Bernanke Recession Warning, Lawmakers Balk, Stocks Slip
Federal Reserve Chairman, Ben Bernanke issued a stern recession warning to lawmakers from both parties as they balked about the proposed $700 billion dollar bail out plan. The Fed Chief advised that recession is imminent should the plan be rejected. This led to a sell off across the board in stocks with the DJIA falling -161.52 to 10854.17, the Nasdaq gave up -25.64 to 2153.34 and the S&P 500 slipped -18.87 to 1188.22.
ImClone
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PowerRating) added 7.24% or $4.30 to $63.70/share on word that Bristol Myers increased its buyout offer.
Zions Bancorp
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PowerRating) fell 14.16% or $6.69 to $40.54/share after being downgraded by Citigroup to “hold”.
Waste Connections
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PowerRating) – The trash company fell 7.91% or $2.93 to $34.12/share after cutting its 3rd quarter sales projections and advising it plans to dilute its shares by issuing another 10 million.
Maximus Inc
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PowerRating) climbed 6.16% or $2.22 to $38.26/share after the provider of management consultancy services to local governments agreed to sell off three sub businesses.
Gold fell $9.00 to $900.00/oz, oil gave back $2.61 to $106.76/barrel and the fear gauge VIX index climbed 5.52% to 35.72.
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