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Closing Bell: A wild trading day

Posted Jul 15th 2008 4:12PM by Jon Ogg (RSS feed)
Filed under: General Motors (GM), Sprint Nextel Corp (S), Federal Natl Mtge (FNM), Genentech Inc (DNA)

Today was nothing short of a wild trading day and despite the levels seen at the close it is still a toss up over whether the bulls or bears won today. Merrill Lynch has said that the commodities cycle may have peaked in the first half of this year. It noted that the S&P/GSCI commodity index was up roughly 41% during the first half of 2008, which is the largest gain since the index inception. This may have only been one factor, but oil fell as much as $9.00 per barrel in the biggest one-day dollar drop since 1991. We did even briefly see the VIX hit that magic 30.0 reading. Below are the unofficial closing bell levels:

DJIA 10,961.72 (-93.47)
S&P500 1214.96 (-13.34)
NASDAQ 2215.71 (+2.84)
10YR T-Note 3.844% (-0.036%)
52-WEEK LOWS
TOP ANALYST UPGRADES
TOP ANALYST DOWNGRADES

Genentech, Inc. (NYSE: DNA) rose today despite a weak earnings report and despite it saying it was going to act like an old industrial company with a share buyback plan. Shares were up over 5% at $79.37 in todays final minutes.

Continue reading Closing Bell: A wild trading day

Analyst initiations: North American pipeline sector, ARO and IMCL

Posted Jun 27th 2008 12:24PM by Eric Buscemi (RSS feed)
Filed under: Analyst Reports, Analyst Initiations, ImClone Systems (IMCL)

MOST NOTEWORTHY: The North American Pipeline sector, Aeropostale and ImClone were today's noteworthy initiations:

BMO Capital initiated the North American Pipeline sector with a Market Perform rating. El Paso Corp (NYSE:EP), Williams Companies (NYSE:WMB) and Spectra Energy (NYSE:SE) were initiated with Outperform ratings and CenterPoint Energy (NYSE:CNP) and AGL Resources (NYSE:ATG) ATG were assumed with Market Perform ratings.
Friedman Billings believes Aeropostale (NYSE:ARO) has an impressive back-to-school floorset and that momentum should carry into the fall. Additionally, the firm, which initiated shares with an Outperform rating and $38 target, expects the company to buyback shares.
Thomas Weisel believes ImClone (NASDAQ:IMCL) is attractively valued as Erbitux is positioned to capitalize on a number of label-expanding opportunities and that concerns of KRAS-related revenue loss in colorectal cancer and the clinical utility of FLEX lung cancer data are overstated. Shares were assumed with an Overweight rating and $50 target.

OTHER INITIATIONS:

JMP Securities initiated Website Pros. inc. (NASDAQ:WWWW) and GSI Commerce (NASDAQ:GSIC) with Outperform ratings and target of $12 and $19, respectively.
McAfee (NYSE:MFE) was assumed at Baird with an Outperform rating and $44 target.