Closing Bell: Buyers come out of the sewers to save the day

Posted May 27th 2008 4:27PM by Jon Ogg
Filed under: General Motors (GM), Sirius Satellite Radio (SIRI), Anheuser-Busch InBev (BUD), Symantec Corp (SYMC)

Today was looking like just another one of those post-holiday trading sessions that you can look at the tape and not be able to determine if it was a win, lose, or draw. But then came the last 90 minutes of trading, and suddenly the rally caps came on. This was despite grim economic news, although that is something we just have to get used to for quite some time. Home sales posted a small unexpected increase, but we also saw a 20-year record as far as a jump in housing price declines. Consumer confidence also came in under expectations.

DJIA 12,549.00 (+69.37)
S&P500 1385.47 (+9.54)
NASDAQ 2480.51 (+35.84)
10 YR T-Note 3.921%, +0.09%.
52-WEEK LOWS saw 3 DJIA components today.
TOP 10 ANALYST CALLS

Anheuser-Busch Companies, Inc. (NYSE: BUD) saw a mixed reaction today. It may be getting a buyout offer from InBev in Europe, but Detusche Bank Securities lowered its rating to a "Hold" rating. Shares were only up marginally at $56.90 with a few minutes to the close.

Favrille, Inc. (NASDAQ: FVRL) was the daily implosion with shares down a whopping 87% at $0.22 late in the day before the close. The company's Phase III non-Hodgkins lymphoma treatment failed to meet endpoints, so back to pre-clinical stages.

General Motors Corporation (NYSE: GM) saw a drop of almost 2% to $17.28 late in the day after its shares were downgraded to "Hold" by Citi.

Sirius Satellite Radio Inc. (NASDAQ: SIRI) saw shares down almost all day on word that the FCC hasn't delivered proper documents to those at the FCC that can make a decision by June 30 on approving or killing its merger. To make matters worse, there is more and more talk of both satellite radio players needing to raise money whether they get to merge or not. Shares were actually up 0.5% at $2.602 with a few minutes to the close.

Standard Pacific Corp. (NYSE: SPF) saw record volume after securing a $530 million from MatlinPatterson Global Advisers. Shares were up 50% at the end of the day at $3.36, still way down from its $22.17 high over the last year.

Symantec Corporation (NASDAQ: SYMC) may finally be coming back in favor. Shares were within striking distance of 52-week highs up 2.5% at $21.18 right before the close.

Tags: favrille, matlinepatterson global, MatlinepattersonGlobal, satellite radio, SatelliteRadio, standard pacific corp, StandardPacificCorp

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Reader Comments (Page 1 of 1)

5-27-2008 @ 5:14PM

John Howell said...

Buyers "came out of the sewers?" I'll be happy to tell you who came out of the sewer: his name is JOHN OGG, and he wrote this ignorant, asinine blog. Any questions?