Closing Bell: Dow stages comeback as bulls battle bears

Posted Aug 21st 2008 4:16PM by Jon Ogg
Filed under: IAC/InterActiveCorp (IACI), UAL Corp (UAUA), salesforce.com inc (CRM)

It seemed that our streak of gains wasn't even going to make it two days, but this afternoon buyers were able to come to the rescue. A more than $5 rise in oil was much better tolerated than in weeks past as geopolitical concerns are rising because of US-Russia tensions.

Here are today's unofficial closing bell levels:
DJIA 11,428.50 (+11.07)
S&P500 1,277.53 (+2.99)
NASDAQ 2,380.38 (-8.70)
10YR T-Note 3.838% (+0.039%)
52-week lows
Top Analyst Upgrades
Top Analyst downgrades

Barry Diller's IAC/Interactive (NASDAQ: IACID) finally completed its spin-offs into five operating units and completed its effective reverse splits. According to the data, the shares were up 8% at $16.60 in today's final minutes. Here is a full breakdown of the new companies with tickers and operations.

Salesforce.com (NYSE: CRM) was a big loser. The CRM-software company met earnings estimates but guidance was light to in-line ahead and that won't cut it for a high growth stock with triple-digit P/E ratios. Shares were down over 18% at $53.12 in today's final minutes.

UAL Corporation (NASDAQ: UAUA) fell after the head of the International Air Transport Association has as much as said the airline industry is going to get worse before it gets better as traders are using this stock as a trading proxy to trade oil. Shares were down over 9% at $11.27 in today's final minutes.

JDS Uniphase Corp. (NASDAQ: JDSU) shares were down over 12% at $10.40 in today's final minutes of trading after the fiber optic company's earnings came in light and guidance came in light. This is putting management under pressure as its "turnaround" was just supposedly starting two quarters ago.

Tags: CRM, IACI, IACID, JDSU, UAUA