Many said that today was based on solid economic data, but the markets were already pointed handily north. Today was about traders putting the risk trade back on by buying stocks and buying commodities. Dubai's explosive consequences seem to be mitigated, but that will be determined in time. Here were the unofficial closing bell levels today:
Dow 10,471.58 +126.74 (1.23%)
S&P 500 1,108.86 +13.23 (1.21%)
Nasdaq 2,175.81 +31.21 (1.46%)
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American International Group (AIG) recovered handily on word that it is moving forward with its ALICO separation and after entering into a debt-for-equity swap with the New York Fed which may have just taken off $25 billion in debt. Shares were up over 8.5% at $30.84 before the close..
Genzyme Corporation (GENZ) announced that it has begun shipping vials of newly produced Cerezyme from its Allston Landing plant. Shares were up 0.8% at $51.11 before the close.
Netlist (NLST) just found out about something called gravity. After a more than 500% gain, shares have now lost one-third of their value from the peak. Today's 8% drop to $5.29 before the close was over a patent infringement case, which the company denied any issues.
General Electric Company (GE) rose after clearing its hurdle with Vivendi so it can sell its majority stake in NBC Universal to Comcast (CMCSA). GE shares were up almost 1% at $16.17 before the close.
Kinder Morgan Energy Partners, L.P. (KMP) fell after it sold 4,500,000 common limited partner interests at $57.15 per common unit. Shares were down 2.1% at $57.01 before the closing bell.
Jon Ogg is a partner and editor of 24/7 Wall St.
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Reader Comments (Page 1 of 1)
12-01-2009 @ 5:03PM
Howard said...
Being in the insurance industry (www.termmonster.com) we closely follow the movement of insurance carriers/companies. We feel that after rating agency's questionable standards the last few years, actions of the company can give insight to their financial direction, thus lending itself to risk analysis for our clients. Thanks for the updates!