The market was lower most of the day after the Commerce Department reported that consumers were saving a lot more than they were spending. Frankly, after yesterday's big gains today could have sold off much more and there would have been little concern. Here are today's unofficial closing bell levels:
Dow 8,433.78 -38.62 (-0.46%)
S&P 500 918.48 -1.78 (-0.19%)
Nasdaq 1,838.22 +8.68 (0.47%)
General Electric Co. (NYSE: GE) is opening a new R&D center that will employ 1,100 workers in Michigan. This might not sound like much, but it is expansion for those looking for evidence of green shoots. Shares were down 0.6% at $11.77 late in the day.
Palm Inc. (NASDAQ: PALM) posted a pretty wide loss, but narrower than estimates. Palm Pre unit shipments sent shares on the rise. Shares were up over 17% at 15.50 late in the day.
Potash Corp./Saskatchewan, Inc. (NYSE: POT) issued a bad earnings warning. The stock did not sell off as much as many would have guessed. Amazingly, shares were down less than 1% at just under $93.00 late in the trading day.
Nike Inc. (NYSE: NKE) was hit with day-two of bad news. Today's post-earnings news was a downgrade from Argus Research to Hold from Buy in analyst coverage. Shares were down about 1% at $50.75 late in the trading day.
Micron Technology Inc. (NYSE: MU) has more issues as the DRAM leader posted a wider loss on lower sales, making two straight years worth of losses. The saving grace was that its gross margin turned positive for the first time in almost a year. Shares were down almost 4% at $5.10 late in the trading day.
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