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Closing Bell: Bank earnings and major biotech fail to win over oil and profit taking

Posted Jul 21st 2008 4:14PM by Jon OggJon Ogg RSS Feed
Filed under: Yahoo! (YHOO), Bank of America (BAC), Whole Foods Market (WFMI), Merck and Co (MRK), Genentech Inc (DNA)

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Today was light on the economic front as far as impact numbers. The June leading economic indicators were down at -0.1%, and the May gain of +0.1% was revised lower to -0.2%. This shows little argument for a strengthening economy. Oil showed how it can still rise as tropical storm Dolly is in the Gulf of Mexico and no deal was reached with Iran, with prices back above $131.00 per barrel. Today was looking like a gain at the start, but the market slid as the day went on.

Below are today's unofficial closing bell index levels:

DJIA 11.467.67 (-28.90)
S&P 500 1259.72 (-0.96)
NASDAQ 2279.69 (-3.09)
10 YR T-NOTE 4.067% (-0.014%)
52-WEEK LOWS
Top Analyst Calls

Bank of America Corp. (NYSE: BAC) showed a more than 4.6% gain at $28.80 in today's final minutes after the earnings report this morning came in far above lowered expectations. This stock is now up over 50% in a few days.


Genentech Inc. (NYSE: DNA) was the biotech winner today as its former parent and almost 56% holder offered to acquire the rest of the company for $89.00 per share in cash. Shares were up 14% at $93.50 as many feel the real offer for the company will have to come in at $100.00 or higher.

Merck & Co., Inc. (NYSE: MRK) shares were down almost 6% at $34.45 in today's final minutes. The company released mixed to cautious data on its Vytorin and delayed earnings until after the close.

Whole Foods Market Inc. (NASDAQ: WFMI) shares were up over 4% at $22.30 in today's final minutes after its stock was upgraded at Morgan Stanley early this morning.

Yahoo! Inc. (NASDAQ: YHOO) capitulated and allowed Carl Icahn and two other Icahn-appointed members to stand for election in a deal which will end the proxy fight. As this means no deal is on the table now, shares were down 3% at $21.77 in today's final minutes.

Tags: carl icahn, CarlIcahn, morgan stanley upgrades, MorganStanleyUpgrades, vytorin

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Symbol Lookup
IndexesChangePrice
DJIA+73.0010,270.47
NASDAQ+18.862,167.88
S&P 500+6.241,093.48

Last updated: November 14, 2009: 08:22 AM

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