Bad news this morning has pummelled stocks once again. The Dow is now in the tank to the tune of 200 points, and nearing the critical 8000 handle. I expect another bull/bear battle at this level. Here are a few headlines this morning:- Shock: weekly unemployment claims rocket higher to 589,000
- New home starts drop more than forecast
- Large inventory builds send crude oil price lower
- Thain's future at Merrill in serious jeopardy
- Big bank CEO/insider stock purchases occurred one day before stocks tanked (yesterday)
- Microsoft revenue disappoints street, stock plunges
- Microsoft reports PC sales flat during Q4, indicating IT sales slumping
- Microsoft to ax 5000 jobs
Thain spent $1.22 million to redecorate his office after taking over Merrill, including a $35,000 commode! He was spending this money at the same time that he was cutting jobs at Merrill Lynch and imposing draconian cost cuts on his employees. What an unbelievable example of elitism!
