Stocks Recap

Volatile Markets, Fannie Mae Plunges, Yahoo Jumps

Indexes closed down today in a wide swinging, volatile session. Sub Prime concerns and dropping oil prices threw the market violently in both directions, prior to closing, with the DJIA ending down -56.58 to 11231.96, the Nasdaq dipped -2.06 to 2243.32 and the S&P 500 slipped -10.59 to 1252.31.

Fannie Mae (FNM | Quote | Chart | News | PowerRating) collapsed 16.19% or $3.04 to $15.74/share when it was discovered that it may need to raise $75 billion in new cash, along with Freddie Mac, due to write downs and accounting rule changes.

Yahoo (YHOO | Quote | Chart | News | PowerRating) jumped 12.88% or $2.75 to $24.10/share on Microsoft's statement that it may renew takeover talks with the search giant.

NetApp Inc. (NTAP | Quote | Chart | News | PowerRating) grew by 5.61% or $1.23 to $23.18/share due to an analyst upgrade from neutral to outperform.

Lehman Brothers (LEH | Quote | Chart | News | PowerRating) fell 9.98% or $2.28 to $20.57/share due to an energy pricing company placing them under review and blocking trading access to certain oil contracts, per Reuters.

Oil fell over $5.00/Barrel today, prior to bouncing back to end the session down $3.63 to $141.66/barrel. Gold fell $4.80 to $928.80/oz and the VIX broke technical resistance at 26, hitting a high of 26.87 prior to pulling back, closing up 3.83% to 25.75.

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