Results tagged “stockmarket”

The Dow Jones dropped 7.7 percent today, to 8,149, after a gradual run-up last week. Local heroes Microsoft and Boeing dropped to $18.61 (-1.61 percent) and $39.88 (-2.75 percent) respectively. We're officially in a recession--surprise! it's been a year already!--and are turning to survivalists for advice: "All true survivalists like yard sales."

We were downtown at Pacific Place for lunch (salmon chowder). It was a little less peopled--a quiet Monday--but what was a little odd was how subdued everyone was, like queasy rollercoaster riders. No one was laughing. No one was regaling buddies with a loud, "What I did last weekend" story or arguing sports. They spoke softly. Out on the street, a single unbalanced woman was screaming at no one in particular: "Fuck you, fuck all of you!" The traffic was quiet. There was a single horn as a driver tried to drive straight through a green left-turn signal. Way across the country, the Dow closed below 10,000, at 9,955.

It wasn't just the Dow Jones setting records today; the NASDAQ index had its 3rd largest one-day decline ever by percentage, losing 9% of its value. Among the tech stocks taking a drubbing were locals Microsoft (-8.7%) and Amazon (-10.4%)--though Redmond might enjoy the schadenfreude of knowing that Apple closed down nearly 18%.

With a vote of 228 to 205, the U.S. House of Representatives has rejected the bail-out that lawmakers hammered out over the weekend that would have thrown an up-to-$700 billion lifeline to Wall Street. Washington State Rep. Jay Inslee (D) joined Republicans Doc Hastings, Cathy McMorris Rodgers, and Dave Reichert in voting No. The markets sunk as news of the vote made its way around the world, and the Dow is down nearly 600 points [UPDATE:] dropped 777 points today--its all-time largest point loss.

As I think of my happy condition...surrounded by acres of clams.Yes, Ivar's is 70 years old and celebrating. The bedrock of Seattle's waterfront is a reminder to us all: some things never change (the clam chowder, the fish & chips) but many survive by adapting.

Washington Mutual stock closed down today (why haven't we made that into auto-text yet?), at $2.01, which is also the price of this Murder City Devils DVD on eBay. The market closed down 500. The Fed let the market put a bullet in the head of Lehman Brothers over the weekend, and the Merrill Lynch bull was sold to the Bank of America slaughterhouse, so no one's in the mood to buy WaMu's pigs-in-a-poke shares. If our local savings and loan goes woohoo, though, we know who to blame. Or not. Scientific consensus our ass.

WaMu's bargain-basement stock dropped almost 30% today--it's currently rallied to $2.60 from a low of $2.30--after a 20% fall yesterday. So the market doesn't seem impressed with the WaMu Board's tardy ejection of Kerry Killinger from the executive suite. Bloomberg says: "Credit-default swaps on WaMu are now trading at a price that implies a greater than 90 percent chance the company will default within five years." New accounting rules make selling WaMu and its subprime-mortgage battered portfolio much harder--any acquirer would have to put up extra capital against default--but incoming CEO Alan Fishman says he doesn't even want to sell anyway. So that's lucky.

Meanwhile, over on the New York Attorney General's site, Andrew Cuomo is impersonating a pitbull, if pitbulls knew how to file subpoenas:

“In order to fulfill their duty to consumers and investors, Fannie Mae and Freddie Mac must ensure that Washington Mutual’s mortgages have not been corrupted by inflated appraisals,” said Attorney General Cuomo. “Our expanding investigation into the mortgage industry has uncovered that Washington Mutual improperly pressured appraisers to provide inflated values that best served the lender’s interest. Knowing this, Fannie Mae and Freddie Mac cannot afford to continue buying Washington Mutual mortgages unless they are sure these loans are based on reliable and independent appraisals.”

Spring appears to have, er, sprung, at least temporarily, in most of the Ist-A-Verse, so naturally, we're all feeling pretty good. (Yes, we know that spring doesn't start till later this month. Just let us enjoy our weather!) And that makes us that much more eager to share all of the nifty things we're up to...

David Streitfield in the LA Times (registration required, regrettably) notes a new experience for him at Amazon.com: books he adds to his shopping cart get more expensive if he doesn't buy them right away. On Nov. 6, seeking to boost my dubious culinary skills, I decided to buy "The Cast Iron Skillet Cookbook." I went to Amazon and placed the book in my electronic shopping cart but got distracted and never finished the transaction. The...