Pimco's Gross sees 5% to 10% stock correction ahead

3:40 pm ET Jul 24, 2007

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Pimco's Gross sees 5% to 10% stock correction ahead

SAN FRANCISCO
Weakness in junk bonds and subprime-mortgage markets could lead to as
much as a double-digit correction in U.S. stock markets, respected
bond-fund manager Bill Gross warned on Tuesday.

Market Snapshot: Dow closes with largest 1-day drop in four months

NEW YORK
Stocks finished sharply lower, sending the Dow industrials to their
biggest single-day drop since March, after Countrywide Financial, the
nation's biggest mortgage lender, warned that problems are spreading
beyond the subprime sector, while earnings at DuPont and American
Express disappointed.

Apple shares fall 6% as AT&T posts disappointing iPhone numbers

SAN FRANCISCO
Fewer companies' stock prices are as affected by product news as Apple
Inc.'s, and the initial iPhone activation numbers from AT&T Inc. were
enough to send Apple's stock down more than 6% in Tuesday trading.