8/4/2011 5:19 PM ET|
Dow plunges 513 points; 2011 gains are wiped out
Winners and losers
Dendreon (DNDN, news) plunged to $11.69. The drugmaker withdrew its sales estimates for 2011 and announced job cuts because of lower-than-expected growth in the use of prostate-cancer treatment Provenge. The problem is that the drug costs are extraordinarily high.
Transocean (RIG, news) fell to $53.98. The world's largest offshore driller posted its 11th straight quarterly profit decline. Daily rental rates for the company's vessels dropped as much as 26% during the second quarter because of competition from rival operators and an influx of newer rigs onto global drilling markets.
Walter Energy (WLT, news) declined to $77.89. The southern Appalachia producer of steelmaking coal reported second-quarter revenue of $766.7 million, missing the $931 million average estimate by analysts in a Bloomberg survey.
Web.com Group (WWWW, news) soared to $10.37. The company that builds websites for small businesses said it is buying Network Solutions and expects the deal to add at least 20% to the consensus estimate of its 2012 earnings.
Zipcar (ZIP, news) rose to $23.23. The car-share company boosted its sales forecast for the full year to at least $240 million. Analysts project revenue of $238 million, according to the average of a Bloomberg survey.
VIDEO ON MSN MONEY
I read people on here, and all over the internet, day in and day out, complaining about everyone elses Political "Party". NEWSFLASH...NEWSFLASH...It does NOT matter who your Party is, they are ALL corrupt, lying, infantile, cretins, making BIG money, working SHORT hours, and doing NOTHING for the people who elected them to office. They will vote themselves a HUGE pay raise, while the Country is burning to the ground. They will give away TRILLIONS of dollars to terrorists and other hard luck stories, who will in turn NEVER bat an eye when they see us in need, and "laugh" at the suggestion they should return the favor and help us. Politicians try and blame the other guy, for the reason they cant do their job, when in reality, ALL of them are incompetent, and should ALL be fired and put on trial for ALL the criminal acts they were involved with, in their career in Washington. Until we are willing to actually do something about this, NOT just sit around and whine about the other "guy", this will NEVER change. Our Country was Founded on change, and on principles, long forgotten by our so called leaders. It's PAST time for Americans to take our Country BACK, and restore Her to the once Great Nation She was, and can be again, if we change Washington from the ground up.
Salary of retired US Presidents .......$180,000
Salary of House/Senate .................$174,000
Salary of Speaker of the House .......$223,500
Salary of Majority/Minority Leaders . $193,400
Average Salary of Soldier DEPLOYED IN IRAQ..$38,000
I think we found where the cuts should be made ! ANY QUESTIONS????
It seems that nobody in the US wants to face what the real problem is. I have worked for over 25 years, starting on a farm, then as a construction laborer, then as a construction superintendent, and now as a business manager. I started with nothing. I put myself 100% through college, both my undergrad and graduate school, while working. I have become quite successful, and it is a result of good old fashioned hard work. I was once ridiculed for working too hard and making my coworkers look bad - my response was "it is a sad day in America when one is chastised for working too hard". It is a sure thing that the work ethic has been diminishing. I have seen it get worse and worse throughout the years. People, in general, do not want to work hard. People have developed a sense of entitlement - why? Work hard and you will be rewarded. It is very simple. Fixing this country is a cultural problem. Hard work is the answer, and coming from someone who has performed plenty of it, I can proudly say that most have no idea what hard work actually is. We have a President who keeps referring to "hard working America". Tell me where it is; I would like to know!
All I can say is . . . GOOD! Screw the rich! You self absorbed posters tell us to get a job - what jobs? All there is out there are service jobs, Walmart and McDonalds. I have a friggin' MA and can't find a full time job, neither can my wife. Our car got repossessed, our "dream" home is in foreclosure, our careers were lost. You keep telling us who have nothing left to suck it up! There's nothing left for us - it's all been stolen.
These greedy politicians, bankers, traders, and CEOs are only out there for profit at any cost, especially at the cost of the middle class, who pay for everything. The American Dream is dead - stolen by those who don't care who they hurt as long as it puts more money in their pockets. Jobs are gone, homes have no value, investments are all losers, and yet you idiots say the sky isn't falling! Well, it is and there are a lot more of us out there who are sick of it. ALL politicians are crooks - Obama, Bush, EVERY SINGLE ONE.
A little revolution every once in a while is a good thing - the time has come, America.
EAT THE RICH!
*Added note - judging by the response my post has gotten in the last 20 minutes (110 for, 30 against), I'm not alone in my disgust and hatred for the so-called leaders of this country, now and in the recent past. It's a simple fact - conservative elitist capitalism only produces greed, a lust for power, and corruption, while spineless liberalism only produces a welfare state and useless spending. It has never been more evident that extremism in either direction has ruined this country, and all of us regular folks are the ones takin' it in the backside. Time for us to screw them. Caveat tyrannus!
Final note - to those posters who say a job at Walmart or McDs is better than nothing - tell that to the bank. Try making a 2200$ a month mortgage on 400 (10$ an hour) a week! Sounds like our govt.'s fiscal sense, not common sense. Morons. 'Nuff said.
When a wealthy ruling elite gain too much control of the wealth and power in the country, the people of the country suffer. The elite use their power to control politicians and accumulate more wealth through changing the tax code and laws. The ruling elite will not voluntarily relinquish their power and wealth. It will take a systematic economic collapse or a revolution.
Whenever a disaster of this magnitude happens in the US stock market we always get the photos of the stock brokers looking discouraged, broken and destroyed. I'm not sure what that's all about as stock brokers don't lose much money personally rather they lose their investors money. I mean unless that stock broker is using his own personal money to invest in a stock he or she really shouldn't be as worried as they look if the market plunges as the next day that broker will still go to work and still have a job. They won't be very liked but none the less they will still have a job. Which is more than most of us have in this country..
The country is running dry on entitlement (I'm looking at you Medicare and Medicaid and Social Security) and questionable spending in the military division.Medicare would be fine if Medicaid (medical welfare) were repealed. Social Security bas a $4.2 trillion surplus and hasn't added 1-cent to the $14.6 trillion Federal deficit and can be fixed for 75 years by extending age and add 1-2% taxes. Defense should be cut by 50% and the only country the US Military should protect is the United States. To hell with Europe, Israel, Japan and the Middle East. Let them protect themselves. The Teabaggers should rename their party the Red Coats so we can recognize them for what they are..
People are just now beginning to recover from their losses 4 years ago, if something to that magnitude occurs again, Wall Street will see a war like it's never imagined.
The collective patience of the american people has reached its end. Main Streeters are finished being sh*t on by Wall Streeters. Get ready!
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[BRIEFING.COM] Stocks entered the weekend on a mixed note as the S&P 500 shed 0.1% while the Dow ended with a gain of 0.1%.
The major averages began the day on a lower note as nine of ten sectors saw losses of more than 0.5%.
The consumer staples sector was the lone exception as the group spent the entire day in positive territory thanks to the relative strength of Dow component Procter & Gamble (PG 81.89, +3.19). The second-largest staple stock advanced ... More
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