What was the reason for today's sell-off? Well, the answer is the same as it has been too many days: A culmination of bad news, weak data, bankruptcies, worries about banks and institutions, and that this recession is going to go on much longer than what the market is hoping for. You might see the same explanation tomorrow if there is another sell-off. And next week. It is the same one from January and the same one from most of last year. Here are today's unofficial closing bell levels:
Dow 7,554.28 -296.13 (-3.77%)
S&P 500 789.35 -37.49 (-4.53%)
Nasdaq 1,470.66 -63.70 (-4.15%)
10YR T-Note
Top Analyst Upgrades & Downgrades
Deere & Co. (NYSE: DE) traded lower on an analyst downgrade this morning. The capital equipment and farming equipment maker was cut to "Sell" from an already-cautious "Neutral" rating at Goldman Sachs. Shares were down 6% at $33.93 before the close.
Exxon Mobil Corp. (NYSE: XOM) announced that it has added more proven oil reserves than it produced last year. This was being listed as 103% of production, and 110% of production when excluding asset sales. Shares were still down almost 4% at $71.73 before the close.
General Motors Corporation (NYSE: GM) was down on concerns that its "viability plan" needs to get more aggressive and that the Obama administration may want it to pursue paths that look like bankruptcy. Shares were down 14% at $2.15 before the close.
Johnson & Johnson (NYSE: JNJ) was listed as Barron's #1 most prestigious companies and brands for the second year in a row. Shares were still down over 1% at $56.30 before the close.
Sirius XM Radio Inc. (NASDAQ: SIRI) rose sharply on confirmation that John Malone and his Liberty empire were loaning the company enough capital to to repay its debt due today and for general corporate purposes. The common stock is effectively diluted by 40% but it did not get wiped out as so many expected. Shares were up over 60% at $0.17 shortly before the close.
Why is gold making a new high, trading at $1,118.00 per ounce?
Chasing Value: Ten stocks for 2010 -- Part 1 
Closing Bell: A six-day rally (AIG, REGN, M, MOT, PALM, RIMM)
Reader Comments (Page 1 of 1)
2-17-2009 @ 8:56PM
theotedpat said...
When will Americans who overall have had it so good, WAKE UP? Give Obama a chance before condemnation. Show some confidence and invest, you might be surprised at the results. 9/11 wasn't about destroying buildings, it was about destroying our economy. They've done a pretty good job of accomplishing that as long as we let it happen, and thats what we are doing, letting it happen.