Closing Bell: Bulls feel pretty roughed up

Posted Jul 28th 2008 4:15PM by Jon Ogg
Filed under: Sirius Satellite Radio (SIRI), Verizon Communications (VZ), Kraft Foods'A' (KFT)

Today was another day of strong selling, led by financial stocks and by earnings more than anything major. On last look oil was up more than $1.00 to almost $125.00 per barrel. Today is a reminder that a low valuation alone is not a reason to buy.

Here are today's unofficial closing bell levels:

DJIA 11131.56 (-239.13)
S&P500 1234.75 (-23.01)
NASDAQ 2264.22 (-46.31)
10YR T-NOTE 4.018 (-0.093%)
52-WEEK LOWS (huge list)
TOP ANALYST UPGRADES
TOP ANALYST DOWNGRADES

Kraft Foods Inc. (NYSE: KFT) managed to show its first substantial earnings beat. It also raised guidance on planned price hikes. Shares were up 5.5% in today's final minutes at $31.00.

Sirius Satellite Radio Inc. (NASDAQ: SIRI) was one of the big disappointments today after shares fell despite the FCC approving the huge satellite merger.

Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) was the biotech implosion of the day after the FDA delivered a non-approvable letter regarding its schizophrenia treatment. Shares were down over 70% at $0.80 on monster volume right before the end of the day.

Verizon Communications Inc. (NYSE: VZ) was down despite beating earnings estimates. Wall Street was keying in on lower FiOS signups as well as very weak and getting weaker land line subscribers. Shares were down over 2% at $33.66 in today's final minutes.

Tags: kraft food, KraftFood, oil, oil prices, OilPrices, satelliteradio, VNDA