Today was a bit of a mixed day with bulls and bears fighting over whether or not the DJIA should be above or below 8,000. Consumer spending and income were both weak; manufacturing data from the ISM was weak, and construction spending was weak. The weak numbers are becoming routine and traders were in charge today.
DJIA: 7,936.75 -64.11 -0.80%
NASDAQ: +18.01 +1.22%
S&P 500: 825.43 -0.45 -0.05%
Top Analyst Upgrades
Top Analyst Downgrades
Odyssey Marine Exploration, Inc. (NASDAQ: OMEX) was the winner today. This cult stock, a deepwater treasure shipwreck and treasure hunter, announced that it found the HMS Victory (sunk in 1744). Shares were up a 7% to $4.21.
Mattel Inc. (NYSE: MAT) was hit hard on bad earnings. The strong dollar was actually a huge contributor here, although parents also seem to be deciding their kids don't need those toys this year. Shares were down 16% to $11.85 .
NYSE Euronext, Inc. (NYSE: NYX) was a partial disaster today with more problems than a bear market and losing customers who trade stocks. The NYSE's own stock was downgraded at two firms, with the cuts coming from Goldman Sachs and KBW. Shares were down 13% to $19.19.
Toyota Motor Corp. (NYSE: TM) was giving bad news, but shares didn't react much attention as most of the news in the sector is known. The Japanese car giant is now looking to produce almost 2 million cars less than in 2008, bringing more furloughs and more cost cuts. Shares were flat at $64.
Macy's (NYSE: M) fired 7,000 people and cut its dividend. Its same-store sales were down 4% last month, and this may not be the firm's last round of firings.
Douglas A. McIntyre is an editor at 24/7 Wall St.
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