Four weeks in a row of gains were met with at least the first day of the week having sellers win over buyers. The good news is that the market came back at the end of the day. We might have closed up if we had another hour of trading on the clock. Geithner's comments about running out management and boards of directors at banks which need capital did not help, nor did an influential banking analyst coming out with very negative coverage of the sector at a new firm. Here were today's closing bell levels:
Dow 7,975.85 -41.74 (-0.52%)
S&P 500 835.48 -7.02 (-0.83%)
Nasdaq 1,606.71 -15.16 (-0.93%)
Top Analyst Upgrades
Top Analyst Downgrades
AT&T Inc. (NYSE: T) may avert a worker strike as the telecom operator has agreed to extend and continue labor talks with the union representing about 90,000 workers in its land-line operations. Unfortunately, the sell-off was broad-based and shares were down 1.3% at $26.48 before the close.
American International Group Inc. (NYSE: AIG) got slapped after its AIG Private Equity unit cut the valuation of its overall holdings by about 46% and said it is selling off funds to cut down on debt. Shares were down 3.5% at $1.10 before the close.
Cisco Systems Inc. (NASDAQ: CSCO) took it on the chin this morning after Goldman Sachs removed it from the Conviction Buy List. This was a valuation call. Shares were off almost 4% at $17.45 before the close.
Ford Motor Company (NYSE: F) was up a sharp 17% at $3.80 right before the close. The company slashed its automotive debt by more than one third in a tender and exchange offer, which sent shares screaming up on a down day.
Level 3 Communications (NASDAQ: LVLT) raised an additional $220 million in cash on Monday, which takes away the need for it to raise more cash for debt maturities this year. Shares were down about 1% at $1.03 before the close.
Sun Microsystems Inc. (NASDAQ: JAVA) took a huge hit after IBM reportedly pulled its offer to acquire the company after Sun protested about a lower price. Shares were down 25% at $6.45 before the close.
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