Closing Bell: Does The Market Ever Drop? (TSL, PALM, FDX, NKE, TEVA)

Posted Mar 18th 2010 4:20PM by Jon Ogg
Filed under: FedEx Corp (FDX), NIKE, Inc'B' (NKE), Palm Inc (PALM)

How many days in a row can stocks rise? Now we are seeing the panic buying or a melt-up, as some in the media are calling it. A stronger Philly Fed index helped, as did CPI and weekly jobless claims. Today was either 8 or 9 days up for the DJIA. Rumors of Greece needing to go the IMF and even a rumor that the Fed might lift the discount rate again did not even kill the market.

Here were today's unofficial closing bell levels:

Dow 10,779.17 +45.50 (0.42%)
S&P 500 1,165.82 -0.39 (-0.03%)
Nasdaq 2,391.28 +2.19 (0.09%)

Trina Solar Limited (TSL) saw a double digit loss on word that it is joining in on the open floodgates of secondary offerings. Shares were down over 10% at $20.59 before the close.

Palm Inc. (PALM) rose ahead of earnings. This was short covering and just in case a buyout rumor comes its way again. Shares were up 5% at $5.64 before the close.

FedEx Corporation (FDX) had been lower because of elevated valuation. But the company raised its guidance with earnings this morning. The new range for 2010 earnings is $3.60 to $3.80 earnings per share versus a prior target of $3.45 to $3.75 EPS. Shares were up 3% at $92.64 right before the close.

Nike Inc. (NKE) rose 5% and hit new 52-week highs today after posting $1.01 EPS and $4.7 billion in revenue versus Thomson Reuters estimates of $0.89 EPS $4.6 billion in revenues. Shares were up 5.5% at $74.77 right before the close.

Teva Pharmaceutical Industries (TEVA) was amazing. It is buying German generic drug maker Ratiopharm for almost $5 billion, yet the stock was up 3.5% at $62.07 right before the close.

Tags: ratiopharm, Teva, Teva Pharmaceuticals, TevaPharmaceuticals, trina solar

Print this

Reader Comments (Page 1 of 1)

3-18-2010 @ 6:05PM

JaysonST1 said...

Of course it will be higher. The goverment has their hand under this market that is artificially propping this market up higher and higher. This has become the Fed's number 1 agenda and anyone who thinks or does not beleive that this manipulation is occuring is totally and completely nieve. And yes, this manipulation has been going on for some time now.