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The issues are:
1) forced selling & redemptions in the last hour
2) continuing uncertainty in credit markets
3) inability to determine earnings with credit uncertainty
4) financials: concerns about wider losses (credit card losses, commercial real estate) and capital raises
GM [GM
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]down 31 percent to the lowest level since 1950 on worries that global auto sales will slow dramatically in 2009.
Insurers like Prudential [PRU
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]and Protective Life [PL
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]were down 23 and 44 percent respectively as traders believe insurers will have to raise more capital soon. Earlier in the week Allianz[AZ
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] invested $2.5 billion in Hartford Financial.
Teen and specialty retailers reported September same store sales today, and as with department stores yesterday they are generally below expectations. Abercrombie[ANF
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], TJX[TJX
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], Pier One [PIR
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]and Men's Wearhouse [MW
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]lowered guidance; Chicos [CHS
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]withdrew the earnings guidance for the rest of the year.
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