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Equities stabilized today after two relatively large selling waves in equities. It even looks like we only had a 1% trading range in the DJIA from top to bottom today. The housing data might have helped marginally, but that was actually negative data if you dig down into the numbers. The hope for a return to growth is starting to see a bit of what may be reality setting in now that even Mr. Obama expects double-digit unemployment to become a reality. It seems that the rise in oil actually helped to keep equities higher. Here are today's closing bell levels:
Dow 8,322.46 -16.55 (-0.20%)
S&P 500 894.99 +1.95 (0.22%)
Nasdaq 1,764.92 -1.27 (-0.07%)
Top upgrades and downgrades
The Boeing Company (NYSE: BA) was the DJIA skunk of the day. The aerospace giant had to delay the maiden flight of its upcoming 787 Dreamliner super-jumbo jet. This is going to create delays in orders as it works through the issues. Shares were down 7% at $43.54 late in the trading day.
Boston Scientific Corporation (NYSE: BSX): it was almost surprising that it was not up more than it was. The company had very promising heart failure data in its latest defibrillator study with a 29% boost to survival rates. Shares were up 3.5% at $9.55 late in the trading day.
ConocoPhillips (NYSE: COP) was up over 2% at $41.30 late in the trading day. There were two wins here: an analyst upgrade and a $2.00 rise in oil.
Motorola Inc. (NYSE: MOT) rose after Banc of America/Merrill Lynch raised its rating to a Buy with a call for 50% upside. Shares were up almost 4% at $6.28 late in the trading day.
SIRIUS XM RADIO Inc. (NASDAQ: SIRI) was up 5% at $0.367 late in the trading day after Barrington Research gave the satellite radio player an upgrade to "Outperform."
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