BloggingStocks

Closing Bell: Dow has another triple-digit down day; NVDA gains, GM declines

Posted Aug 13th 2008 4:22PM by Jon Ogg
Filed under: After the bell, Major movement, Earnings reports, Deals, Google (GOOG), General Motors (GM), Market matters, Genentech Inc (DNA)

Today was another very volatile day with stocks posting triple-digit DJIA losses. Shares opened and traded lower, then recovered sharply before falling back down at the end of the day. Oil and commodities rose. Oil was up over $3.00 to over the $116 a barrel mark on soft inventory levels and reports Russia is seizing a Georgian pipeline. With gold rising almost $17.00 and the dollar falling, it almost felt like the commodity trades were coming back on. There was a drop in import prices, but that wasn't enough to keep the bears from roaring today.

Here are Wednesday's unofficial closing bell numbers:

DJIA 11,536.22 (-106.25)
S&P500 1,288.87 (-3.72)
NASDAQ 2,428.62 (-1.99)
10YR T-Bond 3.947% (+0.029%)
52-WEEK LOWS
ANALYSTS UPGRADES & DOWNGRADES

Google Inc. (NASDAQ: GOOG) saw shares down marginally today as the stock was down 0.8% at $498.53 in the final minutes before the close. Jim Cramer interviewed Google's CEO & Chairman on CNBC today and he brought back that $750 Target.

General Motors Corp. (NYSE: GM) took a beating on another Moody's debt downgrade. While everyone should have known this data, shares were down almost 8% at $10.22 in the final minutes ahead of today's closing bell.

Genentech (NYSE: DNA) was up a little more than 0.5% at $98.43 in the final minutes after it rejected Roche's $89.00 cash bid and offered Roche to choke up more cash.

NVIDIA Corporation (NASDAQ: NVDA) managed to escape the hangman after reporting disappointing earnings, recording a loss due to a $196 million charge to cover its technical issues in graphics processors. But a $1 billion share buyback plan compared to its market cap of $6 billion saved the day. This was a key trading alert stock today and shares were up over 10% at $12.24 in the final minutes.

Tags: dna, gm, goog, NVDA

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