It felt hard enough to milk out a two-day rally when you looked over the numbers yesterday. Now we have a 3-day rally. Gnarly jobless claims were swept under the table despite the notion that we now have over 5.3 million adults on the continued jobless claims. The retail sales data was enough of a boost, and the data on things not being as bad at the financials helped even further. Trading volume still feels light, but at least everyone's retirement accounts have gone up. After all, it still feels good to see broad-based rallies. Here are today's closing bell levels:
Dow 7,170.06 +239.66 (3.46%)
S&P 500 750.74 +29.38 (4.07%)
Nasdaq 1,426.10 +54.46 (3.97%)
Top Analyst Upgrades
Top Analyst Downgrades
Bank of America Corporation (NYSE: BAC) got to have its day in the sun today. CEO Ken Lewis told executives at a speech in Boston that the bank would be profitable before its items. The positive comments were bought even more today. Shares were up another 20% right before the close with shares at $5.96.
General Electric Co. (NYSE: GE) has finally been given a ratings agency downgrade this morning. S&P took its long-term debt rating to AA+ from AAA. This has been telegraphed for nearly three months, and the downgrade was "less bad" than some expected. Shares rose 13% to $9.62 right before the close.
Pfizer Inc. (NYSE: PFE) rose on the strong developments that its drug Sutent has shown such a significant benefit in patients with advanced pancreatic islet cell tumors that an independent data monitoring committee has recommended halting the study. Patients can switch immediately from the placebo to Sutent. Shares were up over 9% at $14.00 right before the close.
General Motors Corporation (NYSE: GM) said "Do Over" on its $2 billion in aid money that it requested last month. Supposedly the cost cuts are working. Shares were up almost 15% at $2.14 before the close.
Sirius XM Radio Inc. (NASDAQ: SIRI) is looking like more and more interoperability is coming. A content streaming pact for the Apple Inc. (NASDAQ: AAPL) iPhone and iPod Touch is coming to market some time in the second quarter. Shares were up 23% at $0.195 right before the close.
Tyco International Ltd. (NYSE: TYC) rose on word that it approved a proposal to reincorporate the multinational conglomerate's corporate charter from Bermuda to Switzerland. This will give it a better tax situation. Shares were up 4% at $19.25 shortly before the close.
Wal-Mart grows profit and cash flow in Q3, but comps still ailing
Chasing Value: Ten stocks for 2010 -- Part 2
Advanced Micro Devices rallies after settling Intel tiff
Reader Comments (Page 1 of 1)
3-12-2009 @ 9:21PM
Marcellous said...
When the news is good nobody has any
comments. When it's bad ,most people
are very critical. Nobody seems to like
good news.
3-12-2009 @ 11:05PM
Beltway Greg said...
Now look. If some maniac from NDP/FBR or some analyst from Citi or perhaps Shaw Wu from wherever he's drawing a paycheck these days downgraded Apple or an IPod exploded someplace or Tim Cook stubbed his toe or some channel check revealed a draw down of inventory you kids, yes, the entire Barffing Stocks crew would be wearing your little digits to the nub lambasting Apple. Well, what has happened? Apple is coming out with a netbook and they released an IPod so ridiculously tiny that even folks with an IPod will be forced to purchase one and what is your response? Oh, and how about the movement in the stock the last few days. Beats the hell out of RIMM and U2. We're probably looking at $120 by May.