kr

No doubt, this week has made it more and more difficult to say anyone should buy stocks at the moment. Even in good, solid, dividend-paying companies. Many analysts and pundits have recommended investors to sell and stay away from the stock market for a while as they don't see a bottom yet, only more declines.

Others believe the bottom is near and investors shouldn't try to time it to buy good value stocks. But it seems they are fewer. It has also become a little more difficult to find stocks our bloggers call a Buy. Still there are a few:

Advanced Micro Devices Inc. (NYSE: AMD) -- while AMD stock did not hold up very well recently, a positive development may encourage buyers as this week spun off its manufacturing business.

Apple Inc (NASDAQ: AAPL) -- Apple fans have seen the stock getting pounded the past week, but today it was one of the big winners, jumping 9%. Sheldon Liber notes that "it has not traded at a P/E below it's projected growth rate in years..." Apple is also expected to announce new laptops next week, including a low-priced model to better position itself among competitors.

Costco (NASDAQ: COST) -- Costco reported decent same-store sales this week, and Steven Malls thinks that "Longer-term, Costco will do well."

U.S. stock futures were significantly lower Friday morning, a day after the Dow industrials had already plunged 678 points. The Dow dropped 21% in the past 10 days. U.S. stock markets are looking to join the plunge in global markets as Japan's Nikkei 225 fell 9.6%, Hong Kong Hang Seng dropped 7%, London's FTSE 100 declined 5.5% and the German DAX 30 was down 8% to name but a few that have managed to remain open. Some global markets actually had to close today, prompting the name "Black Friday."

Wednesday's coordinated rate cut didn't seem to loosen frozen credit markets as investors seem to completely lose confidence in the world's financial system. Finance officials from the G7 are meeting in Washington Friday to address the financial meltdown. On the economic front, August trade data and September import prices will be released. Oil prices plummeted to a one-year low of $82 a barrel.

General Electric (NYSE: GE) -- meanwhile this morning, GE reported results that met the lowered expectations. GE's profit fell 22% to $4.3 billion, or 43 cents per share, compared with $5.56 billion, or 54 cents, a year earlier. GE's revenue climbed 11% to $47.23 billion. Analysts polled by Thomson Reuters forecast earnings of 45 cents a share on revenue of $47.34 billion. GE recently got a $3 billion infusion from Buffett's Berkshire and raised $12.2 billion through a stock offering. Shares of GE are down about 1% in pre-market trading.

U.S. stock futures turned higher Wednesday after the Federal Reserve, in a coordinated move with other central banks, cut rates by half a point to 1.5%, in an effort to help credit markets and boost financial markets. Before the rate cut, futures were lower as Wall Street was about to join global markets in a world-wide plunge that saw the Nikkei down 9.4% and European main markets down 5-6%. On the economic front, August pending home sales released later today might crimp the mood somewhat.

Alcoa Inc. (NYSE: AA) kicked off earnings season after the close Tuesday. The world's third-largest aluminum producer reported a 52% drop in third quarter profit as sharply lower aluminum prices and lower demand hurt results. AA shares are down 4% in pre-market trading.

American International Group Inc. (NYSE: AIG) -- in what could only be described as unbelievable nerve, days after the $85 billion federal bailout loan, AIG spent $440,000 on a posh California retreat for its executives that included spa treatments and much more. Lawmakers were enraged over the thousands of dollars AIG spent on executives even as the company was staving off bankruptcy. It seems it is morally bankrupt. AIG stock is recovering 5.4% this morning after the rate cut.

U.S. stock futures were higher Tuesday morning, after stocks on Monday plummeted to lows not seen since in years as the Dow closed below 10,000 for the first time in four years. After Australia's central bank cut interest rates by the largest amount speculation regarding an interest rate cuts from central banks around the world helped alleviate some worries. Meanwhile, oil rebounded to around $90 a barrel Tuesday in Asia after plunging to an 8-month low Monday, and Bank of America issued a profit warning. Alcoa will unofficially kick off earnings season today.

Bank of America (NYSE: BAC) shares are trading 9.6% lower in pre-market action after it said Monday its third-quarter profit slid 68% to 15 cents a shares, below analysts' estimates of 61 cents a share. BAC also announced a dividend cut and raise $10 billion in stock offering. Analysts from Robert W. Baird and Deutsche Bank proceeded to cut their own estimates.

Advanced Micro Devices Inc. (NYSE: AMD) shares are jumping 18% in pre-market trade after it confirmed plans to spin off its manufacturing operations to a new joint venture, Foundry Co., with an Abu Dhabi investment firm. The other part will be focused on designing microprocessors.

