Nov. 6 (Bloomberg) -- Analysts are slicing profit forecasts for U.S. companies in the fourth quarter and 2009 as third- period results miss projections at the highest rate in almost 11 years. ``Estimates have been coming down with a vengeance,'' said Dirk van Dijk, director of research at Zacks Investment Research Inc. in Chicago. ``It's just plain ugly out there.'' (Source: Bloomberg)
Today the Dow closed at 9139/-5.05%, S&P at 952.77/-5.27%, and Nasdaq at 1681/-5.53%. Right now at 1:00am, Japan's Nikkei Index is at 8899/-6.53% and China's Hang Seng trades at 13,889/-6.41%. Dow Futures are at 9098/-.08% and S&P futures are at 948.80/-0.9%. So it looks like there could be some weakness going forward in the indices, but lets hope for positive economic numbers. Here's a 3 month chart of the Dow Jones Industrial Average provided free at stockcharts.com
Tonights Bloomberg Headlines:
S&P 500 Profit Estimates Slashed After Third-Quarter Misses
Citigroup, Goldman Said to Begin Firing Staff as Economy Slows
ADP Says U.S. Companies Reduced Payrolls by 157,000
BOJ Helpless as Yen Rises on Carry, UBS, Barclays Say (Update1)
Asian Stocks Fall on Earnings Concerns; News Corp., Isuzu Drop
U.S. Luxury Retailers Face Grimmest Holiday Season (Update2)
Credit Card Bond Sales at Zero, First Time Since 1993 (Update1)
Euro Falls on Speculation ECB Will Cut Rates to Bolster Economy
