The market was down almost all day, although it did make a few runs at going positive. The Q4 GDP data was even far worse than the revision estimates. While there is very little good news on the headlines, it does seem as though buyers are starting to nibble on positions. The end of day drop today looks like it was an index rebalance issue for month-end, although there could always be the fear of holding into the weekend. In that case, today almost felt like a win. Here are today's unofficial closing bell levels:Dow 7,068.66 -113.42 (-1.58%)
S&P 500 735.50 -17.33 (-2.30%)
Nasdaq 1,377.84 -13.63 (-0.98%)
Top Analyst Downgrades
Top Analyst Upgrades
General Electric Company (NYSE: GE) did finally cut that dividend. It cut it by more than two-thirds down to $0.10. Moody's also covered it, but with no new outcome.
Autodesk, Inc. (NASDAQ: ADSK) was down almost 10% before the close at $12.70. The company posted a net loss after items for the last quarter, and if you read into the pro forma figures, you might expect losses again.
Citigroup, Inc. (NYSE: C) went through a rollercoaster day. Unfortunately it was not a coaster that went up. The government has reached a deal to convert its preferred stake into common stock. Shares were down 40% at $1.45 right before the closing bell. This figure will shock you: 1.65 billion shares had traded hands as of 3:42 PM EST.
IberiaBank (NASDAQ: IBKC) saw a monster day and we hope other banks will follow suit. It is giving the money back as it tells Uncle Sam "Take this TARP and stick it!" Shares were up almost 5% at $43.06.
Dell, Inc. (NASDAQ: DELL) was actually up today. Its earnings were atrocious, and it offered no longer term feel-good items for investors. But the traders are deciding to nibble on the stock even as PC's are being commoditized. The stock was up over 5% at $8.66 before the close.
Closing Bell: Economic Catapult for Thanksgiving & Black Friday (WMT, TGT, GRMN, GOOG, MSFT)
Deere up on Q4 earnings performance
Reid Hoffman: LinkedIn will go public (at some point)
Reader Comments (Page 1 of 1)
2-27-2009 @ 5:25PM
Jack Burke said...
Are we nuts? What are you traders trying to do? Bankrupt everyone? Talk about tightly wrapped!
I'm wondering if you'll ever wise up to the damage you're doing to the portfolios of average Americans. But of course, silly me, you don't care, do you?