AOL Money & Finance

Closing Bell: Bulls drive autos, yes autos, to win the day

Posted Jul 1st 2008 4:23PM by Jon OggJon Ogg RSS Feed
Filed under: General Motors (GM), CIT Group (CIT), Fortune Brands (FO), SanDisk Corp (SNDK)

The bulls got to lead the first day of the quarter, although we would note that if today was the norm that trading volatility isn't slowing down regardless of the direction. Oil rose again toward session highs on tensions and the usual myriad of reasons we cite for oil rising (yes, it's that routine). Here are today's unofficial closing levels:
  • DJIA 11,381.77 (+31.51)
  • S&P500 1284.89 (+4.89)
  • NASDAQ 2304.97 (+11.99)
  • 10YR T-Note 3.992% (+0.013%)
  • 52-WEEK LOWS
We actually saw many financial sector upgrades from research firms today, which sent many of the corresponding shares higher in what feels like a "for once" statement. We would caution that later in the day an analyst report did note other banks would need more capital (again).


In the land of booze, we had two conflicting reports. For starters, Fortune Brands Inc. (NYSE: FO) shares were down almost 13% at $54.40 to new 52-week lows in the final minutes after the company's earnings warning for 2008. But rival Constellation Brands Inc. (NYSE: STZ) shares were up almost 4% at $20.59 at the end of the day after this wine and spirits maker posted better than expected earnings.

CIT Group Inc. (NYSE: CIT) saw a surge today after the company announced it had sold off its last consumer units to be a pure-play in the commercial finance sector. Shares were up 25% at $8.53 in today's final minutes of trading.

General Motors Corp. (NYSE: GM) was the key winner today and you could almost point to this being the key news that drove an oversold market much higher today. Even with -18% sales, this was far "less bad" than expected. Shares were up 3% at $11.92 in today's final minutes with some 81 million shares trading hands.

SanDisk Corp. (NASDAQ: SNDK) was the strange mover today as the company's stock was down big on unusual call option activity. Shares were down over 5.7% at $17.75 in today's final minutes.

Tags: alcohol, constellation brands, ConstellationBrands, financial, fortune brands, FortuneBrands, sandisk

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Last updated: November 11, 2009: 04:23 PM

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