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Closing Bell: Shanghai surprise stomps bulls (AIG, FNM, SVA, MVL, DIS, MS)

Posted Aug 31st 2009 4:00PM by Jon OggJon Ogg RSS Feed
Filed under: Walt Disney (DIS), Federal Natl Mtge (FNM), Morgan Stanley (MS), Amer Intl Group (AIG), Marvel Entertainment (MVL)

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Today's growth being seen in Chicago Purchasing Managers was totally dwarfed by what is still an overbought US stock market. Another big drop in Shanghai and a drop in other major overseas stock markets sealed the fate today. The bears scored another win, but this is just a 'day-two' victory after literally eight or nine days of straight DJIA wins....

Here are today's unofficial closing bell levels:

Dow 9,498.93 -45.27 (-0.47%)
S&P 500 1,020.76 -8.17 (-0.79%)
Nasdaq 2,009.06 -19.71 (-0.97%)

Top Analyst Upgrades
Top Analyst Downgrades

American International Group Inc. (NYSE: AIG) was plowed over on the heels of crazy run-ups last week and the week before. AIG was panned in Barron's over the weekend and shares were down close to 11% at $44.70 late in the trading day.

Fannie Mae (NYSE: FNM) lost big and was down after FBR warned that the underlying value may be nil in the mortgage government shops. Shares were down over 6% at $1.90 late in the trading day.

Sinovac Biotech Ltd. (AMEX: SVA) was today's top of the 52-week highs in biotech after securing Chinese approval for its swine flu vaccine. Shares were up over 50% at $9.75 on the news.

Marvel Entertainment, Inc. (NYSE: MVL) is becoming part of The Walt Disney Company (NYSE: DIS) and the Mouse-House after the $4 billion deal to acquire the movie and comic media company this morning. The deal has been approved by the companies and is likely to win holder approval as Marvel shares were up almost 25% at $48.27 before the close of trading. Interestingly enough, S&P said it might downgrade the corporate credit rating of Disney as a result and Disney shares were down o0ver 3% at $26.00 late in the trading day.

Morgan Stanley (NYSE: MS) was panned by the analyst at BofA/Merrill Lynch this morning and was downgraded after the noted said it was no longer cheap at all. Shares of Morgan Stanley were actually down almost 2.5% at $28.79 late in the trading session.

Tags: chicago purchasing managers, ChicagoPurchasingManagers, overseas stock markets, OverseasStockMarkets, shanghai

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Symbol Lookup
IndexesChangePrice
DJIA-154.4810,309.92
NASDAQ-37.612,138.44
S&P 500-5.23240.62

Last updated: November 27, 2009: 03:40 PM

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