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Closing Bell: What sell-off? (AIG, ABK, EPR, MBI, JAVA, ORCL, ERTS)

Posted Nov 10th 2009 4:00PM by Jon OggJon Ogg RSS Feed
Filed under: Amer Intl Group (AIG), Sun Microsystems (JAVA), Electronic Arts (ERTS), MBIA Inc (MBI)

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We had another bit of data showing strong home sales in Q3, but as prices fell. Yet the only real thing to note was that the sell-off that was starting out this morning just didn't hold when you look at the broad indexes today. Some dollar directional changes may be part of the issue that kept the stocks from getting cheaper. There were still many losers on the day.

Here were today's unofficial closing bell levels:

Dow 10,247.88 +20.94 (0.20%)
S&P 500 1,093.04 -0.04 (0.00%)
Nasdaq 2,151.08 -2.98 (-0.14%)

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American International Group (AIG) was up the entire day, yet off its earlier highs. Moody's came to the rescue last night with the belief that AIG would be able to repay its government debt and obligations. Shares were up 4.7% at $37.90 ahead of the closing bell.

Ambac Financial Group, Inc. (ABK) was an awful performer because of bankruptcy concerns. Ambac shares were down a sharp 34% at $0.77 ahead of the closing bell.

Entertainment Properties Trust (EPR) was hit fairly hard on a secondary offering to raise $173+ million. Shares were down 7% at $31.28 ahead of the closing bell.

MBIA Inc. (MBI) was a disaster. The troubled bond insurer posted wider losses than expected and warned that the trouble in bond insurance was not over. Shares were down 25% at $3.57 late in the trading day.

Sun Microsystems, Inc. (NASDAQ: JAVA) took it on the chin, yet not as much as you might suspect. This is after the Euro-weasels at the European Commission somehow think that the open MySQL part of the Sun business will give Oracle (ORCL) too much leverage. This is the first step to block that merger. Sun shares were only down 1% at $8.14 late in the day.

Electronic Arts Inc. (ERTS) saw gravity set in as investors figured out that video game companies are supposed to be growth companies rather than companies missing already-low earnings targets and companies looking to cut back on workers. This was down over 6% at $18.28 late in the trading day.

Tags: ABK, AIG, EPR, ERTS, featured, JAVA, MBI, ORCL

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Symbol Lookup
IndexesChangePrice
DJIA-14.2810,318.16
NASDAQ-10.782,146.04
S&P 500-3.521,091.38

Last updated: November 22, 2009: 12:59 AM

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