Closing Bell: Bears win, but cubs eat baby bulls

Posted Aug 4th 2008 4:05PM by Jon Ogg
Filed under: Commodities, Oil

The day may have closed down in negative territory for stocks, but even watching it all day didn't give one any major feel for the market's direction into the close. Today's PCE Inflation index came in at +4.1%, although traders have discounted this data as energy prices and even some food prices have started coming down from the May to June highs. Oil put in a serious drop to briefly under $120 and now traders are calling for lower levels rather than higher. You could throw up literally 5 issues affecting oil prices, but you might as well call it "air out of the bubble" rather than anything.

Here are today's unofficial closing bell levels:
DJIA 11,283.74 (-42.58)
S&P500 1,249.01 (-11.30)
NASDAQ 2,285.17 (-25.79)
10YR T-NOTE 3.9720% (+0.024%)
52-WEEK LOWS
TOP ANALYST UPGRADES
TOP ANALYST DOWNGRADES

Humana Inc. (NYSE: HUM) sent most health insurers higher after it posted $1.24 EPS versus a prior guidance of $1.15 to $1.20 EPS and above $1.18 estimates. Shares were up over 5% to $47.00 in today's final minutes.

Church & Dwight Co. Inc. (NYSE: CHD) came out strong as earnings grew over 10% to $0.66 earnings per share (EPS) versus $0.63 EPS estimates. Shares were up almost 5% at $57.46 in today's final minutes.

Orbitz Worldwide, Inc. (NYSE: OWW) was already having a tough year, and now the stock delayed today's earnings report out to Thursday Aug. 7, after disclosing that that not all of its financial statements were finalized. Investors rarely endorse earnings delays on the same day that a report is supposed to come out, and shares were down over 5% to $5.30.

Warner Music Group Corp. (NYSE: WMG) shares tanked as Goldman Sachs downgraded its rating down to a "Sell" as industry troubles continue amid high competition and a change in consumer buying habits. Shares were down almost 6% at $7.78 in today's final minutes.

Tags: church and dwight, ChurchAndDwight, health care, health insurers, HealthCare, HealthInsurers, oil, orbitz, warner music group, WarnerMusicGroup