We don't have any official results from the presidential and congressional elections as of yet, but traders decided to keep buying stocks today despite concerns of what an Obama administration would do to equity investors. Regardless of the bad economic data, it looks and feels as though you can make actual analysis beyond the next 30-minute period again. Even a $6.00+ rally in oil prices after the Saudis cut production did not stop stocks from rallying. Here are today's unofficial closing bell levels:
DJIA: 8,625.28 (+3.28)
NASDAQ: 1,780.12 (+3.12%)
S&P 500: 1,005.73 (+4.08%)
Top Analyst Upgrades
Top Analyst Downgrades
Archer-Daniels-Midland Co. (NYSE: ADM) surged after the agricultural giant blew past earnings estimates and it is being rewarded after losing so much ground this year. Shares were up 14% at $24.13 right before the close.
CIT Group Inc. (NYSE: CIT) saw its shares surge as one of the top percentage gainers today after the company announced that it has completed a $500 million financing facility from Wells Fargo. In the final minutes of trading, shares were up over 32% at $6.00 on three-times normal volume.
FCStone Group, Inc. (NASDAQ: FCSX) was crushed after its update on liquidity and credit issues with the commodity risk management firm expecting to incur up to a $25 million pre-tax bad debt provision in the first quarter of fiscal 2009. Shares were down 42% at $3.56 right before today's close.
Mastercard Incorporated (NYSE: MA) posted much better-than-expected earnings and is indicated up considerably. Shares of the credit card clearing giant were up over 17% at $169.30 right before the close.
Valero Energy Corp. (NYSE: VLO) was downgraded to Neutral from Buy at Goldman Sachs on concerns that the margins might not hold up in the current climate. This call seemed very late and after the fact more than anything solid, and traders bid the stock up as a result. Shares were up 8% at $21.96 right before the close.
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