Closing bell: A modest reaction to bad news; OMEX, MAT, AMAT, M, NYX, TM

Posted Feb 2nd 2009 4:21PM by Douglas McIntyre
Filed under: Earnings Reports, Toyota Motor Corp. (TM), Market Matters, Applied Materials (AMAT), NYSE Euronext (NYX), Mattel, Inc (MAT), Economic Data

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.

Here are today's unofficial closing bell levels:
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.

Applied Materials Inc. (NASDAQ: AMAT) issued an earnings warning this morning ahead of quarterly results in two weeks. The company expects -$0.09 to -$0.11, but that does include $0.09 worth of charges and items. Applied blamed deteriorating customer finances, the challenging economic and industry environment for the loss. Shares were flat at $9.40.

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.

Tags: amat, m, mat, nyx, omex, tm