Today was another selling day in the markets, yet we again saw a late day comeback off the lows. It seems that the buyers are still there looking for bargains. The FOMC minutes did little, and the drop in consumer credit late today made very little impact. Either way, it feels like the bulls are starting to lose confidence ahead of the earnings deluge and ahead of what many expect to be the worst GDP quarter in years. Here were today's unofficial closing bell levels:Dow 7,789.56 -186.29 (-2.34%)
S&P 500 815.55 -19.93 (-2.39%)
Nasdaq 1,561.61 -45.10 (-2.81%)
Top Analyst Upgrades
Top Analyst Downgrades
American International Group Inc. (NYSE: AIG) has received interest in its asset management unit, but unfortunately its price indication is lower than what many were hoping. The unit runs some $100 billion in assets under management. Some were hoping to see bids of up to $2 billion, but the bids so far have come in around $400 to $800 million according to reports. Shares were down almost 3% at $1.07 late in the day.
Blockbuster Inc. (NYSE: BBI) was (again) noted as having an auditor concern that the movie rental giant might not be generating enough cash to fund operations, but Blockbuster said yesterday that it was taking steps to reduce capital spending and advertising expenses. Shares were still off on the news, with shares down 11% at $0.78 very late in the day.
General Motors Corporation (NYSE: GM) is opening up to an accelerated time line for a possible bankruptcy, according to many reports. If that occurs, this will be total and complete wipe out for holders of stock. GM stock was down almost 12% at $2.00 very late in the day.
Microsoft Corporation (NASDAQ: MSFT) was one of the few gainers with shares up 0.7% at $18.90 late in the day. This was on the the heels of an upgrade from RBC Capital in a broad technology sector upgrade to 'Outperform.'
Sun Microsystems Inc. (NASDAQ: JAVA) fell yet again. Still no real word from the company, but the reports are that any merger with IBM has died. Shares were off by 4% at $6.30 right before the close.
Google's plan for netbook PCs moves higher into the clouds
Closing Bell: Stock bulls and dollar death (DDRX,GMCR, PEET, SBUX, EBAY, CI, TECD)
So long peak oil, here comes peak uranium