After Monday, there are probably no more doubters left. We are in a bear market and we are in a recession and anyone arguing otherwise is living in a made-up world. The only thing left to argue over is how to get out of this dire situation, and how long it will last. Looking at stocks since the beginning of the year, and over the past month since the feds seized Fannie and Freddie, the picture isn't pretty. Many familiar names have vanished, many -- luckily -- have just seen their market value cut about in half. What once were some large stocks are now some of the smaller ones, including some DJIA components.

The following list is of selected familiar names and large stocks that have plunged significantly over these time periods. It does not include the obvious names such as AIG, Wachovia, GM and the likes, but decent stocks we all liked and knew over the years. By comparison, the Dow industrials is down 25% year-to-date, the S&P 500 down 28% during the same time and the Nasdaq Composite down nearly 30%. Over the past month (since the Fannie/Freddie rescue), the Dow declined over 11%, the S&P 500 declined nearly 15% and the Nasdaq declined over 17%.

• Alcoa (NYSE: AA) -- aluminum giant Alcoa is feeling the pains of a global economic slowdown and higher costs even as aluminum prices remain high. Alcoa shares hit a 10-year low Monday. YTD, AA market value has been cut in half, and over the past month alone Alcoa lost 36% of its value.
• American Express (NYSE: AXP) -- the credit card company had large exposure to bad loans that affected its results. With analysts expecting credit card debt to be the next shoe to drop, AXP may see its stock fall more than the 42.2% it already has YTD. It plunged 23.68% this past month.
  
• Apple (NASDAQ: AAPL) -- even this consumer tech darling couldn't escape the claws of the bears as worries over demand for its products increased. AAPL, one of the stocks that actually had a positive day Monday and closed at $98.14, is down 50.45% YTD, 38.73% this past month.
  

On October 24 2003, the Dow closed at 9,582.46. It was the last time the Dow Jones Industrial Average closed below 9,600. Today, it revisited that territory when it plunged 753 points to 9,572.08, and came within striking distance of its biggest one-day point decline from last week -- 778.

While last week blue chips suffered from fears Congress wouldn't pass the bailout package, this week stocks plunge despite the approved -- and enlarged -- rescue plan. As the global financial crisis deepens, its effects cascade to more areas and over more industries.

Fears of a global economic slowdown further aggravated mood on the Street and markets are seeing stocks in a free-fall. It seems that realization has hit for how long it would take for the bailout to allow some relief, how long it would take for the housing market to recover, while all along economic fundamentals such as the job market are deteriorating.

All 30 of the Dow's components were in the red, with Alcoa (NYSE: AA) taking the dubious title of the Dow stock that's declining most -- down over 12%. Following closely are Citigroup (NYSE: C), American Express (NYSE: AXP) and Boeing (NYSE: BA) -- each down more than 10%.

The Nasdaq composite is meanwhile down nearly 160 points, or over 8%, to 1,787. The S&P 500 down nearly 7.5%, or over 81 points to 1,016.

The Dow Jones Industrial Average plunged 336.43 points, or 3.26%, to below 10,000 -- 9988.95 -- for the first time in four years, since Oct. 29, 2004. Similarly, the S&P 500 dropped 3.66% and the Nasdaq declined 3.97%. As investors looked for safety they sold stocks and piled into government bonds.

As expected, Wall Street joined a global selloff today as the financial crisis seemed to have deepened, especially in Europe. In addition, fears of a global economic slowdown dampened investors mood further. The expected boost from the $700 billion bailout plan approved Friday was non-existent as the weekend was full of news from Europe regarding the cascading financial crisis.

The financial crisis and the economic slowdown are now hitting the next set of stocks like Aluminum giant Alcoa Inc. (NYSE: AA) -- down about 8% -- or Caterpillar (NYSE: CAT) -- down over 5% -- both companies expected to have difficulties either accessing funds or suffer from the global economic slowdown, or both. News of eBay (NASDAQ: EBAY) -- down 5.5% -- laying off over 1,000 employees didn't help, only served as a reminder of the bad employment numbers from Friday and the expected worsening conditions in the jobs market.

U.S. stock futures fell Monday morning, indicating a sharply lower open on Wall Street as the world's financial crisis rather than get a boost from the $700 billion rescue plan, seemed to have deepened in Europe. This as well as economic fears depressed world markets. Most major global markets plunged at least over 4%.

Wachovia Corp. (NYSE: WB) -- After a lower court decided in favor of Citigroup (NYSE: C), a state appeals court blocked the ruling late Sunday night, thus tilting the battle over Wachovia in favor of Wells Fargo (NYSE: WFC). Both banks want Wachovia for its deposits and branches. Despite that, WB shares are down about 18% in pre-market trade, WFC's down 2.7% and C's down 3.7%.

Bank of America (NYSE: BAC) -- a subsidiary has agreed to modify loans to tens of thousands of borrowers -- previously Countrywide Financial clients -- in 11 states that would enable them to keep their homes, or even help them move to a new home. If all 50 states were to join, the settlement could provide $8.7 billion in relief to 400,000 borrowers. BAC shares are down 4.3% in pre-market action.

