|16:19 EDT||CAMP||On The Fly: Closing Wrap|
Stocks on Wall Street opened in negative territory and remained there for the entire session. A weak industrial production report out of Germany and the IMF's lowering of its global growth forecast filled the news void left by another relatively light day on the domestic economic calendar. The volume was heavy and the selling was broad based, with each of the major equity indexes losing more than 1.5%. ECONOMIC EVENTS: In the U.S., the Job Openings and Labor Turnover Survey, or JOLTs report, showed job openings surged 230K to 4.835M in August, marking their highest level since January 2001. Consumer credit rose only $13.5B in August, missing expectations for an increase in credit of $20B. In Europe, German industrial production dropped 4% sequentially in August on an adjusted basis, which was a steeper slide than economists forecast and its biggest decline since January 2009. Also of note, the International Monetary Fund cut its global economic growth forecasts for the third time this year. The growth forecast for 2014 was trimmed to 3.3% from a July forecast of 3.4%, while the 2015 projection was lowered to 3.8% from 4.0% previously. COMPANY NEWS: AGCO (AGCO) fell $4.97, or 10.55%, to $42.13 after the company lowered its third quarter view and cut its fiscal year 2014 earnings per share outlook for a second time after previously lowering it in July. The stock, along with several others in the U.S. machinery industry, were downgraded today at Bank of America Merrill Lynch. Merrill also downgraded Deere (DE) to Underperform from Neutral this morning, citing the collapse in corn and soybean pricing and the strengthening U.S. dollar, and its shares also declined $2.83, or 3.42%, to $80.01. MAJOR MOVERS: Among the notable gainers was GT Advanced (GTAT), which rebounded 41c, or 51.25%, to $1.21 following its sharp, 93% decline yesterday after its unexpected bankruptcy filing. Today's recovery, however, still leaves the stock far below the $11 per share level where it began yesterday's trading session. Also higher was CalAmp (CAMP) which rose $3.47, or 21.03%, to $19.97 and was upgraded to Outperform at Macquarie after the wireless technology solutions maker's Q2 report. Among the noteworthy losers was SodaStream (SODA), which sunk $6.05, or 21.94%, to $21.52 after the home beverage carbonation system maker warned that revenue for its third quarter will come in well below Wall Street estimates. Also lower were shares of The Container Store Group (TCS), which dropped $5.45, or 24.9%, to $16.44 after the company lowered its fiscal 2014 outlook. The decline sent the stock below the $18.00 level, where its initial public offering priced last November. INDEXES: The Dow dropped 272.52, or 1.6%, to 16,719.39, the Nasdaq fell 69.60, or 1.56%, to 4,385.20, and the S&P 500 declined 29.73, or 1.51%, to 1,935.09.