If you were watching the market today, it really felt like a mixed bag despite the rally and sell-off. The Fed's Beige Book said that all sectors showed weakness with weakening across the board. Rumors that Hank Paulson might ask Congress to approve a second wave of TARP funds failed to generate any hard interest today. Here are today's unofficial closing bell levels:
Top Analyst Downgrades
Constellation Energy Group, Inc. (NYSE: CEG) traded up on reports that the state-controlled utility group Electricite de France SA in France is rivaling a Warren Buffett bid for the nuclear assets. The bid is $4.5 billion for 50% of the nuclear assets. Unfortunately, the gains here faded throughout the day.
Marvell Technology Group Ltd. (NASDAQ: MRVL) traded up sharply after the communications chip designer posted 23 cents earnings per share before items, above analyst expectations of 21 cents EPS. While the company warned that it was uncertain about near-term demand, the warning came after the stock had a huge sell-off and was above estimates when most companies are missing targets.
Research in Motion Ltd. (NASDAQ: RIMM) traded down after the BlackBerry maker lowered its revenue projections down to a range of $2.75 to $2.78 billion, lower than the previously range of $2.95 to $3.10 billion. Palm's woes were not isolated after all.
SanDisk Corp. (NASDAQ: SNDK) rose sharply after options trading reports noted a potential bid from Toshiba. This was after a flurry of call options buying and then the move was followed in the stock.
For a quick-read on the U.S. economy, check the price of gasoline
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