Markets Mixed, Rates Unchanged, INTC Sued
Stocks rallied in anticipation of the Federal Reserve keeping interest rates unchanged. In a classic buy the rumor, sell the news scenario, shares sold off sharply into the close after the announcement verified the unchanged word of the street. The Fed vowed to keep rates unchanged until additional growth is evident in the economy. Chip giant Intel was served with suit papers today by New York State alleging illegal threats and collusion are used to dominate the marketplace. Uncannily, the company shrugged this off with shares closing up on the day. The DJIA added +30.23 to 9802.14, the Nasdaq gave back-1.80 to 2055.52 and the S&P 500 eased higher by +1.09 to 1046.50.
Garmin
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PowerRating): The GPS maker fell 14.55% or $4.57 to $26.84/share after stating sales declined for the fourth quarter in a row.
Merck
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PowerRating): Climbed 6.42% or $1.97 to $32.64/share after projecting high single digit earnings growth for the next 3 years.
True Religion
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PowerRating): The cult jean maker fell 24.44% or $6.49 to $20.07/share after just missing analysts profits estimates by 1 cent.
Walt Disney
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PowerRating): Climbed 1.48% or 41 cents to $28.03/share after obtaining approval to build another theme park in Shanghai.
Gold added $2.10 to $1087.00, oil advanced 80 cents to 80.19 and the VIX fear index gave back another 3.78% to 27.72.
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