Dow Jones is Seeing Red
The Dow Jones is down 60 points today in morning trading.
Palm (PALM) is the biggest loser of the day dropping over 18% to $4.62 per share. PALM reported a greater than expected loss of 61cents per share. Canaccord Adams issued a $0 price target on PALM declaring the cell phone maker’s shares worthless.
Motorola (MOT) is one of the biggest decliners in the tech sector with the handset device maker’s shares losing 3% of their value dropping to $7.12 per share.
It’s not just the tech stocks that are being punished today. Energy stocks are bleeding as well. Sunpower Corp. (SPWRA) shares have been slaughtered today after last night’s earnings report. Sunpower lowered guidance for Q1 estimating a profit of just 5 cents per share. Analysts were looking for a profit of 34 cents per share. The solar power provider is restating earnings for the 2008 and 2009. Oil services firm Haliburton (HAL) has seen its stock drop 3.77% to $30.39.
