Big Builder Buy Out, Insurers Insured, BAC Struggles
News of big builder, Pulte Homes, buying out competitor Centex for $1.3 billion in stock recharged the home builder sector. Word of insurers being insured Federal bail out monies worked to counteract frightening data suggesting that Bank of America may be forced to raise $36.6 billion dollars to maintain its capital ratio. A late day rally pushed stocks into positive territory with the DJIA advancing +46.55 to 7837.11, the Nasdaq climbed +29.05 to 1590.66 and the S&P 500 eased ahead +9.61 to 825.16.
Family Dollar Stores
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PowerRating) – Forecasted fiscal third quarter profits beating analysts estimates resulting in shares climbing 6.03% or $1.97 to $34.63/share.
Investment Tech Group
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PowerRating) – The oldest block trading system on the NYSE said it would suffer from an increase of its electronic trading offerings lessening the traditional commissions. Shares fell 21.21% or $5.66 to $21.02 on the news.
Ruby Tuesday
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PowerRating) – Soared 56.81 or $2.21 to $6.10/share after saying its losses would be much less than estimated.
Hartford
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PowerRating) – The insurer climbed on news that Federal bailout money is insured to insurers adding 13.49% or $1.14 to $9.59/share.
Oil added 0.23 cents to $50.02, Gold dropped $2.60 to $885.90 and the fear index VIX dropped 3.81% to 38.85 as optimism slowly seeps into the market.
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