Today was another tiring day. Stocks gapped down lower and then managed to spend most of the day fighting in negative and positive territory. The ISM data on manufacturing this morning was atrocious and the worst since after the 2001 terror attacks. The Senate is expected to vote on a bailout plan tonight.Below are today's closing bell levels:
DJIA 10,836.96 -13.70 -0.13%
NASDAQ 2,069.40 -22.48 -1.07%
S&P500 1,161.49 -4.87 -0.42%
10YR T-Bond 3.7680% -0.0590
52-week lows
Top Analyst Upgrades
Top Analyst Downgrades
General Electric Co. (NYSE: GE) had been down much worse today after an analyst downgrade raised further liquidity concerns. Then the announcement came that it was selling $12 billion stock to the public and $3 billion in preferred to Warren Buffett. Shares were down 3.4% at $42.15 in today's final minutes.
Citigroup Inc. (NYSE: C) rose on further hopes of a Senate bailout package and on higher FDIC deposit limits. It is also expected to price $10 Billion in stock tonight. Shares were up 11.5% at $22.86 in the final minutes of the day.
Ford Motor Co. (NYSE: F) had an awful day. Its auto sales for September were down over 30%, in a show of force that no one can afford to buy new cars. Shares were down 13% at $4.51 today as these numbers were absolutely dismal.
Tyson Foods Inc. (NYSE: TSN) saw something we haven't seen in quite some time. S&P actually raised some of its debt ratings. Right at the close, shares were up over 7% at $12.81.
Universal Health (NYSE: UHS) was among several hospital downgrades by UBS this morning. It seems that the hospital sector is not immune to a rapidly weakening economy and credit concerns persist. The company denied any credit issues exist and said it is stable. Its rating was cut to Neutral from Buy. Shares were down 5.5% at $52.95 right before the close.
ImClone Systems Inc. (NASDAQ: IMCL) was up over 5% at $65.50 right before the close on reports that Eli Lilly is the mystery bidder that will make an offer of $70.00 per share to acquire the ERBITUX cancer treatment maker.
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