Today was a strange day. Durable goods gave little hope and housing data was also lackluster. Yet when you beat lowered estimates that is often enough. The government's "stress tests" look more like a baseline test for the banks. Had the DJIA closed a penny above the 8,131.33 level, that would have marked a 7-week rally. Here were today's unofficial closing bell levels:
Dow 8,075.09 +118.03 (1.48%)
S&P 500 866.06 +14.14 (1.66%)
Nasdaq 1,694.29 +42.08 (2.55%)
Top Analyst Calls
General Motors Corporation (NYSE: GM) rose on word that the Treasury was giving it an extra $2 billion and on word that its Pontiac unit may be sold or closed. Shares were up 4% at $1.69 before the close.
JPMorgan Chase & Co. (NYSE: JPM) is deemed as the safest of the big banks today, and it was up 2.5% at $34.02 shortly ahead of the close. If any bank will pass the big stress test, it is JPMorgan.
Amazon.com, Inc. (NASDAQ: AMZN) was a shock. Despite soft guidance and despite having rallied sharply since the lows, this one gained on the day. Shares were up almost 5% at $84.36 before the close.
American Express Company (NYSE: AXP) was the big shock today. After earnings and after the stress test, this stock was up 21% at $25.37 right before the close.
Microsoft Corporation (NASDAQ: MSFT) was another tech winner after earnings. Despite it being cautious, this one was up 10% at $20.83 right before the close.
Closing Bell: Economic Catapult for Thanksgiving & Black Friday (WMT, TGT, GRMN, GOOG, MSFT)
Deere up on Q4 earnings performance
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Reader Comments (Page 1 of 1)
4-24-2009 @ 4:38PM
clikdawg said...
If American Express is up a fifth after the "Bam-Bam Sternly Recommends Consumer Safeguards For Credit Card Companies", then the odds are insiders know that a.) he doesn't mean it; b.) any timeline on reform would be lengthy enough to assure big short-term returns; c.) Bam-Bam's lectures presage a huge credit card industry bail-out; or d.) all of the above.
Only with massive media assistance does El Presidente appear a greater Master of the Head Fake than Shrub; both of them merely signal what they are REALLY going to do by spouting a lot of populace-soothing BS ahead of the inevitable, almost-diametrically-opposed wrecking ball.
"Help the consumer" always means "Screw the Consumer" ...