Credit Cards Crackdown, Housing Hurt, Stocks See-saw
Consumer friendly legislation cracking down on credit card company abuses overwhelmingly passed the Senate vote today making way for signing into law. Bad news from the housing front with dreadful housing start figures pushed stocks lower at the open but advancing commodity and utility producers kept shares see-sawing throughout the day. The DJIA finally closed down -29.23 to 8474.85, the Nasdaq ended up +2.18 to 1734.54 and the S&P 500 dropped -1.58 to 908.13.
American Apparel
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PowerRating) – Forecast yearly sales at the low end of the range pushing shares lower 11.15% or 0.60 cents to $4.87/share.
M&T Bank
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PowerRating) – A Buffett bank holding was upgraded to outperform by Sanford Bernstein sending shares higher by 5.38% or $2.63 to $51.29/share.
Saks
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PowerRating) – The high end retailer soared 17.40% or 0.71 cents to $4.79/share after crushing analysts estimates by 85%.
Allstate
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PowerRating) – The insurer declined rescue funds sending shares higher by 2.51% or 0.65 cents to $26.50.
Oil added 0.62 cents to $59.65, Gold advanced $5.00 to $926.70 and the VIX hit the lowest levels since September 2008 falling 4.76% to 28.80.
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