Today was a negative market from the start of trading, and the economic data just confirmed the selling, as hunting for green shoots looked more like hunting for four-leaf clovers. It seems that those analysts and economists saying that the market has risen too far and too fast are getting some more ears than in recent weeks. The housing data showed a dip after two months of rising data, and the New York Empire Manufacturing data came in weaker than expected. Even the Iran turmoil after the election failed to rally oil. Here were today's unofficial closing bell levels:
Dow 8,613.04 -186.22 (-2.12%)
S&P 500 923.81 -22.40 (-2.37%)
Nasdaq 1,816.38 -42.42 (-2.28%)
Top 10 Analyst Calls
Amgen Inc. (NASDAQ: AMGN) may come front and center for being under attack as President Obama said he wants to see a framework that would allow generic competition for biologics, particularly for anemia treatments. That puts one-third to two-thirds of its entire revenue base at risk under a new system. Amgen was down 2% at $49.40 late in the day ahead of the closing bell.
Bank of America Corporation (NYSE: BAC) received a confusing call that was trouble for bulls and bears alike. Analyst Dick Bove warned of huge losses, but then raised his price target with praise. Shares were off by 2.6% at $13.36 late in the day before the market closed.
Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) saw another huge trading spike in stock and options ahead of Tuesday's FDA review of its gout drug. Savient's stock was up 3.6% at $9.60 late in the day ahead of the closing bell.
Wal-Mart Stores Inc. (NYSE: WMT) is starting to get the worst DJIA component chart out there. This morning shares were downgraded at Goldman Sachs in favor of less defensive retailers. Shares were down 3% at $48.33 late in the day ahead of the closing bell.
Yahoo! Inc. (NASDAQ: YHOO) was one of the winners of the day, or at least that is how it feels in comparison on a down day. Citi raised its rating to a Buy on hopes of the turnaround. Shares were up a whole penny at $16.41 late in the day ahead of the close.
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