A late-day rally based on more Bernanke and Geithner data on stress tests and bank packages took away the sting of what was considered a defeat for banks and big business after Obama's speech last night. Existing housing data added to pressure this morning, but again this was trumped at the end of the day. Here were today's unofficial closing bell levels:Dow 7,270.65 -80.29 (-1.09%)
S&P 500 764.87 -8.27 (-1.07%)
Nasdaq 1,425.43 -16.40 (-1.14%)
Top Analyst Upgrades
Top Analyst Downgrades
Bank of America Corp. (NYSE: BAC) has another negative PR coup on its hands after it turned out that Merrill Lynch lost $530 million more than the $15.31 billion loss already reported. This should have been expected, and BofA was a winner based on more data about stress tests, banks, and not being nationalized. Shares were up 13% at $5.35 before the close.
The Chubb Corporation (NYSE: CB) rose as the insurer was given two positive research calls from analysts. The company was raised to "Buy" at UBS and was started as "Outperform" at RBC. Shares were negative most of the day, but shares were up almost 2% at $41.22 before the close.
Citigroup, Inc. (NYSE: C) traded down initially on the Obama speech and its stance on banks. But the company is reportedly close to possibly selling off its Japan assets in a move which could raise significant cash. Bernanke's denying any notion of a nationalization being a pending event also allowed a major rally. Shares were up 12% at $2.92 shortly before the closing bell.
First Solar, Inc. (NASDAQ: FSLR) drug down the entire solar sector at first. It blew away its earnings expectations for Q4-2008, but it said that the near term has never looked more challenging. This stock was down 18% at $113.00 before the close on triple normal volume.
Wynn Resorts Ltd. (NASDAQ: WYNN) posted earnings well under analyst estimates. While Wynn has already been beaten like a rented mule, shares were still down another 12% to $22.60 right before the close. Mark that as "challenging" its 52-week low after trading under the low for much of the day ($22.55).











Reader Comments (Page 1 of 1)
2-25-2009 @ 5:19PM
MC said...
I think that he was very well understood!
2-26-2009 @ 3:57PM
Obutif said...
I think watching BAC for some time now and listening to the news. Talking witih brokers and friends. The presidents words ect.. I would say this, In my opinion these bank stocks with rise and America with rise.. I'm just an Electrician with a small company. But resilance and believe in America leeds me to believe that, I myself paid citigroup 10's of thousands of dollars in interest through the years.. No Nationalization, Give it 1 or 2 years if that and the banks with by fine.. All this dept with the housing and such.. people with money with buy them up and leave the banks hurting yes. But come on.. Lets not overplay this.. We are Americans.. We will come back and people with be settled again.. Banks live.. Nationalization is for lossers. There's a lot of crooks, in financial but that's ok theres a lot of crooks in all industries..