National City Corp. (NYSE: NCC) shares are down over 22% in pre-market action as its debt was downgraded by Fitch Ratings.

And you thought it would be easy. Nothing ever is. Citigroup Inc. (NYSE: C) has issued a statement recently saying "Wachovia Corp. (NYSE: WB)'s agreement to a transaction with Wells Fargo & Co. (NYSE: WFC) is in clear breach of an Exclusivity Agreement between Citi and Wachovia. In addition, Wells Fargo's conduct constitutes tortious interference with the Exclusivity Agreement."

The exclusivity agreement also guarantees that Wachovia will not enter into a transaction with a third party, including any discussions or negotiations. Moreover, it "provides that the parties would be irreparably harmed by any breach of the agreement..." Citi claims it has also been providing liquidity support to Wachovia Bank since Monday's announcement.

Citigroup shares plunged about 11% earlier in the day, but are now recovering somewhat, down "only" 9.2%. Meanwhile WB shares remain up around 70% but saw a dip when the Citi statement was issued. WFC shares are about 5% higher.

If this is the case and Citi has "substantial legal rights" here and the $15.4 billion stock swap deal -- $7 per share of Wachovia, or 79% over Thursday close -- between Wells Fargo and Wachovia is terminated, as per Citi's demand, we will definitely see Wachovia shares go lower. Still, regulators might get involved. While Citigroup believes regulators will intervene on its behalf and the FDIC director even said so, that might not be the case as the Wells Fargo deal is superior to the one Citi offered. Not only is Wells Fargo buying all of Wachovia's operations, but it doesn't require FDIC guarantees. Citi was going to buy just the banking operations and required FDIC guarantees.

If the deal with Well Fargo remains, though, Citi will be hurt as the transaction would have propped up its deposit base and improved its balance sheet. Citi stock might decline even further.

I just find it odd that banks are actually fighting over a distressed Wachovia in these times. Perhaps this is a good sign?

U.S. stock futures are higher, indicating stocks will likely continue their wild ride today, but perhaps end the week on a positive note. All this as Wachovia found another buyer, and ahead of the vote in the House on the bailout plan and payroll data. Economists expect payrolls to have dropped 110,000 in September, while unemployment rate should stay at 6.1%. September non-manufacturing ISM will also be released today.

Wachovia Corp. (NYSE: WB) dumped Citigroup (NYSE: C) and the deal arranged by the FDIC, instead announcing it signed a definitive agreement for a merger with Wells Fargo & Company (NYSE: WFC) that includes all of Wachovia's banking operations. WB shares are jumping 66% in pre-market trading, WFC up 2.4%, C down 6.6%.

UBS (NYSE: UBS) - fitting that on a day when payrolls are expected to show such a big drop UBS said it is cutting another 2,000 jobs at its troubled investment bank and closing most of its commodities business.

Yahoo! Inc. (NASDAQ: YHOO), however, said Thursday it isn't considering job cuts. But the comany continues to struggle in the current environment, looking for ways to further cuts costs and restructure operations. So job cuts may be on the agenda after all. YHOO stock set a new 52-week low of $15.54 Thursday, but this morning is up 2.7% in pre-market trade.

U.S. stock futures were flat to lower Thursday morning following the senate approval of its version of the $700 billion bailout package. Meanwhile, the Federal Reserve said it was considering a rate cut. Following all the economic data released Wednesday indicating the U.S. is in a recession, this isn't surprising. The ECB is also meeting today to consider its move. Today, the Labor Department will report weekly initial jobless claims and the Commerce Department will release August factory orders. Regulators also extended the ban on short-selling shares of some 800 financial companies.

UBS (NYSE: UBS), which has been hard hit by the credit crisis, said Thursday it expects to return to profit in the third quarter after four quarters of losses. The bank has substantially reduced its exposure to U.S. commercial and residential mortgages. The bank wrote down more than $40 billion and raised close to $30 billion.

Mosaic (NYSE: MOS) shares are down about 20% in pre-market trading after it missed analyst estimates when it reported its fiscal first-quarter earnings.

Marriott International (NYSE: MAR) was expected to report earnings of 32 cents a share in the third quarter. The company reported 34 centsearnings per share excluding an 8 cents adjustment.

The story of ImClone Systems Inc. (NASDAQ: IMCL) in its endeavor to sell itself surely feels by now like a never-ending saga, with twists, derisive comments from management and even a mystery. I guess that with Carl Icahn at the helm it's not surprising; he would always try to get the best price he could.

