Despite Moody's claiming the US's Triple-A rating was stable, the markets sold off today. The markets tried to hold up but the afternoon session was marked by selling as bond yields rose on the long-end of the curve. The 10-Year Treasury yield was up 20 basis points to 3.697% and the 30-Year Treasury yield was up 16 basis points to 4.60%. Here were the unofficial closing bell levels:
Dow 8,300.98 -172.51 (-2.04%)
S&P 500 893.13 -17.20 (-1.89%)
Nasdaq 1,731.08 -19.35 (-1.11%)
Top Analyst Upgrades
Top Analyst Downgrades
Bank of America Corporation (NYSE: BAC) fought to stay up today. The bank giant gave an update that it had raised nearly $26 billion in capital, with some $5.9 billion coming from a preferred stock conversion to common equity. Shares were still up 0.8% at $11.07 ahead of the close, but had been up over $11.50 earlier today.
Boston Scientific Corporation (NYSE: BSX) was up marginally, yet the company's Taxus stent was approved in the Atom model for small vein blockage. Shares were up 0.8% at $9.08 late in the day,
General Motors Company (NYSE: GM) has passed the deadline for its bondholders to agree to terms. It appears that a government-led bankruptcy is inevitable. It will also likely get booted from the DJIA as well. Shares were down a sharply ahead of the closing bell.
Procter & Gamble (NYSE: PG) was trading lower all day on fears that the consumer products giant would lower guidance. Shares were down almost 4% at $51.69 ahead of the closing bell.
SanDisk Corporation (NASDAQ: SNDK) was a big winner. The company renewed a lower-royalty pact with Samsung, but it was a winner in that Samsung is not looking for a sudden workaround for the flash memory. Shares were up almost 15% at $15.55 late in the day.
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