The University of Michigan has reported that its preliminary consumer sentiment report for July was atrocious. This was also probably the last day ahead of earnings season where traders could expect it to be quiet ahead of next week's earnings season flurry. Here were the unofficial closing bell levels:
Dow 8,123.69 -59.48 (-0.73%)
S&P 500 877.40 -5.28 (-0.60%)
Nasdaq 1,753.38 +0.83 (0.05%)
Goldman Sachs Upgrades/Downgrades
American International Group (NYSE: AIG) bucked the news trend. It wasn't just the reverse split continuing to hit the company. There were reports out there noting that AIG is about to be paying another round of bonuses. Shares were up by 21% at $11.54 late in the day.
Dell Inc. (NASDAQ: DELL) was raised to the Conviction Buy List over at Goldman Sachs as part of a large technology call. Unfortunately, shares were not up much. They had been up earlier but were flat at $13.15 toward the end of the day.
General Motors Corporation (OTC: GMGMQ) may be dead as an existing stock post-bankruptcy, but the company gave a new timeline today for when it might come public again. The GM Liquidation company was back up by more than 30% late in the day with shares at $1.16 as traders hope there may be something ultimately left in the new company.
Cisco Systems Inc. (NASDAQ: CSCO) was hit with a report that it was cutting some 1,500 to 2,000 jobs, but it turns out this is not new information. Shares were up 0.6% at $18.29 late in the day.
Potash Corp. of Saskatchewan, Inc. (NYSE: POT) was off by more than 8% at $85.56 late in the day as fertilizer shares were whacked on a USDA report and information about India price pressure.
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