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Closing Bell: Bulls and GSE Bailout Plans succumb to 'Sell, Sell, Sell"

Posted Jul 14th 2008 4:12PM by Jon Ogg (RSS feed)
Filed under: Google (GOOG), , Federal Natl Mtge (FNM),

Today would be described as being choppy disappointment at best. The markets started out strong on a government bailout proposal for GSE's but traders went right back to shorting financials on big gap ups. After today, we'll get major earnings reports coming on a non-stop basis and tomorrow we'll also start to see some key data around producer prices tomorrow morning. Here are today's unofficial closing bell levels:
DJIA 11,052.10 (-48.44)
S&P500 1,228.02 (-11.46)
NASDAQ 2,212.87 (-26.21)
10YR T-Note 3.88% (-0.06%)
52-WEEK LOWS
TOP ANALYST UPGRADES
TOP ANALYST DOWNGRADES

Anheuser-Busch Companies, Inc. (NYSE: BUD) saw a gain as the company finally capitulated and agreed to be acquired now that InBev boosted its buyout offer price to $70.00 from $65.00.

Continue reading Closing Bell: Bulls and GSE Bailout Plans succumb to 'Sell, Sell, Sell"

Closing bell: Only a fraction of a disaster

Posted Mar 17th 2008 5:12PM by Jon Ogg (RSS feed)
Filed under: General Motors (GM), JPMorgan Chase (JPM), ,

While there was economic data today, everyone knew what today was about: the imploding takeunder of The Bear Stearns Companies, Inc. (NYSE: BSC). While the markets were down miserably in pre-market trading, the U.S. did much better than overseas markets. Also, oil came down significantly closing out down $4.21 at $106.00. In fact, if you watched the news last night as the big "takeunder" became formalized, you really wouldn't believe the tape today. The NY Empire Manufacturing index for March came in at -22.2, down from the -11.7 reading in February; and Industrial Production for February came in at -0.5%, down from -0.1% in the prior reading. Below are the unofficial closes:

DJIA 11,972.25 (+21.16; +0.18%)
S&P500 1,276.60 (-11.54; -0.90%)
NASDAQ 2,177.01 (-35.48; -1.60%)
10YR-TBond 3.314% (-0.107%)

As JPMorgan Chase & Co. (NYSE: JPM) is getting most of these assets on the cheap, it was the standout of DJIA components today with a large rise of 10.3% to $40.31. But here are the ones that Wall Street is most scared about, and you'll see it in the price. Bear Stearns (NYSE: BSC) also rubbed off on other banks and brokers that were leveraged:

Lehman Brothers Holdings, Inc. (NYSE: LEH) fell 19% to $31.75.
UBS AG (USA) (NYSE: UBS) fell 11% to $24.66.
MF Global Ltd. (NYSE: MF) fell a sharp 65% to $6.05.
In addition, UBS downgraded many names in the sector this morning.

Continue reading Closing bell: Only a fraction of a disaster

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Closing Bell: Bulls and GSE Bailout Plans succumb to 'Sell, Sell, Sell"