So let's take a look at what moved the markets; the meltdown in the US housing market hit the nation's number one financial services company, Citigroup with its shares falling 4.85 per cent to $35.90. The Bank's problems deepened after it was unable to assure investors a potential $11 billion write-down for subprime mortgages wouldn't grow. On top of that its nearly pristine credit rating was downgraded and on Sunday Chairman and Chief Executive Charles Prince also resigned.
In other earnings news, shares in Wellcare Health Plans are up 21.67 per cent to $33.30 as investors grew more comfortable about the probe hovering over the company. Wellcare also reported a preliminary 67 percent jump in quarterly profit. The probe follows a raid of the company's offices by state and federal agents last month. The Wall Street Journal reports the raid was spurred partly because of allegations the company inflated costs to keep money it should've refunded to Florida's Medicaid program.
Shares in Marvel Entertainment were up 16.17 per cent to $27.08. The company, which licenses comic book characters like Spider-Man, reported third-quarter earnings of $0.45 per share, with analysts' describing the result as spectacular. The company was also helped by worldwide licensing revenue and growth in its publishing segment, which prints several popular comic-book titles. Marvel also raised its outlook for 2007.
And finally Shares in Alfa Corp were up 22.77 per cent to $21.51. The company has agreed to a higher buyout offer of about $840 million by its majority shareholder, Alfa Mutual Group, that will take the insurer private. Alfa Mutual's offer values the company at almost 17 times the expected 2008 earnings per share. Analysts say the decision to go private will boost Alfa's cost savings and also simplify the process of effecting any organisational changes in the company. Alfa says under the deal management won't change and there won't be job cuts.
To the best and worst performers in the NASDAQ Top 100.
IAC Interactive was the best performer, up 7.49 per cent to $31.84. Whole foods Market and Sirius Satellite Radio were also higher.
Vertex Pharmaceuticals was the worst performer, falling 16.68 per cent to $24.08. Also in the red were Ryanair Holdings and Millicom International.
