Closing Bell: Scary undertones and major news mask a mixed day

Posted Apr 25th 2008 4:45PM by Jon Ogg
Filed under: Microsoft (MSFT), Ford Motor (F), Wendy's Intl (WEN), Goodyear Tire and Rubber (GT)

Today's trading action was interrupted and then switched gears late morning after two unrelated pieces of worrisome news. Most importantly, I'd argue, reports surfaced that a Navy contracted ship fired warning shots at two fast-approaching Iranian vessels. Iran denied any hostilities over the incident (it must have been 'Fauxranians'). Oil shot up $2.43 to $118.49 per barrel. Also, consumer sentiment from University of Michigan (revised) was reported at a 25-year low at around the same time.

These are the unofficial closing prices today for major US index readings:

DJIA 12,892.84 (+43.89; +0.34%)
S&P500 1,397.86 (+9.04; +0.65%)
NASDAQ 2,422.93 (-5.99; -0.25%)
10YR-TBond 3.866% (+0.039)
52-WEEK LOWS (AAI, HRZ, IAR, LEE, NTGR, PAY, UCBH, VDSI)

Baidu.com Inc., (ADR) (NYSE: BIDU) was a big gainer on a mixed day after earnings. The company beat earnings last night and saw an upgrade from Citigroup this morning. Shares rose 6% to $363.00 in the last minutes of trading.

Ford Motor Company (NYSE: F) fell after two key party-pooper downgrades were issued this morning after a huge gain was seen yesterday. Shares were down over 10% to $7.50 in the final moments of trading.

Goodyear Tire & Rubber Company (NYSE: GT) shares were up almost 6% to $28.83 in the final minutes after earnings rose above estimates. What do 365 condoms make? A good year.

Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) shares surged after the company and its partner Wyeth received federal approval late Thursday for Relistor, a medication used to treat constipation. Shares were up 26% at $13.44 in the final moments of trading.

Wendy's International Inc. (NYSE: WEN) saw shares recover by 7% to $28.26 in the final moments of trading after Wall Street gave Nelson Peltz the thumbs up.

Microsoft Corporation (NASDAQ: MSFT) fell after beating earnings but also issuing guidance that was arguably short of consensus for the quarter ahead. Big Software closed down 6% at $29.83 on over 143 million shares.

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

Tags: BIDU, nelson peltz, NelsonPeltz, PGNX, relistor, wyeth

Get the latest on cars and trucks
from Ford and all brands at AOL Autos.

Reader Comments (Page 1 of 1)

4-25-2008 @ 5:47PM

miller said...

why would anyone listen to bear stearn

4-25-2008 @ 6:52PM

william lindblad said...

The stock market is not easily scared.

4-25-2008 @ 9:33PM

Steve said...

Never know what to expect on a daily basis ... frustrating seeing such sharp movement on the slightest bit of news. God forbid Bernanke makes a statement, its a sure 300pt drop.

Steve
http://freedollars.wordpress.com/