Closing Bell: Stocks manage a rebound; MMM, BAC, LVLT, RIMM, SIRI

Posted Feb 11th 2009 4:24PM by Jon Ogg
Filed under: Sirius Satellite Radio (SIRI), Market Matters, 3M Corporation (MMM), Bank of America (BAC), Research in Motion (RIMM), Level 3 Communications (LVLT)

Despite the TARP bank CEOs being grilled on Capitol Hill, the financial stocks and the market eked out a rally. Chicago Federal Reserve President Evans gave a speech today, saying he expects more unemployment and more GDP contraction.

Here are the unofficial closing bell levels:

DJIA: 7,939.53 +50.65 +0.64%

NASDAQ: 1,530.50 +5.77 +0.38%

S&P 500: 833.74 +6.58 +0.80%

Top Analyst Upgrades
Top Analyst Downgrades

3M Co. (NYSE: MMM) rose slightly after it actually raised its dividend to $0.51 per share per quarter. It was a mere 2% hike, but it was a hike. The conglomerate shares were up 0.5% at $51.30 right before the close.

Bank of America Corporation (NYSE: BAC) was the winner today of the money center TARP banks as far as a percentage move. Its stock was up 7% at $5.96 right before the close.

Level 3 Communications Inc. (NASDAQ: LVLT) managed to give an upside surprise to earnings this morning. That, and its guidance, held up much better than most were braced for. This one slid down sharply, though, after analysts panned the numbers. Shares were down 16% at $0.84 right before the close.

Research in Motion Ltd. (NASDAQ: RIMM) was a big loser after the company issued a warning on profits and margins, although it said its sign-ups were above plan. Shares were down more than 14% at $48.76 before the close.

Sirius XM Radio Inc. (NASDAQ: SIRI) lost half of its value on reports that it is about to go bankrupt. The satellite radio provider is now worth less than $0.06 on the market today.

Tags: bac, lvlt, mmm, rimm, siri