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Closing Bell: Odd day with mixed readings

Posted Jun 16th 2008 4:24PM by Jon OggJon Ogg RSS Feed
Filed under: General Electric (GE), Sirius Satellite Radio (SIRI), Lehman Br Holdings (LEH)

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While today was a mixed day, overall it was far better than it could have been. Financial stocks saw a bit of a rebound as Lehman's world didn't look like it was coming to an end. Ben Bernanke gave a speech today but showed his concerns that rising health care costs are a huge concern for the economy. The NAHB also gave a low builder sentiment reading of 18, which matches recent lows. Oil did hit a new high despite the Saudi's pledge to boost production, but that was on the dollar and it did manage to come off of highs. These are unofficial index level closing prices:
Chiquita Brands International Inc. (NYSE: CQB) was the disaster of the day as shares were down some 29% in the final minutes after this mornings warning that cost hikes were going to create a wide earnings miss.

General Electric Company (NYSE: GE) was one of the most active names today. JPMorgan slashed its rating on the stock, but the move wasn't as bad as one might guess as shares even got back to positive before the end of the day. GE's stock was down 0.6% at $28.97 in today's final minutes of trading.

Lehman Bothers Holdings Inc. (NYSE: LEH) saw another rise after the company's earnings didn't indicate an implosion by the investment bank and brokerage firm, despite massive losses. Its shares were up some 5% at $27.14 in today's final minutes.

Shares of Sirius Satellite Radio (NASDAQ: SIRI) were finally given tentative merger approval today, but its shares were only up 3.5% at $2.63 in today's final minutes of trading.

SunPower Corporation (NASDAQ: SPWR) saw a large surge after its rating was raised to Outperform from Neutral at Credit Suisse in coverage this morning. In today's final minutes shares were up over 7.5% at $83.75.

Tags: chiquita brands, ChiquitaBrands, sunpower

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Last updated: November 10, 2009: 08:01 AM

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