Ugh, again. Markets closed on their lows for the third day in a row. What's the problem? Simply put, there's worry that things are changing fast, and that earnings and guidance are going to have to change.
A good example: Bear Stearns downgrades GM and Ford , arguing "The facts are changing at an accelerating rate." That's the problem, and it's just as relevant to the rest of the market.
Short-term, the markets moved down because traders were worried about how many things will be coming out before the market opens tomorrow: Cisco(which looks OK, but conference call is coming), Deutsche Bank earnings, ECB/Bank of England, and retail same store sales.
Talbots guidance is poor after the bell, for the quarter and the year.
Elsewhere, bond insurer MBIA finally announcing an effort to raise capital: $750 million.
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