Icahn Saves CIT, Bernanke Deficit Cuts, Earnings Elation
Another red letter day for the stock market with the major indexes closing sharply higher on the session. Strong initial earnings bolstered optimism of continued positive news. Word of billionaire, Carl Icahn, extending a $6 billion dollar salvation loan to barely alive CIT Group added to the bullish enthusiasm, although it’s important to note, the company has not accepted the generous offer as of this writing. Word of Bernanke stating that the U.S. must cut the deficit and economies like China need to spur spending further powered the bulls. The DJIA climbed +96.28 to 10092.19, the Nasdaq added +19.52 to 2176.32 and the broad based S&P 500 advanced +10.23 to 1097.91.
Nordstrom
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PowerRating): The higher end department store had its share price estimate increased at Barclays, triggering the stock to climb 4.27% or $1.47 to $35.89/share.
Wal-Mart Stores
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PowerRating): Moody’s said some good words sending shares higher by 1.33% or 68 cents to $51.90.
Motorola
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PowerRating): Rallied 8.15% or 64 cents to $8.59/share after Oppenheimer increased its share price estimates.
AutoNation
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PowerRating): Upgraded to “strong buy” at a research firm sending shares higher by 5.43% or $1.07 to $20.76.
Oil added $1.08 to $79.26, gold soared another $6.60 to $1058.10 and the VIX fell 0.33% to 21.50.
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