Stocks opened up on the day and stayed up on the day, despite closing well off of the highs. We had three key economic reports hit at once as the Institute for Supply Management gave the June ISM Manufacturing data, while we saw pending home sales data and new construction spending data mixed for May. These actually ended up being contradictory numbers, and then the oil inventories did nothing to support higher oil prices. Here were today's unofficial closing bell levels:
Dow 8,504.06 +57.06 (0.68%)
S&P 500 923.33 +4.01 (0.44%)
Nasdaq 1,845.72 +10.68 (0.58%)
Top Analyst Upgrades & Downgrades
American International Group Inc. (NYSE: AIG) was under pressure as this was the effective date of a 1 for 20 reverse split. Shares closed at $1.16 yesterday, but the "20-factor" was not even close. Shares were down sharply at $17.82 rather than a $21.00+ price that would have been the case.
Biogen Idec (NASDAQ: BIIB) did confirm that it was halting an MS study with UCB. But the company also gained rights to Acorda's MS drug and entered into a collaboration pact with the company. Acorda will receive $110 million and the total pact could be worth some $500 million. Its market cap is about $1.07 billion.
LDK Solar Co., Ltd. (NYSE: LDK) signed a new agreement with SAEM Srl to build five one-megawatt PV plants in the Apulia region of Italy. Shares were barely in positive territory as traders still sell solar stocks on bad oil trading days.
Pier 1 Imports Inc. (NYSE: PIR) made a sudden and sharp spike today after its CEO said at the annual meeting that the company's first month of the quarter was running above internal expectations. Shares were up 12% at $2.23 late in the trading day.
Rite Aid Corporation (NYSE: RAD) was up almost 3% at $1.55 late in the trading session. The company regained NYSE compliance rules and decided to dump that silly reverse stock split. The turnaround seems more likely that it can occur.
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Reader Comments (Page 1 of 1)
7-06-2009 @ 12:34PM
xander said...
AIG is one of the worst stock moguls ever; they are among the lowest of the low in my eyes. I wish that the American government would have let them file bankruptcy or worse dip into their far reaching pockets and dig out some of the cash.
So not only do they take you money for stocks, they miss-use it, loose it and gain debt they then have the audacity to ask us for more of our money to help them out, and how do they repay us? They make our shares worth more but give us less of them, something that only favors the wealthy that have money to buy numerous shares at once, if they only care about those clients then let them take their money not mine!
I just have one question to those big wigs who refuse to change their style of life to better their company, I am having trouble paying my 7-1-09 mortgage payment think you could bail me out..... oh yea sorry its only the rich who deserve to get bailed out, hopefully they make you pay tripple in taxes from now on so the next time you guys screw yourselves up your just borrowing your on money back
AIG I wish financial turmoil upon you.