Closing Bell: Dow ends down despite China; ACAS, AIG, GM, NT decline, UPS gains

Today started out looking like a great Monday after the Chinese announced a $586 billion stimulus package. Unfortunately, some of this was already in the works and many doubt its projected 8% to 9% growth for 2009 can stave off a recessionary environment ahead. Bonds closed early ahead of Veteran's Day, and are not trading Tuesday.

Here are the unofficial closing bell levels:
DJIA: 8,870.54 -73.27 -0.82%
NASDAQ: 1,616.74 -30.66 -1.86%
S&P 500: 919.21 -11.78 -1.27%
52-week lows
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American Capital, Ltd. (NASDAQ: ACAS) got killed after three major announcements: -$2.63 EPS, a $158 million acquisition, suspension of its dividend. Shares were down over 43% at $7.75 to a new multi-year low right before the close.

American International Group (NYSE: AIG) got a larger lifeline as the old $85 billion package grew to $120+ billion and then to $150+ billion, with some $40 billion coming from the TARP funds at better terms. Shares came off with the market at the end of the day, but were still up 9% at $2.30 right before the close.


General Motors Corporation (NYSE: GM) tanked after Deutsche Bank said to sell the stock. It also said that even if no bankruptcy occurs the stock could go to Zero. Shares were down 25% at $3.24 right before the close on more than triple the average volume.

Nortel Networks Corp. (NYSE: NT) posted a $3.4 billion loss and said it was laying off workers and restructuring further to improve its results. Nortel did not do well when things were going well, and it has no competitive advantage now that things are crummy. Shares were down 22% at $0.90 right before the close.

United Parcel Services, Inc. (NYSE: UPS) was the shipping winner today with shares up 2.5% at $53.19 right before the close. Competitor DHL has announced it was cutting 9,500 jobs as it discontinues air and ground operations within the United States, thus eliminating one of UPS's competitors in the domestic U.S. shipping market.
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Symbol Lookup
IndexesChangePrice
DJIA-89.2312,801.23
NASDAQ-23.352,903.88
S&P 500-9.311,342.64

Last updated: February 13, 2012: 05:08 AM

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