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The good news is that it no longer feels like a perpetual free fall. The bad news is that it feels directionless. Earnings season has yet to really kick off and traders and investors are deciphering how to judge value versus possibly many quarters of a very difficult environment. Here are today's unofficial closing bell levels:
Top Analyst Downgrades
Bank of America Corp. (NYSE: BAC) hit more than fifteen year lows as the banking giant is raising more cash. The banking giant is selling some $10 billion worth of preferred and warrant securities to the Treasury.
First Solar, Inc. (NASDAQ: FSLR) was hit again after a key downgrade. Citigroup slashed the rating to HOLD from BUY and its price target was cut to $170 from $205 as well.
NVIDIA Corporation (NASDAQ: NVDA) warned revenues would see a decline of 40% to 50% sequentially to a new revenue implied range of $448.8 to $538.5 million for this current quarter. Thomson Reuters (First Call) had its consensus estimate listed as $805.51 million.
Citigroup Inc. (NYSE: C) did finally issue a statement regarding the multitude of news and media reports regarding the possible combination of Smith Barney with Morgan Stanley (NYSE: MS) with the note that the combination pertains to Smith Barney's retail operations.
General Electric Co. (NYSE: GE) weakness was tied to a cautious Barclays research note predicting that GE 4Q earnings will likely be at the low end of its EPS $0.36 to $0.42 EPS guidance.
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
