Despite a negative GDP report coming in at -0.3% to begin that start of the recession, stocks actually spent most of the day in the black. The Treasury has finally started paying TARP funds out to large banks, and the second tier banks are next in line. Oil is contained, and an old and haggard looking T. Boone Pickens gave an interview this morning saying he was out of oil but thinks oil will go back to $100.00 next year.
Here are today's closing bell levels:
DJIA: 9,180.69 (+2.11%)
NASDAQ: 1,698.52 (+2.49)
S&P 500: 954.09 (+2.58)
Top Analyst Upgrades
Top Analyst Downgrades
Biogen Idec Inc. (NASDAQ: BIIB) shares were down over 5% at $39.68 right before the close, but that is better than the -1% at one point after yesterday's close. The biotech giant disclosed a US-case of PML that was detected early via MRI in one of its TYSABRI patients.
Diebold Inc. (NYSE: DBD) beat earnings this morning with $0.70 EPS vs. $0.64 estimates. Revenues also rose by 20%. Shares were up over 12% at $28.64 right before the close.
Foundry Networks Inc. (NASDAQ: FDRY) agreed in principle to a lower merger price from Brocade to merge the companies in the current reduced price environment. The new merger price is $16.50 for Foundry, and shares were up 15% at $14.92 in the final minutes right before the close.
JDS Uniphase Corporation (NASDAQ: JDSU) was trading down over 8% at $5.49 right before the close after the fiber optics company not only missed earnings yesterday, but it is now running back at operating losses due to the current environment.
Symantec Corp. (NASDAQ: SYMC) had a very rough day. The company's last quarter was fine, but the data security provider issued lackluster guidance, which was even lower than what Wall Street would have accepted. The stock was down 18% at $12.01 right before the close.
Cramer on BloggingStocks: Don't paint everything with the jobs brush
Seven banks go up in smoke ahead of the holiday weekend
Sears offering hedge for consumers who lose their job -- good idea?
