Mortgage Applications Double, Stocks Surge, Citigroup Executives Sued
Stocks went on a roller coaster ride today with the major indexes climbing, being knocked back down, and then surging to end the session near the highs of the day. News of a record increase in home mortgage applications provided welcome relief for the beat down housing sector. This increase was triggered by a 3 year interest rate low for 30 year fixed mortgages. However, additional gloomy news from the Fed in regards to the slowing economy across the United States fail to stifle the exuberant late day stock buying. The DJIA ended the day up +172.60 to 8591.69, the Nasdaq jumped up by +42.58 to 1492.38 and the S&P 500 pushed ahead by +21.93 ending the day at 870.74.
Citigroup
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PowerRating) – News of a shareholder lawsuit against company insiders, including former Treasury Secretary, Robert Rubin, claiming suspicious trading activity resulted in shares shrugging off the information by climbing 8.31% or 0.60 cents to $7.82/share.
Beazer Homes
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PowerRating) – Jumped 27.54% or 0.38 cents to $1.76/share on the good news of a record doubling of home mortgage applications.
Fortress Investment Group
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PowerRating) – The hedge fund manager evoked gate clauses, halting redemptions after investors demanded $3.51 billion returned by year end. The stock plummeted on the news losing 38% or 0.95 cents to $1.55/share.
Intuitive Surgical
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PowerRating) – Climbed 12.82% or $15.12 to $133.07/share announced a new plan that may point toward a future take out offer.
Oil fell 0.17 cents to 46.90, gold dropped $12.80 to $770.50 and the fear index VIX gave back 3.59% to 60.72 after spiking as high as 65.37 intraday.
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