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Stocks stabilize on Wall Street after a sell-off
NEW YORK - The stock market stabilized Wednesday after one of its biggest sell-offs of the year. Major indexes rose modestly.
- PUBLISHED: Wed 24 Oct 2012, 10:11 PM UPDATED: Tue 7 Apr 2015, 12:56 PM
- By:
- AP
- Netflix plunged $9.66 a share, 14 percent, to $58.56. Late Tuesday, it slashed its prediction for how many US video-streaming subscribers it would add this year to 4.7 million to 5 million. It had predicted it would add as many as 7 million.
- Dow Chemical rose $2.17, or 8 percent, to $30.72. The company announced a wide-ranging restructuring plan late Tuesday that includes cutting 2,400 jobs and closing 20 manufacturing facilities. The company cited slowing economic growth in Europe and elsewhere.
- Tempur-Pedic plunged $6.39 to $25.48, a loss of 20 percent. The maker of premium memory foam mattresses reported revenue that was well below the estimates of Wall Street analysts. The company also cut its estimates for full-year profits and revenue.