Buffet Pumps Billions, Bail Out Vote Tonight, Markets Down
Billionaire investor Warren Buffett plans to pump $3 billion dollars into General Electric preferred stock as the market anxiously awaits the US Senate’s bailout vote this evening. Stocks closed well off their daily lows, however Buffett’s vote of confidence and predictions of easy approval for the bailout package failed to lift stocks out of negative territory. The DJIA closed down -19.59 to 10831.07, the Nasdaq fell -22.48 to 2069.40 and the broad based S&P 500 gave back -5.27 to 1161.09.
General Electric
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PowerRating) – word of Warren Buffet’s planned purchase of $3 billion dollars of preferred stock, and his optimistic proclamation of GE being the symbol of America failed to carry the stock out of negative territory. GE fell 4.35% or $1.12 to $24.38.
Citigroup
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Daimler
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PowerRating) the world’s second largest luxury automaker fell 8.77% or $4.43 to $46.07/share after cutting earnings forecast and negative words on the economy.
Federal Signal Corp.
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PowerRating) – This maker of fire trucks fell 11.61% or $1.59 to $12.11/share after being downgraded by Goldman Sachs.
Oil fell $1.80 to $98.84/barrel, gold slipped $2.20 to $878.60 and the fear gauge VIX climbed 1.07% to $39.01 indicating residual fear still lurking in the market
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