Closing Bell: Late selling, mixed bag ahead of the FOMC

Posted Apr 29th 2008 4:17PM by Jon Ogg
Filed under: Yahoo! (YHOO), Corning Inc (GLW), Merck and Co (MRK), Genentech Inc (DNA)

Despite today's major markets showing a drop, this would really look like another mixed day on fairly light trading volume as profits fight economic numbers. Oil fell more than $3.00 per barrel and consumer confidence came in at a 5-Year low. Foreclosures also have risen by more than 100% with what now appears to be 1 home per 194 that are in foreclosure. All this is one day ahead of the FOMC meeting with the decision to raise rates, and one day after Warren Buffett called a recession already here. Below are the unofficial closing prices for major US index averages:

DJIA 12,836.01 (-35.74; -0.28%)
S&P500 1,391.24 (-5.13; -0.37%)
NASDAQ 2,426.10 (+1.70; +0.07%)
10-YR TBond 3.825% (-0.01%)
52-WEEK LOWS
Top Analyst Calls

Biogen Idec Inc. (NASDAQ: BIIB) and Genentech, Inc. (NYSE: DNA) both saw shares flounder with shares down 4.8% at $61.53 and down 6.4% at $68.47 respectively late in the day. This morning the companies announced that Rituxan was a total bust in treating lupus.

Corning Incorporated (NYSE: GLW) saw shares up over 3% at $26.54 late in the day after the company beat earnings expectations and gave guidance that was above estimates on a continued strong LCD glass market.

Merck & Co., Inc. (NYSE: MRK) was down by more than 10% late in the day at $37.13 after the FDA rejected a key cholesterol drug.

TheStreet.com, Inc. (NASDAQ: TSCM) saw shares down over 15% at $7.99 late today after the company missed earnings expectation this morning.

Yahoo! Inc. (NASDAQ: YHOO) was up 3.4% at $27.33 late in the day after market talk that a proxy fight may be coming in the merger, but that is merely hearsay until we see anything factual.

Tags: BIIB, DNA, GLW, MRK, TSCM, YHOO