Jobless claims almost went under 500,000 and gave one of the lowest readings this year. Unfortunately that wasn't enough for the market because these likely need to get under 400,000 or so before unemployment will stop rising. Oil inventories took some fuel from oil, but the weak 30-Year Treasury auction and the government's budget deficit kept the six day rally from turning into a 7-day rally. Here were today's unofficial closing bell levels:
Dow 10,197.47 -93.79 (-0.91%)
S&P 500 1,087.21 -11.30 (-1.03%)
Nasdaq 2,149.29 -17.61 (-0.81%)
Top Analyst Upgrades/Downgrades
Top Day Trader Alerts
Top Stock/Market Rumors
Bank of America Corporation (BAC) was reported by CNBC's Charlie Gasparino as potentially considering asking Jon Corzine to be the new CEO. This was after the Financial Times noted that a CEO announcement might not come by Thanksgiving. Shares were down 2.5% at $16.01 before the close.
General Electric Company (GE) has signed a definitive sale agreement with United Technologies to sell its security operations business for approximately $1.82 billion. Shares were down with the market by 0.75% at $15.71 before the close.
Hewlett-Packard (HPQ) announced a $2.7 billion deal to acquire 3Com Corporation (COMS) to increase its router and switching operation. It simultaneously raised guidance for its fiscal 2010. Brocade Communications (BRCD) saw its shares sell off immediately after the HP buyout of 3Com. Brocade was deemed by many as a target for H-P to acquire. 3Com was up 31% at $7.48 and Brocade was down 13% at $8.04 before the closing bell.
Wal-Mart Stores Inc. (WMT) posted $0.84 EPS to beat $0.81 estimates and revenues were up 1% to $99.4 billion compared to estimates of $99.9 billion. Shares were up 0.6% at $53.29 before the close.
Advanced Micro Devices (AMD) also rose sharply after it settled its long standing litigation with Intel Corporation (INTC). Shares were up over 21% at $6.47 ahead of the close. AMD didn't get enough, perhaps.
Newspaper ad revenue of 28%, 8 quarters of double-digit drops
Closing Bell: Earnings working against stocks (BCRX, DELL, DHI, INTC, LEAP, PCS)
Chasing Value: E-Trade, a word of caution
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