If you thought that four days of rallying was too much, it looks like the traders did too. Financials took a breather after critics started panning the BAD BANK theory. We also had much weaker durable goods and wider jobless claims to pour fuel on the fire. Here are today's closing unofficial bell levels:DJIA: 8,147.73 (-2.72%)
S&P500: 845.10 (-3.32%)
NASDAQ: 1,507.84 (-3.24%)
Top Analyst Upgrades
Top Analyst Downgrades
Altria Group Inc. (NYSE: MO) suspended its share buyback plan after its net earnings fell sharply. Maybe investors will have to decide if a dividend north of 7% is finally enough. This stock was just above the flat-line at $16.83 right before the close.
DryShips, Inc. (NASDAQ: DRYS) was crushed on a research call from Oppenheimer showing that it needs to raise up to $500 million via stock sales. The report noted that it is out of debt covenants, ouch. Shares were down 30% at $8.48 right before the close based upon the severity of concerns.
Exxon Mobil Corp. (NYSE: XOM) was downgraded at Goldman Sachs ahead of tomorrow's earnings report. That is two cuts in two days, so we wonder if they are on to something in research calls or if they are just late. Shares were down almost 3% at $77.01 right before the close.
3M Co. (NYSE: MMM), along with its earnings disappointment with a 37% drop in earnings and lower guidance, cut cap-ex plans by one-third and announced that it was halting its share buyback plan to conserve capital. This one is down about 30% from last year's highs. Shares were up almost 2% at $56.40 right before the close.
Eastman Kodak Company (NYSE: EK) posted a loss, warned of cost cuts and layoffs. The total job cuts are now expected to be between 3,500 and 4,500 positions during 2009. Eastman Kodak shares were down almost 30% at $5.07 right before the close.
Ford Motor Co. (NYSE: F) was up initially despite atrocious losses. It posted a loss at -$1.36 EPS vs. -$1.30 estimates, but maintained that it does not currently need additional capital. Shares were down over 3% at $1.96 right before the close.
Closing Bell: Dubai sends jitters throughout the market (S, BBY)
Heinz looking good after the second quarter?
Why isn't Bank of America updating its shareholders on CEO situation?
Reader Comments (Page 1 of 1)
1-29-2009 @ 4:24PM
Jordan said...
Interesting article. Check out this related story at Fisher Investments MarketMinder www.marketminder.com/a/fisher-investments-capitalism-media-hype-myths/55d6bd56-e222-4c88-a908-1b9b652a1658.aspx.
1-29-2009 @ 4:26PM
Jordan said...
Let me try that link again. The article can be found at Fisher Investments MarketMinder
1-29-2009 @ 4:57PM
BHarrison said...
"One step "forward", and TWO steps back . . . ." The market is just progressively declining until it hits bottom sometime in the lateter part of 2009 (hopefully?)
There will be NO RECOVERY until Congress passes legislation for reasonable and prudent regulaations and implements effective oversight of the FIs, the corporataions and the markets/funds.
No prudent and reasonable person is going to invest in a manipulated, corrupt, and declining market/corporations until INTEGRITY is instilled in the financial reports of these corporations and institutions.
BUT, as of this date, Congress has done nothing to take such actions . . . so the decline will continue for a long time. until there is a reasonable assurance of INTEGRITY in the financial reports and operation of these corporations, there can be no "faith and confidence" to invest in these corporations, markets/funds.
Congress was the PRIMARY CULPRIT in enabling and allowing the FRAUDS that caused these economic debacles; and now Congress is the PRIMARY CULPRIT in NOT addressing the critical issues to instill INTEGRITY in our business enterprises to stimulate investments.
Meanwhile the managers of major funds are investing in "zero interests T-Bills" instead of the stock market or hedge funds . . . that certainly demonstrates that EVEN the insider professionals do not have "faith and confidence" in the markets or the corporations.
"INTEGRITY" is the key to it all . . . that is something that eludes the Congressmen and the CEOs.