Wall Street opened mostly lower today, as market participants reacted to weak economic reports. Investors continued to weigh further signs of a slowdown in the economy, hoping the data could convince the Federal Reserve and central banks across the world to step in with more spur programs.
Byron Wien, who is a vice chairman of Blackstone Group LP’s advisory services unit, has recently said that the Standard & Poor’s 500 Index is expected to hit 1,500 this year as the economy picks up momentum in the fourth quarter.
Staples, Inc. (NASDAQ:SPLS) suffered a decline to worst on record after its lowered net income and sales forecasts for the year. A number of investors consider office supply retailers as a barometer of strong economic situation because demand for their products is closely tied to white-collar employment rates.
During current trading session, the stock fell -16.39% to $11.25 with a trading volume of 34.20 million shares. SPLS has earnings per share of $1.40 and its price to earnings ratio stands at 8.05.
Rating agency Standard and Poor’s has further reduced long-term corporate credit rating on the Nokia Corporation (NYSE:NOK), sending into junk status along with concerns over the cellphone company’s weakening profitability. The stock reported a gain of +1.41% to $2.53. Its trading volume, at last check, was 18.58 million shares as compared to the average volume of 50.99 million. Its stock price 52 weeks high was $7.38 and 52 weeks low price was $1.63.
Ford Motor Company (NYSE:F) is under pressure after its Indian unit was reportedly in the process of recalling some Figo hatchback and Classic sedan models due to potentially faulty parts which could cause breakdowns or even fires. During current trading session, shares of the auto giant slipped -0.05% to $9.44 with a trading volume of 8.11 million shares. Ford Motor has earnings per share of $4.42 and its price to earnings ratio stands at 2.14.
Shares of Sprint Nextel Corporation (NYSE:S) moved down -0.42% to $4.97 with a trading capacity of 25.35 million shares in current trading session. Sprint Nextel has earnings per share of -$1.28. It has net profit margin of -11.09% and operating margin of -3.22%.