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Today's big shock came in the figures on unemployment as the rate posted a surprising drop to 10.0% from 10.2%. The second was in non-farm payrolls, which posted a decline of only 11,000 jobs rather than the 100,000 expected. Factory orders posted yet another gain as well. Yet the dollar strength caused a reversal of the immediate gains and the markets backed off of the early gap-up levels earlier in the day. Shares were mostly higher at the end of the day but the feeling was one of disappointment that more buying was not out there after the great jobs news. Here were the unofficial closing bell levels:
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Apple, Inc. (AAPL) was viewed as a disappointment as promotions by it and by competitors are potentially going give some margin pressure here for the holiday season. A well-known chartist also entered into an "exit on the long-side" of a long-term trade. Apple was down 1.4% at $193.70 shortly before the close.
E.I. du Pont de Nemours & Company (DD) was the biggest loser of the DJIA today and down sharply after a delay has come up in its cornseed technology. Shares were down over 6% at $32.50 before the close.
Smith & Wesson Holding Corporation (SWHC) was lower after issuing guidance which might lead many to believe that the gun buying rampage is ending. This was down 16% at $4.42 before the closing bell.
Take-Two Interactive (TTWO) got spanked on disappointing earnings and disappointing guidance. Shares were down 29% at the end of the day at $7.72.
Bank of America Corporation (BAC) would have been lower on the deep pricing discount being at an equivalent of $15.00. But this also created an immediate need for index funds to buy shares for the S&P weighting before the end of the day.
Jon Ogg is a partner and editor of 24/7 Wall St.
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