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On what would have been any normal Monday, the markets saw a huge rally after some overseas stability. Many emerging markets were closed for holidays and investors loved the Obama plan for new infrastructure build-outs as a stimulus package and jobs package. Bond yields even rose a bit as investors were moving away from that "flight to quality trade." In fact, this was the first day the DJIA broke above 9,000 since November 10, 20008. Here are today's unofficial closing bell levels:
3M Co. (NYSE: MMM) shares were off after joining in on the layoff and lower guidance game. The conglomerate said the economy and currency issues made it lower expected guidance on earnings. It is also laying off 1,800 workers, slowing manufacturing capacity, and sending some workers home temporarily.
Dow Chemical Co. (NYSE: DOW) gave some pretty ghastly forecast numbers, but shares rose as the company had already snuck this data out on a tease last week. The chemical giant was up 7% at $20.38 shortly before the close. That isn't bad for a company canning 11% of its workforce and closing 20 of its factories.
Playboy Enterprises Inc. (NYSE: PLA) was one of the largest gainers today. Too bad it took a Christie Hefner resignation to bring that about. Shares were up 20% at $2.10 right before the close.
Genzyme Corporation (NASDAQ: GENZ) was down 3% at $63.50 shortly before the close today ahead of an FDA panel review tomorrow over its osteoarthritis pain drug. It is probably a safe assumption to expect shares to be halted all day tomorrow as is customary for biotech's on days when large FDA panel reviews take place.
General Motors Corp. (NYSE: GM) traded sharply higher for most of the day on word that the bailout funds will be directed its way. Barney Frank was giving the day as "today" for a deal to be reached. Shares were up over 17% at $4.82 shortly before the close.
Leucadia National Corp. (NYSE: LUK) traded up after Barron's said the stock can come back and has untapped assets that could reward investors to possibly $30.00 next year. This stock is frequently thought of as the miniature Berkshire Hathaway. Shares were up almost 8% at $20.01 shortly before the close.
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Reader Comments (Page 1 of 1)
12-08-2008 @ 4:08PM
Jack Ogg said...
GM will see a gain as the loan funds work their way through. F, is a better bet with less potential immediate downside and a lower cost basis. F was up about 25% today with GM about 18%.
12-08-2008 @ 4:27PM
Iridium said...
I'm gonna hire millions of people to build roads and green schools. We are going to invest in America's future.
I'm laughing my butt off. People actually believe this is going to work. The fact that this BS was a cause for the market to go up proves that the stock market is based on a fantasy world where kittens never grow up and you float on fluffy clouds at night.
Where are you going to get the money to pay for all of this Mr. Obama? What are these people going to do when the project is done? Where are these new roads going to go? Are you maybe going to use traffic tickets to pay for the roads like they are suppossed to? What about all the welfare programs that are funded with the current traffic revenues?
This is the most idiotic plan to come out of anyone in the past 500 years. You want to see how it will turn out. Look at East Cleveland. They built a whole bunch of new schools using federal money. Guess what they had to do. They had to tear down brand new buildings because they didn't have students to go to these new schools. If they left them unoccupied they would have been filled with vagrants and drug dealers.
A school system is not made by the buildings that it has, it is made by the quality of the students. I for one do not want my tax dollars spent on a whole bunch of new schools that will do nothing but turn out failing kid after failing kid. China made smarter kids than us teaching them in buildings that would be considered condemned in the USA.
Obama isn't even president yet and he has already proven himself to be the dumbest president we have ever had.
12-08-2008 @ 10:42PM
Nancy said...
GM's share was $64 when Wagoner took over in 2001. Now it is $5 per share. This to me does not sound like a measure of success. I agree with Chris Dodd.
Get rid of the "yes men" and hire people who will speak up. Speak up when Wagoner wants all of his people to call Congress to vote against more fuel efficient cars and trucks. This is what Wagoner asked all of his people to do a few years back.
12-08-2008 @ 10:52PM
Mark said...
Infrastructure stimulus package? I'm looking into my crystal ball and here's what I see. A bidding procress full of corruption, crime, and kickbacks.
One hundred thousand new workman's compensation claims and and millions of new people on un-employment checks - all paid for by the taxpayers. Oh, and millions of new people trapped into voting Democratic in the next election.
This isn't the time of FDR. Unfortunately, their are a lot more workers today that care less about personal pride, foreclosure, and bankruptcy and care more about beating the system and just blaming someon else.
The only answer for today's America is to slash taxes for the people that hire (temporarely,wink wink) and use their greed to expand and get this country back to work again.