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Closing bell: Retail and tech ignore woes and oil gains

Posted Jun 5th 2008 4:09PM by Jon Ogg
Filed under: Wal-Mart (WMT), Ciena Corp (CIEN), Verizon Communications (VZ), Contl Airlines'B' (CAL), Broadcom Corp'A' (BRCM)

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Shares were higher today after the weekly jobless claims were reported as 357,000, down 18,000 from last week. While new claims are down, the four week average of those filing for benefits was up to 3.086 million, the highest level since March 2004. The good news is that the markets largely ignored that S&P downgrade of bond insurers today. The stock market even ignored a $5.00 rise per barrel in oil today. Here are the unofficial closing levels today:

DJIA 12,598.10 (+207.62)
S&P500 1,403.30 (+26.10)
NASDAQ 2,549.94 (+46.80)
10YR-TNote 4.03% +(0.09%)
52-WEEK LOWS
TOP 10 ANALYST CALLS

Broadcom Corp. (NASDAQ: BRCM) was an example of just how strong today was by being up almost 3% at $28.90 late in the day. If you read trough the co-founder and former CEO's indictment charges you might think shareholders would have gone the other way.


Ciena Corp. (NASDAQ: CIEN) was the disappointment of the day. The company was up early on after beating earnings, but it slid lower after its call and shares were down a sharp 8% at $27.97 in the final minutes of the day.

Continental Airlines Inc. (NYSE: CAL) announced it was cutting capacity and would shed about 3,000 jobs. Its shares were up almost 5% at $15.20 in the final minutes of the day.

Verizon Communications Inc. (NYSE: VZ) confirmed that Verizon Wireless was acquiring Alltel and its 13+ million wireless subscribers for some $28.1 Billion, and shares were up over 5% at $39.01 in the final minutes today.

Wal-Mart Stores, Inc. (NYSE: WMT) was up 3.5% to $59.71 after the company posted strong same store sales gains on the day. The one issue this highlights is the "trading down" in America.

Tags: alltell, bond insurers, BondInsurers, broadcom, ciena corporation, CienaCorporation, verizon wireless, VerizonWireless

Symbol Lookup
IndexesChangePrice
DJIA-223.328,280.74
NASDAQ-49.201,796.52
S&P 500-26.91896.42

Last updated: July 06, 2009: 06:39 AM

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