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Closing Bell: Hail to the bull! Market moves up!

Posted Oct 13th 2008 4:15PM by Jon Ogg
Filed under: General Motors (GM), Morgan Stanley (MS)

Today had all the earmarks for a weird trading day as banks, bonds, Canadians, and Japanese weren't a part of the market due to holidays. But stocks were open, and for once it's a great thing they were open. The DJIA put on a massive rally after overseas markets reacted favorably to US and globally coordinated bailouts.

Below are the unofficial closing bells prices:
DJIA 9,390.08 +938.89 +11.11%
S&P500 1,003.70 +104.48 +11.62%
NASDAQ 1,844.25 +194.74 +11.81%
10YR T-Note 3.8610% (Closed Today)

52-Week Lows
Top Analyst Upgrades

General Motors Corp. (NYSE: GM) was up on talks that it is actually considering a mega-merger with Chrysler in a deal where Cerberus would keep some stake in the combined auto company and perhaps take over the rest of GMAC as part of the deal. Shares rose 33% to $6.52 on the day.


Morgan Stanley (NYSE: MS) had a monster day after closing its financing package with Mitsubishi UFJ Bank in Japan for the $9 billion. Shares rose a monster 87% to $18.11.

Waste Management Inc. (NYSE: WMI) raised its earnings guidance to $0.62 EPS vs. $0.60 estimates. It also decided to go-it-alone rather than to be an acquirer. Shares rose some 17% to $30.19.

BE Aerospace Inc. (NASDAQ: BEAV) raised guidance for this past quarter to $0.54 EPS vs. $0.50, but it lowered guidance for Q4, 2009 and even for 2010. But a $1 billion order from Airbus was enough to help this one rally 30% to $11.57.

Tags: BEAV, GM, MS, WMI

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Symbol Lookup
IndexesChangePrice
DJIA-223.328,280.74
NASDAQ-49.201,796.52
S&P 500-26.91896.42

Last updated: July 04, 2009: 05:19 AM

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