Buffett Busts Rally, Stocks Higher, Goldman Upgraded
Good news finally emerged on the financial front with General Motors bankruptcy being discharged and Goldman Sachs obtaining a Bank of America upgrade resulting in stocks closing modestly higher on the day. However, the Oracle of Omaha, Warren Buffett’s negative words busted the fledging rally. The DJIA advanced +4.76 to 8183.17, the Nasdaq climbed +5.38 to 1752.55 and the S&P 500 marched +3.12 points higher to 882.68.
Goldman Sachs
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PowerRating) – Shares surged 3.49% or $4.82 to $143.45/share after Bank of America lifted its share price estimates and upgraded the stock to buy.
Southwestern Energy
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PowerRating) – Advanced 4.80% or $1.70 to $37.09 after rallying natural gas futures lifted shares.
KB Home
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PowerRating) – Soared 9.31% or $1.06 to $12.44/share upon being upgraded by Credit Suisse.
Limited Brands
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PowerRating) – Fell 3.97% or 45 cents to $10.89/share after sales dropped 12% in June.
Oil gained 27 cents to $60.55, Gold eased higher $6.90 to $916.20 and the VIX fear index gave back 4.86% to 29.78.
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