
Dell Inc. (DELL) $21.72 -13.84%
Freddie Mac (FRE) $4.55 -13.83%
L S I Logic Cp (LSI) $6.69 -5.24%
Sandisk Corporation (SNDK) $14.43 -4.88%
Nvidia Corporation (NVDA) $12.55 -4.49%
Intl Paper (IP) $27.05 -4.42%
Kla-Tencor Corporation (KLAC) $37.58 -3.87%
Broadcom Corporation (BRCM) $24.01 -3.60%
Jabil Circuit Inc (JBL) $16.86 -3.49%

Dow Jones I.A - Risers
no risers

Dow Jones I.A - Fallers
General Motors (GM) $10.00 -3.29%
Intel Corporation (INTC) $22.87 -3.05%
Gen Electric Co (GE) $28.15 -2.36%
Microsoft Corporation (MSFT) $27.30 -2.29%
International Business Machines (IBM) $121.73 -2.29%
Merck Co Inc (MRK) $35.67 -2.01%
Coca Cola Co The (KO) $52.09 -1.94%
Du Pont E I De Nem (DD) $44.44 -1.83%
Procter Gamble Co (PG) $69.77 -1.75%
United Tech (UTX) $65.59 -1.69%

Nasdaq 100 - Risers
Petsmart, Inc. (PETM) $26.97 +10.44%
Focus Media Holding Limited (FMCN) $32.72 +2.15%
Virgin Media Inc (VMED) $11.42 +1.51%
Sears Holdings Corporation (SHLD) $91.95 +1.47%
Whole Foods Market, Inc. (WFMI) $18.31 +0.33%
Hansen Natural Corporation (HANS) $27.52 +0.17%
Amylin Pharmaceuticals, Inc. (AMLN) $21.89 +0.05%
Iac/Interactivecorp (IACI) $16.89 +0.00%

Nasdaq 100 - Fallers
Dell Inc. (DELL) $21.72 -13.84%
Sandisk Corporation (SNDK) $14.43 -4.88%
Nvidia Corporation (NVDA) $12.55 -4.49%
Research In Motion Limited (RIMM) $121.33 -4.20%
Marvell Technology Group, Ltd. (MRVL) $14.16 -4.07%
Kla-Tencor Corporation (KLAC) $37.58 -3.87%
Lam Research Corporation (LRCX) $36.76 -3.74%
Flir Systems, Inc. (FLIR) $35.54 -3.66%
Broadcom Corporation (BRCM) $24.01 -3.60%
Adobe Systems Incorporated (ADBE) $42.82 -3.36%

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