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Closing Bell: Despite $120 oil, stocks post gains

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Can you believe oil put in another monster day with oil up $1.91 at $121.88 today. This morning started out looking just like March with financials way down, and commodities up. That abated toward the end of the day. An analyst prediction of $150 to $200 oil helped propel oil today. Below are today's unofficial closing prices:
  • DJIA 13,025.31 +55.77 +0.43%
  • S&P 500 1,418.42 +10.93 +0.78%
  • NASDAQ 2,483.31 +19.19 +0.78%
  • 10YR-Bond 3.893% (+0.048)
  • TOP 10 ANALYST CALLS.
The Blackstone Group L.P. (NYSE: BX) announced today $1.3 billion has been raised to invest in high quality loan assets by closing three CLOs. Blackstone pointed out that the CLOs are not an attempt to remove risky assets off balance sheets. The newly acquired GSO Capital Partners now manages 26 CLOs for a total of $14 billion. Shares actually fell 0.75% by the end of the day to $19.57.


Fannie Mae (NYSE: FNM) reported its third straight quarterly loss today of $2.2 billion or -$2.57 EPS. The company plans to reduce its dividend and raise $6 billion in stock offerings. Despite a very negative reception initially, short covering and speculation buyers pushed shares up almost 9% top $30.81 in the last minutes of the day.

Goldcorp Inc. (NYSE: GG) announced earnings today, highlighting an 84% profit increase due to record high gold prices. Net income reached $229.5 million or $0.32 EPS. Shares were up big earlier, but were only up 0.25% at $36.77 in the final minutes of the day.

Omniture, Inc. (NASDAQ: OMTR) was upgraded by Piper Jaffray today to "buy" from "neutral," citing successful marketing, strong sales and an effective acquisition of Visual sciences for the analytical software company. Shares were up a sharp 12% to $24.63 in the final minutes of the day.

Playboy Enterprises, Inc. (NYSE: PLA) reported a loss of $3.1 million or -$0.09 EPS today as revenue declined in all units. The company also reduced its outlook due to the transforming media industry. First quarter last year, the company showed a positive net income of $1.5 million or $.04 EPS. Too much free porn hurts those that charge for content. Shares were down 10% at $7.40 at the end of the day, count that as a new 52-week low.

Qwest Communications International Inc. (NYSE: Q) reported a 35% drop in net income today of $157 million or $0.09 EPS as revenue dipped and tax expenses increased. Analyst estimated $0.10 EPS. Shares were down 5% in the final minutes of the day at $5.10.

Senior Housing Properties Trust (NYSE: SNH) announced plans to purchase 48 medical office, clinic and biotechnology laboratory buildings for $565 million from HRPT Properties Trust, its former parent. The buildings will allow Senior Housing to diversify properties, revenue sources, and tenants. Shares were down 2.5% at $23.45 in the final minutes of the day.
Symbol Lookup
IndexesChangePrice
DJIA-223.328,280.74
NASDAQ-49.201,796.52
S&P 500-26.91896.42

Last updated: July 04, 2009: 08:54 AM

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