Opening Bell Report

The major indexes tumbled at the opening bell after markets worldwide fell for a second consecutive day over fears of a U.S. economic recession. The Federal Reserve cut the federal funds rate by three-quarters of a percentage, but the Dow immediately lost 400 points while Nasdaq dropped more than 100 points.

On the upside

Gainers were few and far in between with the UltraShort Proshare (AMEX: FXP) being one of the most conspicuous gainers.

MBIA (NYSE: MBI) stood to benefit from this morning's interest rate cut to help lower expenses. The loan insurer had also raised $1 billion in capital to shore up its balance sheet last week.

IncrediMail (Nasdaq: MAIL) announced that the online communications company had been reinstated into the Adsense program, a source of revenue through its partnership with Google (Nasdaq: GOOG).

On the downside

Microsoft (Nasdaq: MSFT) announced the purchase of virtual desktop software company Calista Technologies and a partnership with Citrix Systems (Nasdaq: CTXS). Shares of rival VMware (NYSE: VMW) tumbled on the aggressive competitive move.

Shares of General Electric (NYSE: GE) fell after the conglomerate announced earnings that missed analysts' expectations.

Bank of America (NYSE: BAC) issued a disappointing 4th quarter report that included a 95% drop in profits due to credit losses and weak investment banking results. Shares were trading at their lowest levels since 2003.

In the broad market, declining issues swamped advancers by a margin of more than 20 to 1 on the NYSE and by more than 12 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 16 points to 656.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here