Trillion Dollar Pledge, Mark To Market Manipulation, Stocks Soar
Optimism rocked the world’s stock markets today as global leaders at the G-20 meetings pledged $1 trillion dollars to prop up ailing economies. In addition, manipulation of the “mark to market” accounting rules may provide financial and other institutions needed wiggle room to work out issues. Stocks rallied aggressively shrugging off word of greater regulations and oversight. The DJIA soared +216.48 to 7978.08, the Nasdaq jumped up +51.03 to 1602.63 and the S&P 500 advanced +23.30 to 834.38.
MGM Mirage
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PowerRating) – Added 19.39% or 0.51 cents to $3.14/share after a buyout firm held discussions about possible investment in the CityCenter project.
Hertz
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PowerRating) – The car rental company climbed 7.58% or 0.32 cents to $4.54/share upon being given permission to buy the assets of Advantage Rent a Car.
Manhattan Assoc.
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PowerRating) – Declined 11.55% or $2.01 to $15.40/share after the software maker missed first quarter profit estimates.
Legg Mason
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PowerRating) – Is improving by selling debt, renegotiating agreements and selling structured investments sending the stock up 9.63% or $1.58 to $17.98/share.
Oil added $4.25 to $52.54, Gold plummeted $18.80 to $908.90 and the fear index VIX fell 0.57% to 42.04.
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