Fed Chairman Bernanke gave an outline of regulation for banks and financial institutions today, and the weekly jobless claims gave some hope that tomorrow's unemployment might come in under expectations. There is a "sell the news" mentality that is going around ahead of the stress test and there was some tech profit taking after John Chambers was less optimistic. It looks like at least some profit taking is actually possible to see again. Here are today's unofficial closing bell levels:
Dow 8,376.64 -135.64 (-1.59%)
S&P 500 907.28 -12.25 (-1.33%)
Nasdaq 1,716.24 -42.86 (-2.44%)
Top Analyst Upgrades
Top Analyst Downgrades
Capital One Financial Corp. (NYSE: COF) rose significantly on reports that this credit card operator (bank) would not need to raise any extra capital from stress tests. Shares were up a sharp 19% at $26.70 right before the close. Keep in mind that this is one of the stress test banks.
Cisco Systems, Inc. (NASDAQ: CSCO) originally rose after beating earnings at $0.30 EPS vs. $0.25 estimates. Even though the guidance was above estimates at the mid-point. The stock was down 4.3% at $18.75 late in the day, down almost $2.00 from the post earnings high.
SIRIUS XM Radio (NASDAQ: SIRI) was a bomb despite posting a pro forma revenue gain of 5% from last year at $605.5 and posted $108.8 million in pro forma adjusted income from operations. It also raised its 2009 guidance for adjusted income from operations. Unfortunately shares tanked on a subscriber drop. Shares were down 18% at $0.43 after the close.
Wal-Mart Stores, Inc. (NYSE: WMT) posted sales without fuel at +5.9%, above the 3% estimate. The company also said it was doing away with monthly sales reporting. Shares were up 1.4% at $50.22 late in the day.
Symantec Corporation (NASDAQ: SYMC) was hit hard despite beating earnings and giving 'close enough' guidance. A Downgrade caught this one again. Shares were down a sharp 14% at $15.05 before the close.
Vonage Holdings Corporation (NYSE: VG) spent most of the day coming off highs. But it was still up huge after posting a net profit after a gain was realized, and that was despite its zero growth in customers. Shares were up 14.8% at $0.55 late in the day.
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