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Stocks were indicated weak all morning after a miserable durable goods figure for July showed a large drop in many segments and after new housing sales were about as equally poor as yesterday's existing home sales. Nouriel Roubini even went as far as to call the double-dip recession being above a 40% chance now. Many stocks rallied after being lower all day, including many counter-intuitive sectors. Most likely that was a result of bottom fishing or bargain hunting. No more, no less. Here were today's unofficial closing bell levels:
Dow Jones 10,060.06 +19.61 (0.20%)
S&P 500 1,055.33 +3.46 (0.33%)
Nasdaq 2,141.54 +17.78 (0.84%)
3PAR, Inc. (NYSE: PAR) was down 1.15% right before the closing bell at $26.73, but there were reports that Dell, Inc. (DELL) was ready to make a counterbid to see if it could wrestle Hewlett-Packard (HPQ) out from its current $24 per share buyout.
Toll Brothers (TOL) posted a profit if you count things like tax gains. Despite a dismal new home sales report, shares rallied as bottom fishers came in. Shares were up 6% at $17.16 right before the closing bell.
Potash Corp./Saskatchewan (POT) was down 2.5% at $145.43 right before the closing bell after BHP Billiton (BHP) said today that it was not going to bid up recklessly for the potash and phosphate fertilizer giant.
Apple, Inc. (AAPL) was up 1.2% at $242.89 right before the closing bell after it sent out notice that it was hosting a special music event on September 1. The belief here is a new update for its line of iPods or an AppleTV announcement.
Medtronic, Inc. (MDT) rose today after a 10% post-earnings drop on Tuesday. Not even two analyst downgrades knocked it down today.
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