Stocks Soar, General Motors Desperate, Unemployment Spikes
Stocks ended the week on a positive note despite the worst unemployment figures in 14 years and a scream for help from General Motors. The auto making giant stated that it may not have enough cash to make it to the end of the year without federal assistance. Dennis Virag, President of Automotive Consulting Group told Bloomberg that if the government doesn’t step in, the entire U.S. auto industry will die. Stocks once again showed amazing resilience with the DJIA closing up +248.02 to 8,944, the Nasdaq added +38.70 to 1647 and the broad based S&P 500 advance +26.11 to 931.
AutoNation
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PowerRating) – Bucked the negative trend in autos as the retailer climbed 13.34% or 0.77 cents to $6.54/share upon being upgraded to neutral by Goldman.
Knot Inc
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PowerRating) – The wedding magazine and website owner advanced 24.30% or $1.31 to $6.70/share after blowing away analyst profit estimates by 78%.
Priceline.com
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PowerRating) – Beat analyst estimates by 15% resulting in a 15.3% or $7.50 price increase to $54.57/share.
Fuel Systems Solutions
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PowerRating) – Soared 45.26% or $12.09 to $38.80/share after increasing its full year revenue forecast.
Gold climbed $2.00 to $734.20; oil added 0.27 cents to $61.04 and the fear index VIX fell 11.90% to 56.10
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