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Closing Bell: Options and index re-balance aid bulls (ARNA, AMR, PALM, SIRI, VVUS)

Today was one of those days where many traders looked like and acted like they wanted to just lock in gains after what was the first full week for many traders in about three weeks. Yet shares stayed strong. Options expiration dates and a S&P rebalance brought in some added volatility and money managers are now scared to tell their clients that they are not all-in on stocks. So while markets were up most of the day, the real closing bell with all of today's events was something that felt as though it would be down to the wire.

Here were today's unofficial closing bell levels:

Dow 9,819.52 +35.60 (0.36%)
S&P 500 1,068.26 +2.77 (0.26%)
Nasdaq 2,132.86 +6.11 (0.29%)

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Continue reading Closing Bell: Options and index re-balance aid bulls (ARNA, AMR, PALM, SIRI, VVUS)

Closing Bell: The never ending rally (ABX, GE, PALM, VVUS)

Today was another up and away day, although after the 2:00 PM Beige Book and after a Treasury auction, it felt like today was just going to be a difficult one to call.

This is a light week on data and a light day on earnings and that makes it a hard tell each day to have serious conviction for bulls and bears alike. The DJIA went above 9,500 and marks the 4th day in a row of a rally.

Here are today's unofficial closing bell levels:

Dow 9,538.23 +40.89 (0.43%)
S&P 500 1,032.47 +7.08 (0.69%)
Nasdaq 2,058.60 +20.83 (1.02%)

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Top Analyst Downgrades
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Continue reading Closing Bell: The never ending rally (ABX, GE, PALM, VVUS)

Analyst downgrades: SNDA, ESLR, SPWR and MAR

MOST NOTEWORTHY: Shanda Interactive, Evergreen Solar, SunPower and Marriott were today's noteworthy downgrades:
  • Citigroup downgraded shares of Shanda Interactive (NASDAQ:SNDA) to Hold from Buy following the company's lower-than-expected guidance as they see a lack of positive catalysts.
  • Merrill downgraded Evergreen Solar (NASDAQ:ESLR) and SunPower (NASDAQ:SPWR) to Sell from Neutral citing a potential reduction in German tariffs.
  • Morgan Stanley downgraded Marriott (NYSE:MAR) to Equal Weight from Overweight citing economic pressures on business travel.
OTHER DOWNGRADES:
  • Vivus (NASDAQ:VVUS) was downgraded at Wachovia to Market Perform from Outperform.
  • UBS lowered Juniper(NASDAQ:JNPR) to Neutral from Buy.
  • Cemex (NYSE:CX) was downgraded to Neutral from Overweight at JP Morgan.

Analyst initiations 4-18-07: EBAY, CA, CAH, CKR & FIRE initiated today

MOST NOTEWORTHY: CKE Restaurants (CKR), Cardinal Health (CAH), eBay (EBAY) and CA Inc (CA) topped today's noteworthy initiation list today:
  • Nollenberger believes the Hardee's franchise is entering a period of accelerated growth and initiated shares of CKE Restaurants (NYSE: CKR) with a Buy rating and $27 target.
  • Goldman views Cardinal Health (NYSE: CAH) as a as a high quality, focused franchise with strong fundamental outlook driven by margin expansion and improvements in non-drug wholesale businesses and restructuring efforts, reinstating its Buy rating on the company.
  • American Technology initiated eBAY Inc (NASDAQ: EBAY) with a Buy rating and $43 target, believing the company is the top play on growth of U.S. e-commerce and they expect upside to numbers tonight.
  • Needham believes CA Inc (NYSE: CA) Inc remains in transition as it continues to work on the repackaging of its vast product array into five solution sets and started the company with a Hold rating.
OTHER INITIATIONS:
  • Roth Capital initiated shares of Vivus Inc (NASDAQ: VVUS) with a Buy rating and $15 target.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Symbol Lookup
IndexesChangePrice
DJIA+44.2910,291.26
NASDAQ+15.822,166.90
S&P 500+5.501,098.51

Last updated: November 12, 2009: 12:11 AM

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