Despite global rate cuts to stabilize the world economy, the markets dropped to close lower over disappointingly low September retail sales. The Dow plunged 189 points to 9258 while Nasdaq tumbled 15 points to 1740.
On the upside
YRC Worldwide (Nasdaq: YRCW) issued a press release late yesterday afternoon reassuring investors that the trucking company is in full compliance with its credit agreement. The stock price plunged yesterday over investor fears.
Citigroup upgraded Randgold Resources (Nasdaq: GOLD).
Shares of Harmony Gold (NYSE: HMY), Gold Fields (NYSE: GFI) and Goldcorp (NYSE: GG) all rose as nervous investors sought the safety of gold.
On the downside
Robert W. Baird analyst David Loeb downgraded Ashford Hospitality Trust (NYSE: AHT) saying that revenue will drop in 2009.
RBC Capital Markest analyst Larry Miller cut his price target for Starbucks (Nasdaq: SBUX) citing higher costs and slowing sales.
Global Crown Capital downgraded Advanced Micro Devices (NYSE: AMD).
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 12 points to 547.
