Stockhouse @ the Bell: North American stocks slammed again

Wed Oct 15, 6:08 PM

Word on Wall Street

"The economy is pretty much showing what we thought all along: that we're slipping into or already in recession," said Sam Stovall, senior investment strategist at Standard & Poor's, in an interview with MarketWatch.

Selected expected U.S. earnings releases for Thursday
(Consensus Estimates vs. Last Year)
Advanced Micro (NYSE: AMD) Q3 $ -0.40 vs. $ -0.49
Bank of NY Mellon (NYSE: BK) Q3 $0.70 vs. $0.67
Citigroup (NYSE: C) Q3 $ -0.70 vs. $0.44
Google (NASDAQ: GOOG) Q3 $4.80 vs. $3.91
Nokia (NYSE: NOK) Q3 $0.49 vs. $0.55
Winnebago (NYSE: WGO) Q4 $ -0.19 vs. $0.49


After-Hours News

EBay Inc. (NASDAQ: EBAY)
After Wednesday's close, the online auctioneer said it expects fourth-quarter adjusted earnings of 39 cents to 41 cents a share on revenue between $2.02 billion to $2.17 billion. Analysts estimated earnings of 49 cents a share on sales of $2.42 billion. For the third quarter, the company swung to a profit of $492 million, or 38 cents a share. Excluding charges related to stock options and other items, eBay would have earned $592 million, or 46 cents a share. Sales rose 12% to $2.12 billion. Analysts were expecting earnings of 41 cents on revenue of $2.14 billion.

MAG Silver (TSX: T.MAG)
The junior miner, after Wednesday's closing bell, reported on behalf of Minera Juanicipio SA [a joint venture between Fresnillo plc (56%) and MAG (44%)] new assay results from drilling along the Valdecanas Vein in Mexico, which included 243 grams per tonne (g/t) silver and 2.74 g/t gold, with 2.41% lead and 5.44% zinc over a true width of 5.44 metres.

Today In The Markets

Stock markets close sharply lower on litany of economic worries

DJIA 8,577.91 -733.08
NASDAQ 1,628.33 -150.68
S&P500 907.84 -90.17
S&P/TSX 9,323.83 -631.83
S&P/TSX Venture 991.21 -63.49

TORONTO, NEW YORK (CP) - North American stock markets plunged hundreds of points Wednesday on deepening pessimism about the U.S. economy and worries about frozen credit markets.

Toronto's S&P/TSX composite index tumbled 631.83 points or 6.35 per cent to 9,323.83, slammed by a 12 per cent retreat in energy stocks as oil prices continue to fall sharply. The TSX Venture Exchange lost 63.49 points to 991.21, while sharply lower oil prices helped send the Canadian dollar down 1.91 cents to 84.18 cents US.

It was even worse in New York where the Dow Jones industrials fell 733.08 points or 7.9 per cent to 8,577.91 as U.S. Federal Reserve chairman Ben Bernanke said that U.S. economic health won't snap back quickly even if badly needed confidence in the U.S. financial system returns and roiled markets finally calm. The Nasdaq composite index fell 150.68 points or 8.45 per cent to 1,628.33 while the S&P 500 gave back 90.17 points or nine per cent to 907.84.

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