Bull Trap Springs, Financials Fall
A classic bull trap was sprung on new, unsuspecting bulls today. Stocks roared higher in the morning session then quickly reversed course, attracting then slamming the less nimble long players. Word of up to 200 additional bank failures and very pessimistic commentary from Sun Trust Banks CEO, James Wells, ignited the sell off. However, shares still managed to close mixed on the day with the DJIA adding +3.32 to 9509.28, the Nasdaq falling -2.92 to 2017.98 and the broad based S&P 500 slipped -0.57 to 1025.56.
Warner Chilcott
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PowerRating): Announced it would buy Proctor & Gamble’s prescription drug business for $3.1 billion sending shares rocketing higher by 29.64% or $4.80 to $20.90.
Toll Brothers
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PowerRating): Citibank cut the luxury for the masses home builder to hold. The stock reacted by falling 4.27% or $0.96 to $21.74/share.
Dell
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PowerRating): Was upgraded to buy by Broadpoint AmTech triggering shares to advance 2% or $0.29 to $14.78.
Boeing
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PowerRating): The aerospace firm was awarded a $1.6 billion military contract causing the stock to climb 2.75% or $1.26 to $47.13/share.
Oil added 9 cents to $73.98, gold dropped $12.90 to $941.80 and the VIX fear index climbed .48% to 25.13.
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