News Headline Summary

US EQUITY WRAP: US equities tumble the most since August amid quadruple witching

US equity markets closed the session in negative territory with the DJIA erasing the majority of the gains seen post FOMC when the central bank maintained their USD 85bln monthly asset purchases. Equities moved lower from the open as comments from Fed voters, appeared to weigh on stocks. Fed’s Bullard suggested the Fed could begin to taper as early as October and that a USD 10bln taper versus no taper is not a big thing. The DJIA was once again the underperformer, weighed on by Caterpillar after the global retail machine sales fell 10%, led by Asia. Arguably the biggest individual news story came for BlackBerry as they announced they were to cut 4,500 jobs and take a pre-tax charge of USD 930-950mln. They announced preliminary Q2 loss per share of USD 0.47-0.51 vs. Exp. loss USD 0.16. Company shares were halted pending the news and upon resumption fell as much as 44% before paring half the move and closed the session lower by approximately 20%. Finally, the DJIA finished down 1.18% at 15451.85, the S&P 500 down 0.73% at 1709.76 and the NASDAQ 100 down 0.40% at 3224.73

20 Sep 2013 - 21:04 - Equities - Source: RANsquawk

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