Closing Bell: The big giveback (ADUS, CIT, GRMN, ILMN, LVLT, PALM)

Posted Oct 28th 2009 4:00PM by Jon Ogg
Filed under: CIT Group (CIT), Palm Inc (PALM)

Maybe it was the dollar rising earlier, maybe it was poor housing data from a drop in new home sales. Maybe they wanted more than a marginally positive durable goods reading. Maybe it was that oil inventory is back up. And then there is the notion that stocks have just gotten too far ahead of themselves and there were reports of a large strategist cutting GDP targets. But investors sold religiously today ahead of tomorrow's GDP figure.

Here were today's closing bell levels:

Dow 9,762.69 -119.48 (-1.21%)
S&P 500 1,042.63 -20.78 (-1.95%)
Nasdaq 2,059.61 -56.48 (-2.67%)

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Addus HomeCare Corporation (NASDAQ: ADUS) may just add more insult to an already fragile and sensitive IPO market. Addus priced at $10.00, already under the $11 to $13 range, yet shares were trading down at $8.90 in the last half hour of the trading day.

CIT Group, Inc. (NYSE: CIT) rose after it announced that it had obtained $4.5 billion of additional financing from its creditors as it seeks to complete a debt exchange. Shares were up 11% at $1.07 late in the trading day.

Garmin Ltd. (NASDAQ: GRMN) felt the wrath of Google's newly launched navigation services on the new Android phone. While the entire world already knew this was coming out, Garmin shares were down some 16% at $31.60 late in the trading day.

Illumina, Inc. (NASDAQ: ILMN) was one of today's biggest losers after its earnings swung to a third-quarter profit on a small revenue gain and lower charges. But the life sciences products maker said that its its fourth quarter and full year will be a disappointment. Shares were down 20% at $33.30 late in trading session.

Level 3 Communications Inc. (NASDAQ: LVLT) took it on the chin after bringing in revenues that were under expectations despite the notion that its core business is declining less than it had been. Shares were down over 11% at $1.20 late in the trading day.

The pain is continuing at Palm Inc. (NASDAQ: PALM). After yesterday's downgrade, its corporate credit rating was raised by S&P today. But competition from Google and NASDAQ selling added to the downside. Shares were down some 6.5% at $12.50 late in the trading day.

Tags: addus homecare, AddusHomecare, ADUS, CIT, debt exchange, DebtExchange, garmin, google nav, GoogleNav, GRMN, illumina, ILMN, LVLT, PALM