This was one of those low-report days for economic data. We had two current and one former DJIA components report earnings and the earnings reactions today were only so so. Today's action felt like a long week that ended the start of earnings season where traders just wanted that closing bell to come. The DJIA and S&P were so mixed throughout the day that knowing where the markets were was a guess more than a feel. Here are today's unofficial closing bell levels:
Dow 8,743.94 +32.12 (0.37%)
S&P 500 940.38 -0.36 (-0.04%)
Nasdaq 1,886.61 +1.58 (0.08%)
Top Analyst Upgrades/Downgrades
BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) was up big on positive seasonal flu study results. Shares were up 41% at $5.97 ahead of the closing bell.
Bank of America Corporation (NYSE: BAC) was lower in most of the day, despite beating earnings estimates. The bank beat estimates, but that was not good enough for many as the delinquencies and charge-offs remain high. BofA was down over 2% at $12.90 late in the day.
CIT Group. Inc. (NYSE: CIT) was all over the map. First it lost government hope, but then came reports of a Goldman-JPMorgan pact. What the real story is probably won't be out until the weekend. Being higher up in the capital structure is still a bit less like a blind bet in Las Vegas.
General Electric Company (NYSE: GE) sold off, but not at the same rate as its profits. The conglomerate's profits were down 49%, but still actually slipped in above analyst estimates. Shares were down over 5% at $11.72 late in the trading day.
Google Inc. (NASDAQ: GOOG) was sort of a dud. The internet search leader beat earnings, but revenues were barely beat and some metrics were down. The stock was down almost 3% at $429.40 late in the trading session. Here is a primer for what to look for in other internet and online media earnings from competitors.
Suncor Energy Inc. (NYSE: SU) was big on unusual options trading. What is interesting is that Suncor is already in a merger, yet traders think more upside is coming. This one was up almost 4% at $30.50 late in the trading session.
Yahoo! Inc. (NASDAQ: YHOO) was up all day. The hopes are out that a new revised search deal with Microsoft Corporation (NASDAQ: MSFT) is almost imminent. Shares were up 4% at $16.87 late in the trading day.
The week in preview: Earnings from Walmart, Macy's, and other retailers
Six top trades for the rest of 2009
Comfort Zone Investing: Buffett buys Burlington
