The markets were eagerly awaiting a Tim Geithner bailout package today. Instead, Geithner merely outlined a path of a plan in promise rather than anything with meat. The markets immediately went from weak to much worse, into a major sell-off mode. The rest speaks for itself after the drop we saw today, and the huge move in bond prices attests to this disappointment. Here are today's unofficial closing bell levels:
Top Analyst Downgrades
Top Analyst Upgrades
Advanced Micro Devices (NYSE: AMD) bit the dirt today after it failed to reach enough votes to be able to spin off its manufacturing plants for a fab-lite program. Shares were down a sharp 11.4% at $2.09 before the close.
Bank of America Corporation (NYSE: BAC) took it right on the chin. Its shares had nearly doubled off its lows, so it fell worse than many. Shares were down 18% at $5.62 before the closing bell.
Citigroup Inc. (NYSE: C) fell almost 15% to $3.37 shortly before the close on the same Geithner disappointment.
General Motors Corp. (NYSE: GM) was down "only 2%" at $2.77 before the close. For a day like today, that is a win. The company is shedding 10,000 permanent salary jobs, more than expected, and is temporarily cutting worker pay for the rest of the year starting in May.
Intel Corporation (NASDAQ: INTC) tried something gutsy in this environment. Unfortunately, it back-fired. The company plans to spend $7 billion in upgrades for three U.S.-based plants and for 7,000 workers. Shares were off more than 5% at $14.11 right before the close.
Wal-Mart Stores Inc. (NYSE: WMT) saw a 4.5% drop to $47.58 shortly before the close. If you can imagine it, the company is shedding about 5% of its corporate jobs, 700 to 800 jobs, in the headquarters in Bentonville, Arkansas.
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Reader Comments (Page 1 of 1)
2-10-2009 @ 5:37PM
shelleyxjr22 said...
It appears Mr. Dow & Mr. Jones are unhappy and having a little playing with the numbers tantrum. Tuff S**T.