Traders appear to have overcome worries about the effect of China's latest monetary tightening moves, choosing to believe that Chinese growth would remain strong. Discussions in Europe related to Ireland's banks and more debate about the possible inflationary effect of QE2, which also served to cool the market.
Here are the numbers for late afternoon trading today:
Dow Jones 11,181.34 +0.11 (0.00%)
S&P 500 1,197.17 +0.48 (0.04%)
Nasdaq 2,514.57 +0.17 (0.01%)
Top Analyst Calls
General Motors Co. (GM) couldn't keep up the pace following yesterday's IPO. Shares fell to nearly $33 before turning things around to rise above $34 later in the day as more than 90 million shares traded hands.
MELA Sciences, Inc. (MELA) shares got a serious shot in the arm following a positive vote by an FDA panel. MELA's shares are up more than 95%, to around $5 on more than 18 times normal volume.
Cost Plus, Inc. (CPWM) posted a strong earnings report this morning. Same store sales jumped 8.8% year-over-year, and revenue beat estimates handily. The company also gave a positive outlook for the fourth quarter. Shares are up about 30% on more than 10 times normal volume.
Cheniere Energy, Inc. (LNG) delivered the first cargo in 50 years of US LNG to the UK. This is the third LNG cargo to be shipped to Europe after a decision by the US government to allow re-export of LNG cargoes from the US. Cheniere shares rose more than 27% today on more than five times normal volume.
Nokia Corporation (NOK) admitted to some power problems on its top-of-the-line N8 smartphone. Apparently some phones will not turn on after they have been recharged. Nokia shares have lost about 2.5% today on normal volume.