Closing bell: A modest reaction to bad news; OMEX, MAT, AMAT, M, NYX, TM

Filed under: Earnings reports, Toyota Motor Corp. (TM), Market matters, Applied Materials (AMAT), NYSE Euronext (NYX), Mattel, Inc (MAT), Economic data

Today was a bit of a mixed day with bulls and bears fighting over whether or not the DJIA should be above or below 8,000. Consumer spending and income were both weak; manufacturing data from the ISM was weak, and construction spending was weak. The weak numbers are becoming routine and traders were in charge today.

Mattel Inc. (NYSE: MAT) was hit hard on bad earnings. The strong dollar was actually a huge contributor here, although parents also seem to be deciding their kids don't need those toys this year. Shares were down 16% to $11.85 .

NYSE Euronext, Inc. (NYSE: NYX) was a partial disaster today with more problems than a bear market and losing customers who trade stocks. The NYSE's own stock was downgraded at two firms, with the cuts coming from Goldman Sachs and KBW. Shares were down 13% to $19.19.

Toyota Motor Corp. (NYSE: TM) was giving bad news, but shares didn't react much attention as most of the news in the sector is known. The Japanese car giant is now looking to produce almost 2 million cars less than in 2008, bringing more furloughs and more cost cuts. Shares were flat at $64.

Macy's (NYSE: M) fired 7,000 people and cut its dividend. Its same-store sales were down 4% last month, and this may not be the firm's last round of firings.

Douglas A. McIntyre is an editor at 24/7 Wall St.

 

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