Britain Downgraded, IPO on Fire, General Motors Soars
Stocks closed down for the third day in a row as word of a potential credit downgrade of Britain by Standard & Poors and grim job news hit the wires. Yesterday, the Fed’s pessimism was revealed in the FOMC meeting minutes further depressing the climate. The S&P 500 has dropped 7% from the short term highs indicating a fairly severe pullback. The DJIA gave back -129.91 to 8292.13, the Nasdaq fell -32.59 to 1695.25 and the S&P 500 dropped another -15.14 to 888.33.
OpenTable
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PowerRating) – The internet restaurant reservation service’s IPO defied the weak climate soaring 75.90% or $15.30 to $35.20 from the initial opening price.
General Motors
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PowerRating) – Soared on news that a agreement was reached with the union climbing 31.72% or 0.47 cents to $1.92/share.
Regions Financial
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PowerRating) – Tumbled 15.34% or 0.76 cents to $4.13/share as they sold shares at a discount to raise capital.
Alcoa
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PowerRating) – The aluminum giant slipped 4.11% or 0.39 cents to $9.10/share after recession depressed commodity prices.
Oil slipped 0.99 cents to $61.16, Gold climbed $13.80 to $951.20 and the VIX soared 7.99% to 31.35.
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