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Closing Bell: Where'd that bear go?

Posted Mar 25th 2008 5:48PM by Jon OggJon Ogg RSS Feed
Filed under: After the bell, Sirius Satellite Radio (SIRI), Merrill Lynch (MER), Goldman Sachs Group (GS), Valero Energy (VLO), Anadarko Petroleum (APC), Suntech Power Hldgs ADS (STP)

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There are many that fear the bear hasn't died. Maybe he's hibernating. But if the bear isn't gone, he's at least lost some teeth. In the last hour of trading today, the DJIA was up more than 900 points from its intraday lows seen just last Monday. Despite weaker home prices trends not seen for 20 years and despite an absolutely dismal ugly Consumer Confidence report, the market managed to do well today despite mixed index averages at the closing bell. There was not a single earnings report that can be used for "the focus" that turned the whole market. It looks like there was actually real buying interest coupled by short covering. Here are the unofficial closing bell index averages for today:
  • DJIA 12,532.60 (-16.04; -0.13%)
  • S&P500 1,352.99 (+3.11; +0.23%)
  • NASDAQ 2,341.05 (+14.30; +0.61%)
  • 10YR-TBond 3.492% (-0.03)
Monsanto (NYSE: MON) rose almost 10% to $114.54 after the agriculture giant raised guidance for both Q2 and for fiscal 2008 based on strong seed sales and all other markets firing on all cylinders.


Goldman Sachs Group, Inc. (NYSE: GS) shares rose 0.4% to $179.63 as it filed today for its first special purpose acquisition company, or SPAC, IPO. Its rival Merrill Lynch & Co., Inc. (NYSE: MER) saw shares hit by 1% down to $47.85 after it was downgraded by analysts at both JPMorgan and at UBS.

Sirius Satellite Radio Inc. (NASDAQ: SIRI) saw its shares fall almost 2% to $3.09 after Goldman Sachs took an already cautious rating down to its Conviction Sell List not just after the DOJ approved the merger. It downgraded it as that was the catalyst the firm was looking for. See the Top 10 pre-market analyst calls.

Suntech Power Holdings Co. Ltd. (NYSE: STP) saw a sharp rise of 11% to $38.25 after Lazard Capital Markets called for many solar stocks to more than double.

We had some dueling news in oil and gas today, despite oil magnate T. Boone Pickens calling for higher prices to stay. Valero Energy Corporation (NYSE: VLO) fell by almost 4% to $48.10 after it lowered guidance last night, but Anadarko Petroleum Corporation (NYSE: APC) rose almost 1% to $63.02 after it raised its guidance.

Tags: apc, conviction sell list, ConvictionSellList, gs, inthenews, lazard capital markets, LazardCapitalMarkets, mer, MON, satellite radio, SatelliteRadio, siri, solar energy, solar market, SolarEnergy, SolarMarket, stp, t. boone pickens, T.BoonePickens, vlo

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Symbol Lookup
IndexesChangePrice
DJIA+4.768,183.17
NASDAQ+5.381,752.55
S&P 500+3.12882.68

Last updated: July 10, 2009: 01:01 AM

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