Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds.
THE ME-P DISCLAIMER: Posts, comments and opinions do not necessarily represent iMBA, Inc., but become our property after submission. Copyright © 2006 to-date. iMBA, Inc allows colleges, universities, medical and financial professionals and related clinics, hospitals and non-profit healthcare organizations to distribute our proprietary essays, photos, videos, audios and other documents; etc. However, please review copyright and usage information for each individual asset before submission to us, and/or placement on your publication or web site. Attestation references, citations and/or back-links are required. All other assets are property of the individual copyright holder.
By Staff Reporters
***
U.S. stocks plunged as December’s sell-off intensified after a fleeting rally in the previous session. The S&P 500 (^GSPC) closed down 1.4% after dropping as much as 2.8% in afternoon trading, while the Dow Jones Industrial Average (^DJI) shed 350 points, or 1%. The technology-heavy NASDAQ Composite (^IXIC) tumbled 2.2%.
| And, the markets continued to contend with the ultimate impacts of aggressive monetary policy tightening globally. Earnings reports disappointed, as Micron Technology and CarMax both missed earnings estimates and lowered their guidance. A host of economic reports were released, as jobless claims came in below estimates, which seems to play into the theme of a tight labor market that has dampened investor sentiment. Additionally, Q3 GDP and Personal Consumption were revised higher, the Leading Economic Index declined more than anticipated, and manufacturing activity in the Kansas City region fell further into contraction territory. Treasury yields were mixed, and the U.S. dollar ticked higher, while crude oil and gold prices lost ground. Asian stocks diverged and markets in Europe ended lower as the international markets continued to digest recent central bank actions. |
Moreover, Micron Technology will reduce its workforce by 10% next year and take other cost-cutting measures as the computer memory chip maker struggles to deal with too much supply amid a drop in demand. Micron CEO Sanjay Mehrotra announced the restructuring during during a quarterly conference call with investors, noting that prices for computer memory products had “deteriorated significantly” in recent months, Boise television station KTVB reported.
***
***
COMMENTS APPRECIATED
Thank You
***
Share this:
Filed under: "Ask-an-Advisor", Alerts Sign-Up, Alternative Investments, Information Technology, Investing | Tagged: CarMax, Micron, micron technology, stocks plunge, Stocks Plunge along with Micron Technology |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Leave a Reply