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Closing bell: Forget $115 oil, techs & financials lead 200 point surge

Posted Apr 16th 2008 4:18PM by Jon OggJon Ogg RSS Feed
Filed under: Intel (INTC), JPMorgan Chase (JPM), Potash Corp. of Saskatchewan (POT)

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The markets were able to shake everything off today after techs and financials delivered more hope than economics could deliver in fear. Housing construction gave levels not seen in more than 15-years and the Fed's Beige Book showed that the economy deteriorated further with weak spending, uncertainty, housing and credit woes. Even $115/barrel oil today didn't spook those hoping for a recovery. Even multi-year inflation in China and Europe didn't spook investors. Below are today's unofficial closing levels for US index averages:
  • DJIA 12,619.27 (+256.80; +2.08%)
  • S&P500 1,364.69 (+30.26; +2.27%)
  • NASDAQ 2,350.11 (+64.07; +2.80%)
  • 10YR-TBOND 3.696% (+0.126%)
  • 52-WEEK LOWS
  • TOP 10 ANALYST CALLS.
CV Therapeutics, Inc. (NASDAQ: CVTX) was a major gainer today after the company secured up to $185 million in financing from TPG-Axon. Shares were up over 17% to $8.76.


Intel Corporation (NASDAQ: INTC) was the main tech bellweather after earnings last night when it said core operations were strong and predicted margins remaining strong for 2008. Shares closed up almost 6% at $22.13.

JPMorgan Chase & Co. (NYSE: JPM) led the financial sector higher today. The company's 50% drop in earnings was actually above estimates and Jamie Dimon came out with comments that led many to believe the worst is close to over in the battered financial stock writedowns. Shares were up 6% at $44.79 today.

Potash Corp. of Saskatchewan, Inc. (NYSE: POT) was the big winner in agriculture today, after the company's venture and partners scored a huge price increase to China's Sinofert. Shares surged by more than 7% to $198.49, a new high.

Pozen, Inc. (NASDAQ: POZN) skyrocketed today on news that migraine drug Treximet has received FDA approval. Pozen rose some 28% to $13.54.

Seagate Technologies (NYSE: STX) was one of the disappointments in technology today. The company beat earnings but guided under expectations after a history of being an earnings winner. Internal and external storage demands from Joe Public probably just cant last forever. Shares closed down 5.5% at $19.06.

Tags: CVTX, INTC, JPM, POT, POZN, STX

Symbol Lookup
IndexesChangePrice
DJIA+37.4110,471.12
NASDAQ+7.882,177.06
S&P 500+3.841,109.49

Last updated: November 25, 2009: 11:31 AM

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