Today's weakness could be blamed on overseas weakness, or it could be blamed on the auto industry -- GM and Toyota especially. But the general feeling after watching equities on the first day of a Christmas-shortened week was that sellers were merely taking out extra cash so they could buy better presents. The roll-over in oil from last week's sub-$35 took us north of $42.00 for February NYMEX crude, but that quickly came back under $40 again. Below are today's unofficial closing bell levels:
DJIA: 8,519.69 -59.42 -0.69%
NASDAQ: 1,532.35 -31.97 -2.04%
S&P 500: 871.63 -16.25 -1.83%
Top Analyst Upgrades
Top Analyst Downgrades
Dollar Tree Inc. (NASDAQ: DLTR) was cut to Sell by Goldman Sachs, but even worse, it was added to the CONVICTION SELL LIST. After shares ran so high this year, they were down over 4% at $41.80 right before the close.
General Motors Corp. (NYSE: GM) is expected to wait until January to start its real talks with the UAW, bondholders and the Obama administration. Credit Suisse downgraded this one. The call is very late, but the notion that shareholders will get wiped out is becoming a larger concern. GM was down 20% at $3.57 before the close.
Palm, Inc. (NASDAQ: PALM) has managed to secure an additional investment from Elevation Partners for an additional $100 million equity investment in Palm. Shares were up about 17% at $2.91 shortly before the close.
Toyota Motor Corp. (NYSE: TM) came clean. The once-immune automaker now expects to report a loss and is cutting production further in 2009. Shares were down 6% at $60.49 right before the close.
Warren Buffett, tells us more!
Oil has dropped $13, so gasoline should drop 30 cents, Americans hope
Wal-Mart's new Supermercado concept could be huge
