Closing Bell: Stocks survive despite weak confidence and record oil

Posted May 16th 2008 4:09PM by Jon Ogg
Filed under: Level 3 Communications (LVLT)

Today was an odd day, and despite the mixed index levels it should be considered a win. Oil rose sharply and was over $127.00 at one point after the Saudi's said that demand didn't justify increasing production in oil; Goldman Sachs put oil's average target for the second half of 2008 above $140/barrel. To top it off, the controversial University of Michigan consumer confidence level came in at the lowest reading since 1980. Even housing saw strange information as the rise in building permits and housing starts came out much higher than expected: so much for house prices stabilizing.

DJIA 12,983.13 (-9.53; -0.07%)
S&P500 1,425.06 (+1.49; +0.10%)
NASDAQ 2,528.79 (-4.94; -0.19%)
10 Yr Bond 3.850% (+0.007%)
52-week lows
TOP 10 ANALYST CALLS

Ascent Solar Technologies, Inc. (NASDAQ: ASTI) saw a drop-off after it priced a 3.8 million share secondary offering at $14.00, well under yesterday's close. In the final minutes, shares were down 6% at $14.93.

Finisar Corporation (NASDAQ: FNSR) shares rose by more than 15% to $1.53 late in the day after the company raised guidance.

Harris Corporation (NYSE: HRS) shares were up on market talk that, as part of the company's quest to find alternatives, that a bidder was going to step in this weekend. Whether or not that happens is another issue, but shares traded almost triple normal volume by mid-day. In the final minutes, shares were still up about 6.5% at $64.08.

Level 3 Communications Inc. (NASDAQ: LVLT) shares were up 9% at $3.58 in the final minutes.

Pharmacopeia, Inc. (NASDAQ: PCOP) saw a huge rise as the small biotech announced a single molecule that would help reduce blood pressure and combat traditional complications that can arise in diabetics. Shares were up 29% at $4.12 in the final minutes.

Tags: ASTI, FNSR, HRS, LVLT, PCOP