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Closing bell: End of bank rally brings the show down (AIG, EXPE, GM, MGM, XRX)

Posted Mar 20th 2009 4:10PM by Douglas McIntyreDouglas McIntyre RSS Feed
Filed under: After the bell, General Motors (GM), Expedia Inc (EXPE), Amer Intl Group (AIG), Xerox Corp (XRX), S and P 500, DJIA, NASDAQ

After days of rallying, the market decided that bank stocks had gone much too far. With no first quarter earnings out, the fact is that the current quarter could still be tough. Financial shares could still reset lower. The market reacted accordingly.

The unofficial numbers for the day broke out like this:

Dow 7,278.38 -122.42 (-1.65%)
S&P 500 768.54 -15.50 (-1.98%)
Nasdaq 1,457.27 -26.21 (-1.77%)

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American International Group Inc. (NYSE: AIG) sent its "bonus list" names to New Jersey Attorney General Andrew Cuomo in a bit more cooperation with authorities. A statement that came from Tim Geithner taking blame over bonus approvals also lets CEO Liddy a bit off the hook. But Wall Street and Main Street wanted no part of it. Shares were down a sharp 25% to $1.22

Expedia Inc. (NASDAQ: EXPE) was up most of the day after the online travel destination was raised to "Buy" from the analysts at Citigroup after a big drop yesterday from a competing analyst downgrade. Shares were up a modest 3% to $7.89.

General Motors Corporation (NYSE: GM) already seems down and out, but this morning the company was given a new "SELL" rating by the analyst team at UBS. Shares were about flat at $2.91.

MGM Mirage (NYSE: MGM) was already having a rough week with doubts about its ability to continue as a going concern after it posted a loss this week, and then the S&P sent it a gift in the mail with a credit downgrade. Shares were down 6% at $3.03. The company also joined a long list of firms with "going concern" notices from their accountants.

Xerox Corporation (NYSE: XRX) headed much lower on an earnings warning, but it was not just a warning. It now looks like earnings are going to be down 80% from last year in the new forecast. Ouch. Shares were down 19% to $4.35 Amazingly enough, that isn't even a 52-week low.

Tags: andrew cuomo, AndrewCuomo, expedia, featured, inthenews, liddy, mgm mirage, MgmMirage, ubs, xerox

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IndexesChangePrice
DJIA+32.1210,465.83
NASDAQ+7.802,176.98
S&P 500+4.701,110.35

Last updated: November 25, 2009: 03:27 PM

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