So here is what happened to BWR after the 3rd q financials were released.
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And the markets looked like this:
Gloom covers markets at noon
Thursday, November 01, 2007
Investor angst about credit markets and slower U.S. growth in consumer spending and manufacturing erased the Federal Reserve’s positive take on the economy, hammering markets at midday Thursday.
The main averages on Wall Street are down more than 1.5 per cent, with the financial sector taking the biggest hit. Among the casualties are downgraded Citigroup, with questions raised about its dividend, Bank of America and Credit Suisse Group.
“There is more downside in financials,” Doug Peta, market strategist at J&W Seligman, told Bloomberg News. “We just don’t know what the ultimate impact is going to be for all the subprime difficulties.”
Twenty-seven of the 30 Dow component stocks are in the red, with the industrials average falling 210 points, erasing all of the Federal Reserve rally on Wednesday. Citigroup alone has dragged down the Dow average by 25 points.
Disappointing quarterly reports were registered by Exxon Mobil and Sprint Nextel.
The price of crude oil did a 180-degree turn after rising above $96 (U.S.) a barrel for the first time, with the December contract falling $1.37 a barrel and gold prices retreated.
That humbled the composite index on the Toronto Stock Exchange to a 188-point selloff, with financials down 1.67 per cent, golds down 2.54 per cent, miners down 2.81 per cent and materials down 2.32 per cent.
Blue-chip Royal Bank of Canada, Manulife Financial, Cameco, Barrick Gold, CIBC, TD Bank, Canadian Natural Resources, Research In Motion, Canadian National Railway and Teck Cominco together have sliced more than 80 points off the composite.
Upstart OccuLogix Inc. fell 17 per cent to 22 cents after suspending clinical development of its Rheo blood-filtering system for dry AMD.
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