The market opened sharply lower this morning anticipating, perhaps, unemployment data that was worse than the data turned out to be. The September unemployment rate rose to 9.8%, exactly what most observers had been expecting.The markets tried to gain back more than all the early losses, with all three major indexes ending slightly down. Crude oil has fallen below $70/barrel again, and gold has broken through $1,000/oz again. It could just be the case that the nearly 60% run-up since March in the S&P 500 was just wishful thinking that the economy was turning around and that consumer spending would would tick up as things improved. That thinking has not been borne out yet, so markets are likely to wobble around until the consumer decides what to do -- save or spend. The holiday season could write the ending to the story.
Here are todays unofficial closing numbers:
Dow 9,487.37 -21.91 (-0.23%)
S&P 500 1,025.18 -4.67 (-0.45%)
Nasdaq 2,048.11 -9.37 (-0.46%)
First Solar, Inc. (NASDAQ: FSLR) moved up nicely on the announcement of its sale of a Canadian solar PV plant to Enbridge Inc. (NYSE: ENB). First Solar will complete construction of the 20-megawatt plant by the end of the year and will operate the facility once it is up and running. And there are reports that First Solar will now be added to the S&P 500 index. First Solar's shares are up around 5% to $150.64 on heavier-than-normal volume.
Yongye International, Inc. (NASDAQ: YONG) is a small-cap Chinese fertilizer company that is seeing about four times its average daily volume trade hands today. Yongve released a three-year strategic plan today calling for 50% growth in each of the next three years. The company's revenue nearly doubled from $48.1 million in 2008 to an expected $90 million in 2009. The company is vertically integrated, owning everything from coal mines to retail stores. If there's a buck to be made in selling fertilizer in China, Yongye plans to grab it. The company's shares are trading up nearly 16% on the NASDAQ, at $9.13 after hitting a new intra-day high of $9.28.
EnteroMedics Inc. (NASDAQ: ETRM) reported that a study of its new obesity and gastrointestinal device "did not meet its primary and secondary efficacy points." Investors never want to hear that, and EnteroMedics is getting pounded today. More than 29 million shares have been traded today against an average volume of less than 100,000. The share price is off more than 72%, to $1.24.
Shares of Pfizer Inc. (NYSE: PFE) traded heavily, perhaps related to the news that S&P will drop Wyeth (NYSE: WYE) from the S&P 500 index. The move indicates that the deal is likely to go through. Pfizer shares are off a little more than 1%, at $16.14.
MGM Mirage (NYSE: MGM) closed at $10.71 Thursday, following its announcement that it was canceling a debt exchange offer due to lack of interest. Shares opened this morning at $10.13, but have been recovering all day on heavy volume. MGM shares moved higher by 5%, to $11.27.
Douglas A. McIntyre is an editor at 24/7 Wall St.
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Reader Comments (Page 1 of 1)
10-21-2009 @ 6:34PM
Beltway Greg said...
Hey Doug notice you don't write anything about Apple anymore?