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Closing Bell: Financials and oil lead market lower, go figure

Posted Jun 3rd 2008 4:28PM by Jon Ogg (RSS feed)

Today is a day that could be marked as Ben Bernanke either defending the dollar or saying the rate cycle was done. Either way, the dollar got stronger against the Euro and oil was down over $3.00 per barrel to under $125.00 per barrel. Nervousness over financials and the economy prevailed at the end of the day. Below are the unofficial closing levels:
Auxilium Pharmaceuticals Inc. (NASDAQ: AUXL) shares were up over 4% at $32.91 in the final minutes of trading today, although shares were mysteriously lower at the end of the day. The company posted positive data on one of its treatments for a condition in diabetics.

Cheniere Energy Inc. (AMEX: LNG) saw a rise of 12% by the final minutes of the day to $6.14 after the company said it would receive two new cargoes in June.

Lehman Brothers Holdings (NYSE: LEH) saw shares plunge again on worries about its health and on rumors that the investment bank had to tap the Fed window for liquidity. Its stock was down 8% at $31.10 in the final minutes of the day.

Analyst downgrades: AIG, PSUN, FDX and LNG

Posted May 12th 2008 11:47AM by Eric Buscemi (RSS feed)
Filed under: Analyst reports, Analyst upgrades and downgrades, FedEx Corp (FDX), Amer Intl Group (AIG)

MOST NOTEWORTHY: American International Group, Pacific Sunwear, FedEx and Cheniere Energy were today's noteworthy downgrades:
  • Goldman downgraded American International Group (NYSE: AIG) to Neutral from Buy as they expect market concerns regarding balance sheet pressures and dilutive capital raises to pressure shares.
  • Citigroup downgraded shares of Pacific Sunwear (NASDAQ: PSUN) to Sell from Buy as they believe Q1 trends are disappointing following the comp results.
  • Morgan Keegan downgraded FedEx (NYSE: FDX) to Market Perform from Outperform citing the uncertainty related to fuel prices and the economy. RBC
  • Capital cut Cheniere Energy (NYSE: LNG) to Underperform from Outperform citing the corrected 2007 10K which indicates increased liquidity concerns.
OTHER DOWNGRADES:
  • Oppenheimer cut Navios Maritime (NYSE: NM) to Perform from Outperform.
  • Credit Suisse lowered TAL International Group (NYSE: TAL) to Neutral from Outperform.
  • Vital Signs (NASDAQ: VITL) was downgraded at Piper to Neutral from Buy.

Analyst downgrades: PDCO, VMED and MNKD

Posted Apr 10th 2008 11:05AM by Eric Buscemi (RSS feed)
Filed under: Analyst reports, Analyst upgrades and downgrades, Pfizer (PFE)

MOST NOTEWORTHY: Patterson Companies, Virgin Media and MannKind were today's noteworthy downgrades:
  • Patterson (NASDAQ:PDCO) was downgraded to Neutral from Outperform at Baird, as the firm's checks indicate industry fundamentals have softened and it sees greater near-term risk for dental consumables than dental equipment.
  • Virgin Media (NASDAQ:VMED) was cut to Hold from Buy at Jefferies as they believe the company's results could be under pressure given the continued competitive activity and potential weakening of the UK economy.
  • Piper downgraded shares of MannKind (NASDAQ:MNKD) to Neutral from Buy and lowered their target to $1.50 after Pfizer (NYSE:PFE) discontinued inhaled insulin Exubera due to an increase in lung cancer cases.
OTHER DOWNGRADES:
  • Lehman cut Cheniere Energy (LNG) to Equal Weight from Overweight.
  • Pantry (PTRY) was cut to Market Perform from Outperform at Friedman Billings.
  • JP Morgan lowered Watsco (WSO) to Neutral from Overweight.

Symbol Lookup
IndexesChangePrice
DJIA-154.4810,309.92
NASDAQ-37.612,138.44
S&P 500-19.141,091.49

Last updated: November 27, 2009: 01:49 PM

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