Bonds Sink Stocks, Consumer Credit Crash, Hedge Funds Surprise
A lack luster bond auction combined with anxiety over the actual bank stress test results released this evening weighed heavily on stocks today. Unexpected good news from the hedge fund front revealed that, on average, hedge funds advanced for the second month in a row climbing 3.8% in April. This news was not enough to counteract dire information from the consumer credit arena. This critical gauge of economic health fell to the lowest levels since it was first measured in 1943 falling another 5.2%. As a result, the DJIA gave back -102.43 to 8409.85, the Nasdaq plummeted -42.86 to 1716.24, and the broad based S&P 500 fell -12.14 to 907.39.
Capital One
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PowerRating) – Earned a Goldman Sach’s upgrade pushing shares to the biggest gain on the S&P 500 climbing 18.40% or $4.11 to $26.45/share.
Sirius
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PowerRating) – Gave back 18.14% or 0.09 cents to 0.43 cents as the struggling satellite radio provider missed analyst’s estimates by a wide margin. They blame Chrysler bankruptcy for the terrible performance.
Ternium
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PowerRating) – Latin America’s second biggest steel maker surged 49.10% or $5.16 to $15.67/share after the firm agreed to sell a unit to the government.
US Airways
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PowerRating) – Stated it would issues additional shares to raise capital sending the stock lower by 20.60% or $1.03 to $3.97 ending a winning streak.
Oil climbed 0.37 cents to $56.40, Gold eased ahead 4.50 cents to $915.50 and the VIX index added 3.05% to 33.44.
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