Markets Rally Against the Odds
The major indexes recovered from sizeable losses mid-day to stage a rebound
after yesterday’s market rout. Traders are focused on the upcoming earnings season,
which looks to be bleak, and U.S. economic numbers, also expected to highlight
economic weakness. The market rallied on no apparent reason, but traders
attributed late positive sentiment to a positive outlook from DuPont.
DuPont
(
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PowerRating) rallied 4.7% on Wednesday morning, after raising its
earnings outlook for 2007 and profit forecast for 2008 (full
story).
Apollo
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PowerRating) rallied 16.0% after reporting Q1 earnings results
which exceeded analyst expectations (full
story).
Alliance Technologies
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PowerRating) fell 3.6% after announcing plans to
purchase the space and radar business of a Canadian firm for $1.32 billion (full
story).
Helen of Troy
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PowerRating) fell 14.4% on Wednesday despite beating Q3
profit expectations. The company reduced its full-revenue forecast for 2008 (full
story).
Countrywide Financial [CFCCFC] continued to fall after yesterday’s
blowout. CFC shares were trading lower by 7.0%.
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