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Ben Bernanke tried to talk up the markets today in light of reports that ten of nineteen banks under the stress test needed capital. Bernanke said that a recovery does lie ahead and that housing is near a bottom. At the end of the day, it was hard to get any feeling for gains or profit taking. Here are today's unofficial closing bell levels:
Dow 8,410.65 -16.09 (-0.19%)
S&P 500 903.80 -3.44 (-0.38%)
Nasdaq 1,754.12 -9.44 (-0.54%)
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Alcatel-Lucent (NYSE: ALU) was an earnings winner today, despite the fact that it posted a quarterly loss. Its loss was wider over a year ago, but the company was more confident than it had been in quarters past. Shares were up 3.5% at $2.70 shortly before the close.
Amazon.com Inc. (NASDAQ: AMZN) may be the dark horse that no one saw staying on the track. Shares were up 2.5% at $81.80 late in the day on reports that a larger version of Kindle could be used for textbooks on campuses.
Boeing Company (NYSE: BA) rose after Jim Cramer said that is was due for a bounce. He has hated the name for quite some time, so the pop was exacerbated when he touted it today. Shares were up 2.4% at $43.18 late in the day.
CROCs Inc. (NASDAQ: CROX) remained strong ahead of earnings, although some traders might say its gains may be petering out. This is the new "bull market proxy stock" for traders. Shares were up over 13% at $3.69 late in the day.
Chesapeake Energy Corporation (NYSE: CHK) did not see some of the post-earnings love that some of the other energy companies saw. It posted earnings that were disappointing to those who were hoping for better gas gains. Shares were down almost 11% at $20.35 late in the day.
Las Vegas Sands Corp. (NYSE: LVS) was up big on exponential trading volume today on the heels of a rival upgrade and rival earnings report. Shares were up 21% at $11.55 late in the day.
NovaVax, Inc. (NASDAQ: NVAX) was a gainer today despite the selling trend we have seen in many of the very speculative swine flu stocks. It appears that it began enrollment in the second Phase II study for its flu vaccines. Shares were up 14% at $1.92 right before the close, and that is half of the peak just last Tuesday before everyone figured out that swine flu was a media-hype event rather than any pandemic.
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Reader Comments (Page 1 of 1)
5-07-2009 @ 2:44PM
gantrants said...
I saw this coverage of the stress test: http://www.newsy.com/videos/stressing_over_stress_test/ and it brought up some interesting points, but when I saw that banks including Wells Fargo, Citi, and especially BofA needed more equity is made me skeptical of the whole thing. I think that giving our any more money is just a crime and it's time for the banks to be held accountable. If Jamie Dimon and JP Morgan can do it, what happened at Bank of America? I mean $34 billion is inexcusable.