STOCKS NEWS US-Credit card co's down after Capital One results

Stocks on the move [HOT-RTRS] Real-time Equity news [U E] [RESF/US]

U.S. stock market report [.N]
1009 ET 23Jan2009-Credit card co's down after Capital One results
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Shares of credit card companies fell on Friday, after Capital One Financial
(COF.N) reported quarterly results that missed expectations and forecast more
credit losses in 2009. Standard & Poor's also cut the company's outlook to
negative, while three firms cut their price targets on it. [ID:nN23304446]

The stock tumbled 13 percent to $19.08. Among its peers, Dow component
American Express (AXP.N) fell 5 percent to $15.25, Visa Inc (V.N) shed 2.4
percent to $43.11, MasterCard (MA.N) was down 4.2 percent to $123.40 and
Discover Financial (DFS.N) was off 2.7 percent to $7.19.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1003 ET 23Jan2009-Solar co's down after Suntech job cuts news
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Shares of solar power companies fell on Friday, after Suntech Power (STP.N)
said it would cut about 8 percent of its work force because of the weak
economy. It also forecast 2008 revenue above its prior expectations.
[ID:nN23302226]

Suntech shares dropped 6.7 percent to $8.19. Among its peers, Yingli Green
Energy (YGE.N) eased off 0.61 percent to $4.89, Trina Solar (TSL.N) was off 1.7
percent to $7.49 but Canadian Solar (CSIQ.O) was up 11.97 percent to $5.13.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0955 ET-23Jan2009 Traders may be looking for capitulation- analyst
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The CBOE Volatility Index .VIX or VIX, the 30-day risk forecast, and the
S&P 500 index .SPX have been in wide overlapping ranges, but that might over
on Friday, said Optionmonster.com analyst Chris McKhann in comments on the Web
site. "Many traders are still looking for a capitulation day, and it may be
near," he said. If the S&P 500 breaks below 800, he said the next support level
is the 740 area set back on Nov. 20-21. The VIX has been struggling around the
50 level for more than a week, pushing up to a high of 57.36 on Tuesday but
otherwise trading within Monday's range. Early on Friday, the fear index rose
to 50.39 on the drop in the SPX and he expects a run toward 60. "But while the
S&P may retest the lows of late November, I do not expect the VIX to retest the
highs from the same period," he said.

Reuters Messaging: doris.frankel.reuters.com@reuters.net
0942 ET 23Jan2009-Recession weighs heavily on chip companies
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Chip companies have been hit hard by the economic recession, with Qimonda
QI.N filing for insolvency on Friday, and Samsung Electronics (005930.KS), a
South Korean company, reporting its first ever loss.

Qimonda has been struggling with a slump in prices for its dynamic random
access memory chips, which are used in personal computers. In the application
to open insolvency proceedings, the company said it is aiming to reorganize its
operations as part of an ongoing restructuring program. [ID:nSP178284]

Shares of Qimonda plummeted 58 percent to 11 cents in composite trading.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0937 ET 23Jan2009-Citi: HPC co's may benefit from lower ad spending
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Citi on Friday said that home and personal care (HPC) companies may
benefit from a decline in global advertising, saying that such a decline would
put the companies in a position to lower their advertising costs, "which could
serve as a cushion to their operating margins."

The firm expects promotional spending to go up because of price increases,
but said that "any incremental promotional spending will be funded by the
favorable impact of lower commodity costs, such that net-net, we expect our
companies should benefit from both lower raw material costs and advertising
rates."

Citi said that Estee Lauder (EL.N) has the potential to benefit the most
from these trends.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0930 ET 23Jan2009-Markets open lower on profit fears
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Major U.S. indexes opened lower on Friday, pressued by a new round of
quarterly reports that raised fears about how much the recession would hurt
profits and outlooks going forward. Dow component General Electric (GE.N)
warned of a difficult 2009, and reported earnings that met expectations but
were down 44 percent from the prior year.

The Dow Jones industrial average .DJI fell 1.7 percent to 7,982.23 while
the S&P 500 .SPX slid 1.5 percent to 815.29 and the Nasdaq .IXIC was down
1.7 percent to 1,440.74.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net