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Today's rally came on strong as horrible unemployment data showed the need for a much stronger stimulus package. Expect a big package Monday, or at least expect a huge sell-off in many banks and financials if not. Here are the unofficial closing bell levels:Dow 8,280.59 +217.52 (2.70%)
S&P 500 868.56 +22.71 (2.68%)
Nasdaq 1,591.71 +45.47 (2.94%)
Biogen Idec Inc. (NASDAQ: BIIB) gave a very mixed earnings report with $0.93 EPS and $1.07 billion in revenues, meeting earnings targets and being a tad light on revenues. The company also gave positive notes about the future of Tysabri, but it is getting more formal pressure from ICarl Icahn. Shares were down 2% at $52.21 shortly before the close.
Bank of America Corporation (NYSE: BAC) led banks higher ahead of the stimulus plan. CEO Ken Lewis bought shares along with insiders, but he also came on a CNBC interview and said the bank does not need more capital. Shares were up 28% at $6.22 shortly before the close.
Research in Motion Ltd. (NASDAQ: RIMM) traded higher on a research call. UBS raised its target to $57 from $42. Its stock was up almost 5% at $59.65 right before the close.
Toyota Motor Corp. (NYSE: TM) came out with its first annual loss in over 50 years. Despite all the problems ahead, its shares were up almost 1% at $69.36 before the close thanks to hopes around the stimulus package.
General Electric Company (NYSE: GE) was hit by a research note from JPMorgan that its AAA rating is not sustainable and the call is predicting a cut to its dividend. GE finally hinted at a dividend cut and shares rallied. Shares were up over 2.5% at $11.15 shortly before the close.
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