Despite the notion that lawmakers are considering executive compensation pay caps for those companies which may invest in the $1 trillion PPIP, the markets did not turn against Pennsylvania Ave. There were not really any major economic data and shares bounced off lows after traders determined that the bar was being set very low. Here are today's closing bell levels (unofficial close):
Dow 7,969.56 +127.83 (1.63%)
S&P 500 850.08 +17.69 (2.13%)
Nasdaq 1,643.85 +35.64 (2.22%)
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Caterpillar Inc. (NYSE: CAT) posted $0.39 EPS vs. $0.04 estimates, but the company lost money on a net-net basis and lowered guidance. Its new estimates were put at $1.25 EPS vs. $1.77 estimates, and that number was over $4.00 just 3 months ago. Bottom fishers took it higher despite bad news, and shares were up over 2% at $31.27 late in the day.
General Motors Corporation (NYSE: GM) rose on word that it will receive $5 billion (and Chrysler $500 million) in new short-term government aid. Shares were up 3.6% at $1.72 very late in the day.
Jefferies Group Inc. (NYSE: JEF) posted $0.19 EPS and net revenues were $347.26 million after the interest on mandatorily redeemable preferred interest of consolidated subsidiaries took out $5.3 million. Estimates were only -$0.08 EPS and revenues of $287.5 million. Shares were up almost 15% at $16.41 late in the day.
Merck & Co. Inc. (NYSE: MRK) was the disappointment after it posted $0.74 EPS vs. $0.77 EPS estimates. The company also brought down revenue targets for 2009 and said its migraine candidate will not be submitted to the FDA for approval this year. Shares were down 6% at $23.66 late in the day.
TD AMERITRADE Holding Corporation (NASDAQ: AMTD) rose after trading volumes rose 8%, despite the company posting significantly lower earnings. Shares were up over 7% at $16.25 late in the day.
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