Closing bell: Mixed day after major gain

Posted Apr 17th 2008 4:15PM by Jon Ogg
Filed under: Google (GOOG), Pfizer (PFE), International Business Machines (IBM), Citigroup Inc. (C), Merrill Lynch (MER), SLM Corp (SLM)

Today's trading session was merely a mixed day after a huge day, with the bulls coming out slightly on top. The Philadelphia Federal Reserve said regional manufacturing activity has weakened further and its manufacturing activity fell to -24.9 from an already negative -17.4 in March. As we all hope employment will hang tough in a weak spending climate, jobless claims rose by 17,000 more from the prior week to a level of 372,000 this week. Here are the unofficial closing levels for US index levels:

DJIA 12,622.93 (+3.66; +0.03%)
NASDAQ 2,341.83 (-8.28; -0.35%)
S&P500 1,365.41 (+0.70; +0.05%)
10YR-TBOND 3.729% (+0.033)
52-WEEK LOWS
TOP 10 ANALYST CALLS

While investors may have flocked to International Business Machines Corp. (NYSE: IBM) and braced for Google, Inc (NASDAQ: GOOG) earnings tonight, there were many other winners and losers.

Merrill Lynch & Co. (NYSE: MER) was the key to financial stocks today. The company's earnings were not good with losses in the $2 Billion area, but the good news out of the sewage was that John Thayne may be signaling that the end of the writedown onslaught is at least closer rather than farther away. Shares were up almost 5% at $47.00 in the last hour of trading today.

Citigroup, Inc. (NYSE: C) rose some 3% to $24.14 in the last hour of trading ahead of earnings tomorrow. The word around the campfire is that Vikram Pandit is capitulating and will make more job cuts than previously announced.

Nokia Corporation (ADR) (NYSE: NOK)'s earnings disappointment sent shares down by 15% to $28.60 late in the day, and this pulled Motorola Inc. (NYSE: MOT) lower by 2% to $9.01 in the last hour.

Pfizer Inc. (NYSE: PFE) saw shares slide almost 4% to $20.26 in the last hour of trading after earnings today. The good news for new potential buyers is that this $20.00+ has held before as support and this is essentially a decade low. Speaking of Pfizer, AVANT Immunotherapeutics, Inc. (NASDAQ: AVAN) saw shares rise almost 20% late in the day to $11.75 after an alliance was announced last night. Unfortunately for those who bought earlier, shares were up over 40% around the open.

SLM Corp. (NYSE: SLM) is a strange bird in a strange pet shop. The company disclosed that its current borrowing rates do not allow it to make any student loans at profitable levels and it can't write new loans. The reason the stock is up is because lawmakers may be prepared to come up with an aid package. Despite a $104 million loss, Sallie Mae shares were up by late in the day. SLM traded up by over 7% at $17.48 in the last hour of trading today.

Jon Ogg is a producer and editor of the Special Situation newsletter and the "10 Stocks Under $10" weekly newsletter for 247Wallst.com.

Tags: AVAN