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Top Analyst Upgrades & Downgrades
General Electric Company (NYSE: GE) was hit hard after being notified by the Center for Medicare and Medicaid Systems that virtual colonoscopies would not be covered as part of the medical reimbursements; hence part of the imaging business is less valuable as a business now. GE shares were down over 5% to $12.93 late in the day.
General Motors Corporation (NYSE: GM) was pounded another 10% and hit the $1.00 mark today. Shares sharply rallied and hit $1.35 after the $1.00 mark, but shares were up almost 5% at $1.20 shortly before the close.
MGM Mirage (NYSE: MGM) saw shares smashed on reports that it is modifying an existing debt agreement and said it will raise at least $2.5 billion in capital to bolster its books and to keep within its liquidity needs. Shares were down 31% at $8.55 right before the close.
Applied Materials Inc. (NASDAQ: AMAT) took a pretty big hit on business despite meeting the -$0.10 EPS estimate, but revenues fell over 50% to $1.02 billion. The beloved solar operation there is down some 50% in expectations this year. Shares were down almost 5% at $10.96 very late in the trading day.
Macy's, Inc. (NYSE: M) posted earnings that showed the recession is not anywhere near being over for many retailers. These stocks have also more than doubled from recent lows. Macy's stock was down over 6% at $11.58 right before the close.
GT Solar International, Inc. (NASDAQ: SOLR) showed how painful it can be to be on the solar supply-side of the equation when issuing guidance that is well under the estimates. Shares were down a sharp 27% at $5.26 right before the close.