Closing Bell: Bulls hold the high ground (AXP, STP, PG, TXN, SQNM, MRVL)

Posted Jun 9th 2009 4:09PM by Jon Ogg
Filed under: American Express (AXP), Procter and Gamble (PG), Texas Instruments (TXN), Marvell Technology Group (MRVL), Suntech Power Hldgs ADS (STP)

Today was one of those days where the overall market direction never felt entrenched nor felt certain. The news of ten banks getting to pay back TARP funds created mixed reactions, as the news was expected. Positive guidance from a chip leader may have kept the wheels on the cart for technology stocks. Oil also spent much of the day flirting with the $70 per barrel mark.

With the swings we are seeing from positive to negative, it is just further evidence that there is a battleground between bulls and bears forming. So far the bulls are managing to keep the high ground. Here are today's unofficial closing bell levels:

DJIA
S&P500
NASDAQ

Top Analyst Upgrades
Top Analyst Downgrades

American Express Co. (NYSE: AXP) rose after the credit card issuer, a.k.a. bank holding company, was permitted to pay its $3.39 billion in TARP obligations back with ten financial leaders. Shares were up over 4.5% at $26.86 late in the trading day.

Suntech Power Holdings Co. Ltd. (NYSE: STP) rose sharply on hopes for a large pact in Mongolia and China, which is helping it keep putting in key chartist events with the sector. Shares were up 6% at $17.97 late in the trading day.

Procter & Gamble (NYSE: PG) may or may not be ready for new management. After word that a 29-year P&G-exec was taking over as CEO shares stayed in negative territory all day. The stock was down over 1% at $52.58 late in the trading day.

Texas Instruments Inc. (NYSE: TXN) was the big winner after the chip giant raised guidance to $2.3 to $2.5 billion in revenues and $0.14 to $0.22 EPS for the quarter. This seems like the second wave of news towards being less conservative in the outlook. Both were above estimates and above prior targets. Shares were up 7% at $21.19 late in the day.

Marvell Technology Ltd. (NASDAQ: MRVL) was a big tech winner. It rose on the same T-I news, but it was also the top analyst upgrade today. Shares were up over 14% at $12.84 right before the close.

Sequenom Inc. (NASDAQ: SQNM) was the big mystery volume mover of the day based on rumors. This traded over 7-times volume and shares were up over 48% at $4.98 very late in the trading day.

Tags: AXP, MRVL, PG, sequenom, SQNM, STP, TXN