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Today and yesterday will go down in the history books as THE BAILOUT DAYS. The market was up sharply on record volume and short squeezes almost everywhere after the government bailout plans and the ban on short selling financial stocks. As the advance-decline line was massive with 85% NYSE stocks and 71% of NASDAQ stocks up on last look today, we wanted to mostly cover some of the ones which failed to chase the market. Here are today's unofficial closing bell averages:DJIA 11,385.51 +365.82; +3.32%
NASDAQ 2,264.83 +65.73; +2.99%
S&P500 1,250.90 +44.39; +3.68%
10YR T-Bond 3.769% +0.332%
52-week lows
Top Analyst Upgrades
Top Analyst Downgrades
The biggest winner of the troubled financial stocks in today's final minutes was American International Group (NYSE: AIG). There was no news from the company, it was all the bailout and barring of short sales in the stock. Its shares were up more than 57% at $4.24 in today's final minutes before the close.
As we wanted to focus on the stocks that lagged today, here is that list of key stocks....
Yahoo! Inc. (NASDAQ: YHOO) was down 4% at $20.02 in the final minutes before the close but shares had been down as low as $19.27 today. Its loss of search market share again hurt the stock and day traders pounded it early on.
OfficeMax Inc. (NYSE: OMX) was down 14% at $11.35 in the final minutes. Friedman Billings Ramsey downgraded the stock after it disclosed a pretty wide exposure to Lehman in the event of a guarantee default.
Ambac Financial Group, Inc. (NYSE: ABK) was down 31% at $4.57 in today's final minutes on reports that Moody's was considering downgrading the stock's debt rating.
First Marblehead Corp. (NYSE: FMD) was another loser today with shares down 11% at $3.31 in the final minutes as the student loan companies may not have that strong of a bailout and the lender was not on the SEC list of banned stocks for short sales.
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Reader Comments (Page 1 of 1)
9-19-2008 @ 7:20PM
prousahelp said...
listen up Americans.. This is serious and it is not a good time to point fingers or listen to the presidential candidates sailing with the "wind", whichever directions the wind is blowing. We are so dead right now seeing this great country how our government just take our "password" , open our safe, take our money, future savings , our kids moneyand our hard working paychecks, bailing out less than ten incompetent CEO's who collapsed our financial structure. How do you spell crime? Main street way or the government way? Can someone tell me what is wrong with this picture ? CEO culprits are walking away with our lifetime savings as their million dollar rewards for their performance??!??!?! What the XXXX? I wonder what kind of new breed of CEOs Harvard, Yale , Princeton and Columbia Universities are producing today? Did they skip "accounting ?"