Some financial stocks fell as the government's $700 billion financial rescue plan stalled in Congress and Washington Mutual (WM) Inc collapsed in the biggest U.S. bank failure.
Morgan Stanley (MS) slid 8.7 percent to $24.75. Wachovia Corp. (WB) dropped 27 percent to $10. National City Corp. (CIT) tumbled 26 percent to $3.71. CIT Group Inc. (CIT US) lost 11 percent to $8.24. First Horizon National Corp. (FHN) slipped 6.1 percent to $11.27. Downey Financial Corp. (DSL US), the California lender that offered option-ARM home loans, slumped 48 percent to $2.03.
Washington Mutual fell 91 percent to 16 cents. The U.S. government closed WaMu after the Office of Thrift Supervision said it was ``unsound'' because customers had withdrawn $16.7 billion from accounts since Sept. 16. JPMorgan Chase & Co. (JPM) agreed to buy the savings and loan's deposits for $1.9 billion. The stock was raised to ``neutral'' from ``underperform'' at Merrill Lynch & Co., which said the bank got a ``very attractive deal'' for WaMu. JPMorgan rose 7 percent to $46.55.
Shipping companies fell on expectations a rebound in shipping rates are collapsing. Shipping investors, analysts and brokers from New York to Oslo cut their forecasts for fourth-quarter rates by 17 percent in three days this week, according to data compiled by Bloomberg.
Genco Shipping & Trading Ltd. (GNK US) dropped 12 percent, the most since Oct. 30, to $35.51. Excel Maritime Carriers Ltd. (EXM US) fell 17 percent to $16.39. TBS International Ltd. (TBSI US) lost 13 percent to $15.35. DryShips Inc. (DRYS) fell 8.9 percent to $39.60. Eagle Bulk Shipping Inc. (EGLE) dropped 9 percent to $15.99.
Agrium Inc. (AGU) slid the most since at least May 1995, dropping 15 percent to $64. The third-largest North American fertilizer maker was cut to ``hold'' from ``buy'' at Citigroup Inc., which said prices for nitrogen-based crop nutrients may extend drops.
The brokerage also downgraded Terra Industries Inc. (TRA US), the largest U.S. maker of liquid-nitrogen fertilizer, and CF Industries Holdings Inc. (CF) , the maker of nitrogen and phosphate fertilizers. Terra tumbled 20 percent, the most since January 2000, to $30.42. CF dropped the most since it began trading in August 2005, slumping 17 percent to $91.78.
Mosaic Co. (MOS) , the world's second-largest producer of fertilizer, declined 10 percent to $76.05.
American Reprographics Co. (ARP) lost 8.6 percent, the most since Nov. 2, to $17.01. The provider of document-management services reduced its earnings forecast for 2008, citing an ``upheaval in financial markets.''
Aracruz Celulose SA American depositary receipts (ARA US) fell the most since at least May 1992, plunging 18 percent to $37.99. The world's biggest eucalyptus-pulp maker said it's assessing the size of losses caused by derivatives investments and a strengthening dollar. Chief Financial Officer Isaac Zagury resigned.
Christopher & Banks Corp. (CBK) fell 7.4 percent to $8.02, the lowest since July 28. The Minnesota-based women's clothing retailer said it expects to earn as much as 13 cents a share from continuing operations in the third quarter. That's lower than the 20-cent average estimate from analysts in a Bloomberg survey.
Indevus Pharmaceuticals Inc. (IDEV US) rallied the most since at least March 1990, jumping 103 percent to $3.51. Teva Pharmaceutical Industries Ltd. (TEVA US) will pay as much as $142.5 million for rights to a drug for the treatment of stuttering.
NPS Pharmaceuticals Inc. (NPSP) fell 13 percent, the most since Oct. 11, to $7.28. The company said drug development partner GlaxoSmithKline Plc (GSK LN) ended a study of their experimental osteoporosis medicine because of the treatment's lack of effectiveness.
Oshkosh Corp. (OSK) rose the most since January 2005, climbing 15 percent to $11. The maker of McNeilus concrete mixers and JLG aerial work platforms said fourth-quarter earnings would be near or above the high end of its forecast.
Perfumania Holdings Inc. (PERF) plunged 52 percent, the most since it began trading in December 1991, to $10.18. The perfume retailer cut its third-quarter forecast for same-store sales to a decline of 2.5 percent from an increase of 5 percent.
Research In Motion Ltd. (BB) dropped 27 percent, the most since April 2000, to $70.76. The maker of the BlackBerry e-mail phone curbed its profit forecast because of competition from Apple Inc. (AAPL)'s iPhone for the second quarter in a row.
Motorola Inc. (MOT US), the biggest U.S.-based mobile-phone maker, lost 3.1 percent to $7.63. Citigroup Inc. cut the ratings for both Research In Motion and Motorola to ``hold'' from ``buy,'' citing the ``potential for severe price competition.''
Marvell Technology Group Ltd. (MRVL) , which counts Research In Motion as one of its clients, dropped 9.9 percent to $9.70. Apple slumped 2.8 percent to $128.24.
Savient Pharmaceuticals Inc. (SVNT US) dropped 15 percent, the most since October 2002, to $15.82. The company failed to meet Wall Street expectations that it would find a partner for its gout treatment by the end of September, Lazard Capital Markets Ltd. analyst Gene Mack said.
Sadia SA American depositary receipts (SDA US) lost 38 percent, the most since they began trading in April 2001, to $9.50. Brazil's second-largest food company fired Chief Financial Officer Adriano Lima Ferreira after posting a 760 million reais ($412 million) loss from currency-related investments.
Synnex Corp. (SYX) jumped 12 percent, the most since Jan. 14, to $23.14. The distributor of computer products for Intel Corp. reported profit and sales yesterday that beat analysts' estimates, helped by the acquisition of New Age Electronics in April.
Tibco Software Inc. (TIBX) climbed 6.9 percent, the most since March 5, to $7.26. The provider of business software to Delta Air Lines Inc. (DAL US) said third-quarter profit beat the average estimate of analysts surveyed by Bloomberg by 41 percent after sales to government and energy companies rose.
Votorantim Celulose e Papel SA American depositary receipts (VCP US) fell 12 percent, the most since April 2000, to $16.98. Brazil's third-largest pulp and paper maker was cut to ``neutral'' from ``buy'' by UBS AG analyst Edmo Chagas.
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