Closing Bell: A Curve Ball Day (BP, RMBS, TIVO, TGT, TLAB, WEN)

Posted Jun 9th 2010 4:00PM by Jon Ogg
Filed under: Target Corp. (TGT), Wendy's Intl (WEN), BP p.l.c. ADS (BP)

Today's gains were wiped out in the afternoon after the weakening Euro again spooked investors. The Fed's Beige Book also was 'steady as she goes' but did contain the note that inventory investing from companies was declining, and that showed some added concern that businesses weren't as optimistic as some may have hoped. The real closing bell was yet another day where the verdict of an up-day or down-day was not certain until the very end.

Here were today's unofficial closing bell levels:

Dow 9,899.25 -40.73 (-0.41%)
S&P 500 1,055.65 -6.35 (-0.60%)
Nasdaq 2,158.85 -11.72 (-0.54%)

Top Analyst Calls

BP (BP) continued its death spiral today, a day after reports came out speculating that there could at least be a small chance that BP could seek a temporary bankruptcy reorganization. But the administration also demanded a 3-day time line for BP to give it a formal plan to seal the leak. Shares were down at roughly 14-year lows and the stock was down a sharp 14% at $29.64 in the final minutes of the trading day.

Rambus Inc. (RMBS) was heading lower whether the market went up or down because it confirmed that a patent case would be reheard. Shares were down 16% at $18.36 late in the trading day.

And on the patent front, TiVo (TIVO) had another poor day after its patent win reversal appeared to be more and more likely. TiVo was down 5.7% at $7.26 late in the trading session.

Target Corporation (TGT) had been up most of the day by much more after a nearly 50% dividend payout each quarter was announced. But by today's final minutes the stock was up only 0.15% at $52.49.

Tellabs Inc. (TLAB) held on to its pre-market gains from the top trader alerts this morning. Shares were up over 4% in today's final minutes at $6.65 after the company defended its AT&T business position.

Wendy's Intl. (WEN) was another winner on the day with SunTrust issuing a buy rating on the fast food chain. Shares were up over 3% at $4.18 in the final minutes of the trading day.

Tags: bp, gulf oil spill, rambus, tellabs

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Reader Comments (Page 1 of 1)

6-09-2010 @ 6:43PM

Allen said...

BP is failing - it has lost half its value in a year! So much for the boob Tony Hayward as CEO - time for him to go - his next position won't be so cushy, cleaning up dead fish and birds on a Louisiana chain gang! Hasta la vista, babeee!