Closing Bell: S&P survives day-end selling

Posted May 30th 2008 4:35PM by Jon Ogg
Filed under: Dell (DELL), Anheuser-Busch InBev (BUD), Marvell Technology Group (MRVL), JetBlue Airways (JBLU)

A mixed day in many stocks, though this actually worked out to be an acceptable day despite the end of day selling that took away many of the gains. To show how the markets were mixed continually, the S&P 500 Index closed up marginally for May while the DJIA closed slightly down for the month. We also saw income and spending fall, although the numbers weren't quite as bad as expectations. This was also when the University of Michigan gave the crummiest reading in 28 years. Here are the unofficial closing bell levels:

DJIA 12,619.92 (-26.30)
S&P500 1,398.97 (+0.92)
NASDAQ 2,522.66 (+14.34)
52-WEEK LOWS
Top 10 Analyst Calls
Oil & Gas Upgrades/Downgrades

Anheuser-Busch Companies Inc. (NYSE: BUD) saw highly unusual options activity and strong equity trading as more speculators believe a deal with Belgium's InBev may be imminent. Shares rose almost 2% and were up at $57.58 in the final minutes of the day.

Dell Inc. (NASDAQ: DELL) beat the skeptics and beat earnings last night in a move that sent shares higher. In the final minutes of trading, shares were up almost 7% at $23.28 in the final minutes.

J. Crew Inc. (NYSE: JCG) saw a sharp drop on high volume after the company beat earnings but lowered estimates ahead. Shares were down almost 20% at $37.74 in the final minutes of the day.

JetBlue (NASDAQ: JBLU) saw added pressure today and the stock even challenged its 52-week lows after it priced $175 million in 30-7ear convertible debentures. Shares were down 4% at $3.98 in the final minutes of the day.

Marvell Tech (NASDAQ: MRVL) saw a surge of 25% to $17.67 by the final minutes of the day after the company beat earnings in part due to its iPhone ties.

Tags: BUD, Dell, inthenews, iphone, j. crew, J.Crew, JetBlu, marvell tech, MarvellTech, mrvl