Confidence Craters, Stocks Broaden Gains, Earnings Surprise
Substantially worse than expected consumer confidence figures and a wider than forecast trade gap did little to stem stocks bullish momentum on the session. Earnings surprise from several retailers and consumer companies guided stocks to their 2nd straight weekly gain. The market shrugged off the dire underlying economic data with investors continuing their bullish buying ways. The DJIA gained +73.00 to 10270.47, the tech heavy Nasdaq expanded to +18.86 to 2167.88, and the broad based S&P 500 added +6.24 to 1093.48.
Goodyear
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PowerRating): Climbed 4.37% or 60 cents to $14.34/share after being upgraded to “buy” at Goldman.
McDonald’s
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PowerRating): Expansion plans to Poland triggered buying, sending shares higher by 2.27% or $1.41 to $63.58.
Genzyme Corp
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PowerRating): Fell 7.32% or $3.89 to $49.28/share after it was discovered that several of its pharmaceuticals may be contaminated with rubber and stainless steel particles.
Juniper Networks
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PowerRating): Advanced 5.87% or $1.45 to $26.15/share after being upgraded to “outperform” at Oppenheimer.
Gold soared $10.20 to $1117.00, oil dropped 59 cents to $76.42 and the VIX fear index fell 3.63% to 23.36.
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