Closing Bell: Bernanke credibility helps run the bulls (BA, BSX, FSLR, NKE, SIRI, YHOO, INSM)

Posted Jun 25th 2009 4:10PM by Jon Ogg
Filed under: Yahoo! (YHOO), Sirius Satellite Radio (SIRI), Boeing Co (BA), Boston Scientific (BSX), NIKE, Inc'B' (NKE)

Today was not just a strange day in the market. It was nearly baffling. At least it was a strange day if you were looking for the pullbacks to continue. The market was looking lower as the double-dip jobless numbers got worse than expected again, despite final Q1 GDP revisions being less-bad. The quarter-end coming up and the Russell re-balance may have some impact here.

Most of the gains continued throughout the morning into the early afternoon as investors got more confident over Ben Bernanke's testimony strength. Here were the unofficial closing bell levels:

Dow 8,475.57 +175.71 (2.12%)
S&P 500 920.28 +19.34 (2.15%)
Nasdaq 1,829.43 +37.09 (2.07%)

Top 10 Analyst Calls

The Boeing Company (NYSE: BA) had already been down over 15% this week alone. Traders decided to give this one another look after its charges tied to a SeaLaunch bankruptcy filing were not as high as some were fearing. Shares were up 2.5% at $42.37 in the final minutes of the day.

Boston Scientific Corporation (NYSE: BSX) rose sharply now that CEO Jim Tobin finally left. He was a Top CEO To Go for 2009, and today's "loss" of a leader is a win. Shares were up almost 6% at $10.04 late in the trading day.

First Solar, Inc. (NASDAQ: FSLR) did not get the message about the rally today after yesterday's analyst meeting. It took one full analyst downgrade and cautious comments from others, and that sent shares south. Maybe it was the large boost of short selling in the sector. Shares were down 6.6% at $159.90 in the final minutes of the day.

Nike Inc. (NYSE: NKE) fell as futures orders were very disappointing and as earnings were $0.99 EPS on a 7% drop in revenues to $4.7 billion vs. estimates from Thomson Reuters listed as $0.96 EPS and $4.72 billion in revenues. Shares were down 3.5% at $51.14 in the final minutes of the day.

SIRIUS Satellite Radio Inc. (NASDAQ: SIRI) has raised more cash in the XM Satellite Radio Inc. unit than it originally projected... Almost $500 million after a discounting. Shares rose because of demand, and the stock was up 15% at $0.455 late in the trading day.

Yahoo! Inc. (NASDAQ: YHOO) had its annual shareholder meeting today. This was more of a turnaround meeting than a year ago when Carl Icahn had it under attack. This was also the day for Carol Bartz to show her management to shareholders, but unfortunately there was no real word about any "Microhoo" in the presentation. Shares were trading up 0.2% at $15.49 in the final minutes of the trading day.

Insmed Inc. (NASDAQ: INSM) was the daily blow-up. The company failed to meet a primary endpoint for a Phase II genetic disorder study that had fairly high hopes. Shares traded even close to cash value on this. Shares were down a sharp 54% at $1.06 late in the trading day.

Tags: BA, BSX, FSLR, INSM, NKE, SIRI, YHOO