Friday's 323 Point Loss in the Dow: GE, Citi, and BP (GE, C, BP)
The Dow Jones dropped 323 points on Friday, yet another triple digit loss and some of the big stocks that fueled the decline were General Electric (NYSE:GE), Citigroup (NYSE:C) and BP Plc (NYSE:BP).
All the stocks of the Dow declined Friday after a U.S. government report showed employers in the U.S. hired fewer workers in May than forecast and Americans dropped out of the labor force and fear of a self-destructive euro continues to burn.
General Electric (GE) shares are now below their $16 level which for the last few months has been the floor as it stock has not hit this low of a price since February 2010.
GE shares fell 4.5% Friday and in the last month its stock has dropped 18%. At some point today investors may look at GE shares under $16 as a decent entry point. General Electric is now trading with a P/E of 16 and thanks to today's $15.71 price its dividend yield is at 2.55%.
Citigroup (C) once again lead the volume of all stocks traded on the major exchanges. Over 1.07 billion Citi shares traded hands on Friday and the stock fell 4.29% and in the last 30 days its stock has lost 10% of its value. Earlier this week Citi announced plans to close 376 branches and cut as many as 720 jobs at its CitiFinancial consumer-lending businesses in the U.S. and Canada, under a plan to make the units more attractive to potential buyers.
Just try and find a positive article about BP Plc (BP) -- it can't be done. BP shares fell 5% on Friday and this week it hit a new 52-week low of $36.20.
Could BP Plc (NYSE:BP) shares be worth the risk? There's much to consider, starting with BP's Not so Awesome Safety Record. Mastery also talked up Obama's comments in BP's Failure to Plug the Bottomless Pit Will Continue to Hammer Shares (NYSE:BP).
What could be going down in flames next for BP? How about that juicy 56 cents a share dividend, which now puts payments at 9.7% of the share price, the highest among the 19 major oil companies.
Happy Safe Trading today investors, at least its Friday.