Closing Bell: Dow pops up, and the bulls are eating bear meat this weekend

Posted Aug 8th 2008 4:58PM by Jon Ogg
Filed under: Apple Inc (AAPL), Hansen Natural (HANS), Sprint Nextel Corp (S)

Boy, two 300-point rallies in one week. Oil's tank and some rectification in the financials in ARS issues were the breeding ground for a huge market day. Even a Russian military action in Georgia failed to kill the bulls.

Here are the unofficial closing bell levels:

DJIA 11,734.32 (+302.89; 2.65%)
S&P 500 1,296.31 (+30.25; 2.39%)
Nasdaq 2,414.10 (+58.37; 2.48%)
10-Yr Bond 3.95% (+0.015%)
52-Week lows
Analyst downgrades
Analyst upgrades

Apple Inc. (NASDAQ: AAPL) rose after Credit Suisse started it with an Outperform rating in new coverage in the sector as the firm believes the industry will continue to head its way thanks to its computers and iPhones. Shares closed up 3.6% at $169.55.

Hansen Natural Corporation (NASDAQ: HANS) posted lower earnings as margins were pressured on costs and sales were 10% under plan as well. Traders decided on a strong day to look for some value here and shares closed up more than 7% at $23.23 today.

Sprint Nextel Corporation (NYSE: S) rose a second day after canceling a preferred stock sale, which has some thinking that the potential buyout from SKTelecom or another could be back in the works. Shares rose 11.9% to $8.72 on this and a strong market.

Tags: ARS, credit suisse, CreditSuisse, Georgia, Oil, sktelecom

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Reader Comments (Page 1 of 1)

8-08-2008 @ 6:08PM

Iridium said...

Doesn't make any sense to me. You get horrible news from Fannie showing that the credit crisis is still going on reckless abandon.

The worldwide slowdown is really starting. China's economy is slowing and so is Europe. This doesn't signal that the US is closer to a recovery. It signals that the economy is going to get worse. One bright spot has been the US export market, which an increase in the dollar hurts.

Oil is falling because the few high dollar brokers that lost billions in mortage backed securites have made thier money back and then some selling commodities. After a few years of driving the price up it is now time to sell. These same brokers are also helping to increase the value of the US dollar in order to gain more money from selling oil bought with other currencies. The contracts bought with Euros and a weaker dollar net more profit with a stronger dollar when sold.

The shell game continues.