If you can believe it, finally a rally. The death of consumer confidence was trumped by a piece of Ben Bernanke testimony which took away at least an immediate rush into nationalism off the table. It has been a while since the Fed Head has run the market, and the comments were finite enough and open enough that you'd think he bought stocks. This led most of the financials higher, but it was still more in selective names. Here are today's unofficial closing bell levels:Dow 7,350.86 +236.08 (3.32%)
S&P 500 773.05 +29.72 (4.00%)
Nasdaq 1,441.83 +54.11 (3.90%)
Top Analyst Upgrades & Downgrades
JP Morgan Chase & Co. (NYSE: JPM) rallied on what historically would be bad news. It has slashed its dividend by some 86% from $0.38 to $0.05 per quarter; a move that will save $5 billion per year and will allow it to preserve capital and get ready to repay TARP funds. Shares were up over 6% at $20.78 before the close.
The Home Depot, Inc. (NYSE: HD) managed to beat lowered earnings at $0.19 EPS vs. $0.15 estimates. This was on a 17% revenue drop and was before any writedowns, but it was better than what was expected in a troubled sector. Despite calling for high single-digit declines in same store sales, HD stock was up 10% at $20.66 shortly before the close.
Marvell Technology Ltd. (NASDAQ: MRVL) was one of the more active tech and semiconductor stocks on outside news. Barclays raised its rating to Overweight from Equal Weight in a coverage call this morning. Shares were up 13% at $7.49 before the close.
American International Group Inc. (NYSE: AIG) was not a part of the rally as it had its hat in hand again looking for more government cash. The insurance giant let it out that its loss next Monday will be the widest loss of any US company in history on charges. Shares were down 26% at $0.39 right before the close.
American Express Co. (NYSE: AXP) is offering $300 to select members to basically buy out members to turn in their accounts. This is to drop on the number of low credit accounts which are slow pay or which AMEX feels may be unable to pay. Shares were up 11% at $13.57 before the close.
Reid Hoffman: LinkedIn will go public (at some point)
Retailers can't wait for Black Friday, open Thursday
Tiffany's serves up solid quarterly earnings
Reader Comments (Page 1 of 1)
2-24-2009 @ 4:25PM
aosolutionsinc said...
WALLSTREET SUCKS AND SHOULD BE SHUT DOWN. RICK AND THE ENTIRE STAFF. SHUT IT DOWN AND PUT SOMETHING ELSE ON TV. YOU ARE GREEDY, YOU CREATE THIS HELL OF ECONOMY, THEN YOU LASH OUT AT THOSE WHO ARE TRYING TO HELP YOU PEOPLE. I PRAY ALL OF YOU LOOSE YOUR MILLIONS LIKE THE HOME OWNERS OUT ON THE STREET. SOMETHING IS SERIOUSLY WRONG HERE. ALL OF THE 9 + MILLION OUT OF THEIR HOMES WERE OVER THEIR HEADS AND RICK AND WALLSTREET STAFF ARE RIGHT? SOMETHING IS WRONG HERE AND I HOPE YOUR SHOW IS TAKEN OFF THE TV. ALL DAY LONG YOU HAVE BEGUN TO STINK. YOU DIG A HOLE AND EVERYONE ELSE IN THE WORLD FALL IN WHILE YOU SHOVEL DIRT ON THEM. YOUR GREED HAS COME TO AN END.
SHUT UP AND GET OFF THE TV!!!! YOU ALL SUCK!!! YOU MAKE MILLIONS AND POINT YOUR FINGERS WHILE LIVING IN YOUR LUXURIOUS HOMES. I HOPE YOU LOOSE YOUR MILLIONS AND ARE HOMELESS MAYBE YOU WILL SEE HOW ALL THE 9+MILLION FOLK FEEL.
2-24-2009 @ 4:57PM
Iridium said...
Hey I can go out and say that the recession will end this year with no data to support it too. Can I cause the market to go up over 200 points?
Sorry Ben but you're dead wrong. The spendulus package will throw the country even further down the pit.
2-25-2009 @ 5:39AM
maggiophils said...
Listen can anyone help! I screwed up and have 15000 shares of AMR boxed! I can't get out because I'm out of money and a job the short end is worth $55,000k RIGHT NOW! Does anyone want to buy into this so I can get my money back i'm afraid when it goes back up ill never get my money back and im ready to be in the street living. Listen this is no joke and my whole future is **** right now... Please if someone would help me and put some money in my account i will give you the 25K of the short and you can have some of the cash from the long also. Please seriously I know someone out there can help me!!! You make some easy money and i'll be able to buy some time until i find a job. maggiophils@aol.com