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:
Top Upgrades & Downgrades
Solar Downgrades
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.
Closing Bell: Economic Catapult for Thanksgiving & Black Friday (WMT, TGT, GRMN, GOOG, MSFT)
Deere up on Q4 earnings performance
Reid Hoffman: LinkedIn will go public (at some point)
Reader Comments (Page 1 of 1)
11-11-2008 @ 8:29AM
BHarrison said...
The fallout in the economic debacle is still in "STAGE1" . . . we have a long ways to go before the bottom is hit; and this cannot be accomplished until FULL DISCLOSURE of each FIs is provided. The investors cannot have faith and confidence in the market until this occurs. Neither Congress nor the Corporations can afford for the American people to REALLY KNOW the extent of the pyramid and Ponzi schemes that have been committed. A major obstacle is Congress and the CEOs/corporate management "protecting each other" to protect their own personal interests.
11-11-2008 @ 8:30AM
BHarrison said...
The fallout in the economic debacle is still in "STAGE1" . . . we have a long ways to go before the bottom is hit; and this cannot be accomplished until FULL DISCLOSURE of each FIs is provided. The investors cannot have faith and confidence in the market until this occurs. Neither Congress nor the Corporations can afford for the American people to REALLY KNOW the extent of the pyramid and Ponzi schemes that have been committed. A major obstacle is Congress and the CEOs/corporate management "protecting each other" to protect their own personal interests.