Wall St. Today, Panic Sets In (AAPL, GM, GE, RIMM, ORCL, BAC, C, CFC)

Today’s selling does not look orderly like it has on many other down days this year. The drop is across almost every sector and most widely-traded shares. Much of it is out of proportion with the news.

GM (GM) is off 11% today to $11.43. Anyone who watches the car industry much must have known that car sales would be bad this year. Gas is too high and consumer income is too low. The stock traded above $21 a month ago.

GE (GE), one of the most admired companies in the world, is down 2% to $27.49, near its 52-week low. There is nothing new from the conglomerate. The most management has said is that it thinks it will hit its numbers. Hardly a reason to racket the share price down again.

RIM (RIMM) and Oracle (ORCL) are both down, RIM by 11% and Oracle by 3%. Each had guidance below Wall St. estimates, but the guidance was still for significant growth. The news should be a relief.

Bank of America (BAC) took out a new low today. Goldman said Citigroup (C) would have $8.8 billion in new write-offs in the current quarter. That helped drop BAC. So did its acquisition of much-troubled mortgage company Countrywide (CFC) Bank of America is one of the few stocks that should be taking a beating.

Even the darling of the investment community, Apple (AAPL) is off nearly 3% to $172.42. With everything so right at the company, why should its share fall?

Some of the selling has become too bloody to watch. It is time to avert the eyes or find a new hobby that does not involve investing in the stock market.

Douglas A. McIntyre