The markets were higher before the economic data came to ruin the party. CPI came in higher than PPI on the inflation front, but there was a real disappointment in housing starts considering that many were expecting gains there. Oil inventory contractions across the board failed to boost that market considerably. A late day rally looked like a positive close was in the cards, but the buying action was only so much. Here were today's closing levels:
Dow 10,426.31 -11.11 (-0.11%)
S&P 500 1,109.79 -0.53 (-0.05%)
Nasdaq 2,193.14 -10.64 (-0.48%)
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Advanced Micro Devices (AMD) rose almost 10% and was at $7.25 ahead of the close. While it is selling notes, it is paying off $1.4 billion in debt.
American Express Company (AXP) may be a win considering the drop in the broad markets. The company is reaching down the credit line to a broader audience via Revolution Money and a $300 million buyout of that operation. Shares were up a whole $0.01 at $41.37 ahead of the close.
DryShips Inc. (DRYS) was a surprise. Shares were up over 1% at $7.16 ahead of the close. This had been down over 7% last night after it announced a new capital raise and share loan agreement.
E*TRADE Financial Corporation (ETFC) was up 6.5% at $1.65 before the closing bell. This was on account additions to start, but there is also some mild takeover chatter out there. Again.
Fortinet (FTNT) may give new hope to the IPO market. Shares were up 34% at $16.81 ahead of the close after it sold 12.5 million shares at $12.50 per share. That was already above the $9 to $11 price range.
VIVUS, Inc. (VVUS) was up 3% at $8.82 ahead of the closing bell. This was on positive results from its erectile dysfunction drug trial results. Boing!
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
Reader Comments (Page 1 of 1)
1-06-2010 @ 1:46PM
JonJonez said...
Vivus ( VVUS ) not only has an erectile dysfunction drug. Vivus is also working on Qnexa, which was recently submitted to the FDA for the treatment of Obesity, see here:
http://www.tesofensine-information.com/qnexa.html
Also, based on VVUS technical analysis alone, it looks like it has formed a flag and pennant and seemingly has broken above the trend. VVUS could be a good pick right now.