Stocks fall again as bulls lose some of their swagger
All but two of the Dow's 30 components fell during today's session; Citigroup rose slightly and Microsoft was unchanged.
Some of the stocks making news today:
American International Group (AIG) has received interest in its asset management unit, but unfortunately its price indication is lower than what many were hoping. The unit runs some $100 billion in assets under management. Some were hoping to see bids of up to $2 billion, but the bids so far have come in around $400 to $800 million according to reports. Shares were down almost 3% at $1.07 late in the day.
Blockbuster (BBI) was (again) noted as having an auditor concern that the movie rental giant might not be generating enough cash to fund operations, but Blockbuster said yesterday that it was taking steps to reduce capital spending and advertising expenses. Shares were still off on the news, with shares down 11% at $0.78 very late in the day.
General Motors (GM) is opening up to an accelerated time line for a possible bankruptcy, according to many reports. If that occurs, this will be total and complete wipe out for holders of stock. GM stock was down almost 12% at $2.00 very late in the day.
Microsoft (MSFT) was one of the few gainers with shares up 0.7% at $18.90 late in the day. This was on the the heels of an upgrade from RBC Capital in a broad technology sector upgrade to 'Outperform.'
Sun Microsystems(JAVA) fell yet again. Still no real word from the company, but the reports are that any merger with IBM has died. Shares were off by 4% at $6.30 right before the close.