After Icahn announced nearly a month ago that ImClone has a mystery suitor that would pay $70 a share to Bristol-Myers Squibb (NYSE: BMY)'s offer of $60 a share, today the mystery was unraveled and the suitor revealed. (I must admit I was somewhat skeptical, almost thinking this was some sort of tactic by Icahn to get to BMY, but he was serious.) While Pfizer Inc. (NYSE: PFE) has been the name most tossed around as the likely candidate, another name that's been cited -- Eli Lilly and Co. (NYSE: LLY) -- turned out to be the one.

As it was, after a rival buyer was revealed, Bristol indeed increased its bid for ImClone to $62 per share last week, but since Icahn insisted the unnamed large pharma company was willing to pay much more, he exchanged some very colorful comments with Bristol's chief.

The Wall Street Journal finally reported this afternoon it is Lilly that is in advanced talks to acquire ImClone for about $6.1 billion. There's no doubt Lilly would benefit from ImClone's one and only product, Erbitux -- a lucrative cancer drug. Also, as Lilly sees its drugs come off patent, and with its own poor pipeline of cancer drugs -- not to mention its recent troubles getting new drugs past the FDA -- this acquisition would make sense.

The deal's deadline is tonight. If Lilly indeed issues a formal offer, I bet Icahn hopes Bristol would increase its offer as not only does BMY already own about 17% of ImClone, it also co-markets Erbitux, and is simply seen by many as the natural buyer. I doubt we've seen the last of this story.

U.S. stock futures were lower Wednesday morning after two volatile sessions that recorded a 777 point drop in the Dow, then a remarkable 485 point recovery. No doubt, investors are jittery ahead of the vote in the Senate today on the controversial $700 billion bailout package. Will it pass in the Senate after failing in the House? The two plans are slightly different. Some data might also affect the mood today with the Institute of Supply Management's manufacturing index for September and the September ADP employment estimate on tap. For now, the indication calls for a selloff in stocks at the start of trade today.

Google Inc. (NASDAQ: GOOG) - the Nasdaq Stock Market canceled a few trades in Google late Tuesday following an inexplicable slide in price the exchange blames on mistaken routing from other exchanges. Google shares, which were trading up about 8% for most of the session, fell between 10%-16% in the final minutes, bringing its closing price to $341.39. The Nasdaq also reset the stock's closing price at $400.52. Google shares are up in pre-market trading to about $409.

Automakers also are due to report monthly auto sales for September. Sales for GM (NYSE: GM) and Ford (NYSE: F) are expected to be weak, perhaps the worst in several years. Shares of Ford decline over 5% in after-hours Tuesday.

Daimler (NYSE: DAI) shares declined nearly 8% in pre-market trade after some rumors, denied by the company by now, suggested DAI would issue a profit warning.

U.S. stock futures were much higher Tuesday morning, following Monday's historic record plunge of 777.7 points in the Dow after the House of Representatives failed to pass the proposed $700 billion bailout plan. Investors hope a similar rescue package would pass soon and will tune in to listen to President Bush at 8:45 a.m. EST. Meanwhile, across the globe, Europe bailed out another bank, but markets in Europe are mixed. Asian markets, which close earlier, recorded mostly large declines. Also on tap today is data from the housing sector and a measure of Chicago-area manufacturing and consumer confidence for September.

It is also quite possible many have come in to buy at these prices for at least a short-term gain. If the VIX volatility index is any indication, then stocks may climb in the next few weeks.

Of stocks in focus:

There were two big trades on Wall Street today: One was the bailout trade, which included financial stocks obviously, but other than the big banks, investors also went after the second-tier firm -- the smaller, regional banks. The other big trade was the economy. As the U.S. and global economy slows down, retailers, techs and a variety of materials and industrials will suffer. Investors showed their concerns over the economy today, hammering down many of these stocks down.

Here are a few big losers from today:

Financials - obviously, financials depended on the bailout plan more than others, at least in the immediate future:

Bank of America Corp. (NYSE: BAC) declined 17.6%, while JPMorgan Chase & Co. (NYSE: JPM) slumped 15%. Citigroup (NYSE: C) declined nearly 12%, Goldman Sachs (NYSE: GS) sank 12.5% and Morgan Stanley (NYSE: MS) plunged over 15%.

American Express Co. (NYSE: AXP) was the Dow's biggest loser today with a 17.5% drop thanks to Citigroup cutting profit estimates of the credit card company.

Second-tier banks declined much more:

Bank of New York Mellon Corp. (NYSE: BK) slipped over 27%, CIT Group Inc. (NYSE: CIT) lost 25.5%, Fifth Third Bancorp (NASDAQ: FITB) fell 43.6%, FirstFed Financial Corp. (NYSE: FED) tumbled over 25%, First Horizon National Corp. (NYSE: FHN) slipped 35.7% and National City Corp. (NYSE: NCC) tumbled 63.3%.