Closing Bell: S&P turns bulls into burgers

Posted Jun 2nd 2008 4:22PM by Jon Ogg

Today was one of those strange days where you could find good news and winners, as long as you didn't look at the ticker tape. The Institute for Supply Management posted a reading of 49.6% for may, above 48.6% in April and above the 47.9% reading for April. While this was higher, we also saw a 250 basis point rise to 87.0% in the pricing index. The report from the US Commerce Department also showed another drop in construction spending of -0.4% in April after seeing a -0.6% reading for May. Below are the unofficial closing bell levels for major US index levels:

DJIA 12503.49 (-134.83)
S&P500 1385.71 (-14.67)
NASDAQ 2491.53 (-31.13)
10YR-treasury 3.971% (-0.75%)
52-WEEK LOWS
TOP 10 ANALYST CALLS

Today was a strange day in financial stocks, particularly in the brokerage firm sector. S&P downgraded several brokers and banks and the brokerage firm Lehman Brothers Holdings Inc. (NYSE: LEH) was hit the worst in the group. Its stock was down 8% at $33.83 in the final minutes of the day.

Acorda Therapeutics inc. (NASDAQ: ACOR) was a huge winner today after it late stage MS trials showed successful results in the walking test for MS patients. Shares were up a whopping 31% at $28.30 in the final minutes after seeing more than 20-times normal trading volume.

General Motors Co. (NYSE: GM) saw shares rise despite a weak market today. Barron's called it a potential triple and shares were up 2% at $17.45 in the final minutes before the close.

Harris Corp. (NYSE: HRS) was the big loser today when it said it was not going to seek a sale of the company, particularly after there were reports of bids coming last week. Today's action had it down a sharp 15% at $55.59 in the final minutes today.

Tags: acorda therapeutics, AcordaTherapeutics, harris corp, HarrisCorp