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Closing Bell: DJIA 11,000 or 10,000 is closer rather than farther

Posted Jul 2nd 2008 4:24PM by Jon OggJon Ogg RSS Feed
Filed under: After the bell, Starbucks (SBUX), General Motors (GM), Lehman Br Holdings (LEH)

After a brief refreshment, today just ended up being ugly rather than what many were hoping would be a boring day. Today's action was likely due more to analyst concerns, but a late-day news report on a security breach scare at LAX airport may have added stress to a trading day that would have otherwise been quiet. The markets are grossly oversold, but there just seems to be very few reasons for traders to hit their "BUY" buttons on keyboards.

These are UNOFFICIAL closing bell levels for major index readings:
General Motors (NYSE: GM) was the daily disaster due analyst call. Merrill Lynch downgraded the stock to Underperform and noted that "the chances of bankruptcy aren't impossible." 24/7 Wall St. noted the same weeks before, and we even posted odds on what the chances are that major auto or airline companies would have to file for protection by the end of 2008 to early 2009.


Lehman Brothers (NYSE: LEH) said that it was granting options with under-market strikes to employees of 20% of last year's salary to retain talent. This "golden handcuffs" strategy led many to believe that this means no major severe weak buyout offer like a Bear Stearns scenario is underway. Shares were up almost 7% at $22.39 in today's final minutes.

Starbucks Corp. (NASDAQ: SBUX) was a mixed bag as shares were up marginally at $15.66 in the final minutes after the company disclosed last night that it would slow down growth and expand its store closings this year. This was big enough that S&P put the company on Negative CreditWatch.

UnitedHealth Group Inc. (NYSE: UNH) issued an earnings warning, but shares held up better than you'd expect because valuations are getting so low. Shares were down about 1.7% at $25.20 in very final minute trading.

Tags: gm, inthenews, leh, sbux, UNH

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Symbol Lookup
IndexesChangePrice
DJIA-19.9510,206.99
NASDAQ-11.752,142.31
S&P 500-4.781,088.30

Last updated: November 10, 2009: 12:36 PM

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