- DJIA 11,972.25 (+21.16; +0.18%)
- S&P500 1,276.60 (-11.54; -0.90%)
- NASDAQ 2,177.01 (-35.48; -1.60%)
- 10YR-TBond 3.314% (-0.107%)
- Lehman Brothers Holdings, Inc. (NYSE: LEH) fell 19% to $31.75.
- UBS AG (USA) (NYSE: UBS) fell 11% to $24.66.
- MF Global Ltd. (NYSE: MF) fell a sharp 65% to $6.05.
- In addition, UBS downgraded many names in the sector this morning.
There were some other pockets of good news today. Cardiome Pharma Corp. (USA) (NASDAQ: CRME) showed positive results in interim mid-stage data for abnormal heart rhythm drug. There is also talk of selling drug off. Shares rose 30% to $8.15 today and the 52 week range is $5.78 to $12.62.
Another standout name that was hard to ignore was CSX Corporation (NYSE: CSX) after it raised guidance, quadrupled its buyback amount to a new total of $3 billion by the end of 2009, and even hiked its dividend. It closed up 4.8% at $51.31 and that level is still under its 52-week high of $53.29.
Defensive stocks were holding up fairly well earlier and there were many of the major tech stocks that were holding up as well. While it is getting ugly out there, some companies may still hold up.
General Motors Corporation (NYSE: GM) hit another multi-year low as shares fell 7% to $17.83. See the featured 52-week low list.
The Visa IPO is set to price tomorrow after the close, and that may at least take up some of the financial sector news in between brokerage firm earnings news this week.
Another standout name that was hard to ignore was CSX Corporation (NYSE: CSX) after it raised guidance, quadrupled its buyback amount to a new total of $3 billion by the end of 2009, and even hiked its dividend. It closed up 4.8% at $51.31 and that level is still under its 52-week high of $53.29.
Defensive stocks were holding up fairly well earlier and there were many of the major tech stocks that were holding up as well. While it is getting ugly out there, some companies may still hold up.
General Motors Corporation (NYSE: GM) hit another multi-year low as shares fell 7% to $17.83. See the featured 52-week low list.
The Visa IPO is set to price tomorrow after the close, and that may at least take up some of the financial sector news in between brokerage firm earnings news this week.
Will Rich Ross really have a positive impact on Disney's movie operations?
Consumers sick of recession, may spend extra on holidays
Corrections, seasonality and Santa Claus
Reader Comments (Page 1 of 1)
3-17-2008 @ 6:00PM
NewsVisual said...
The question of how Bear Stearns reached out to JPMorgan remains a mystery. Several sets of personal connections between the current members of the two financial institutions’ Board of Directors, including board-room connections that run through the University of Chicago, the Con Edison Company of New York Inc, and a nonprofit named NYC2012 Inc.
3-18-2008 @ 1:51AM
gumby said...
Oh GM, I cant believe it is not butter!