Greenspan Positive, Stocks Mixed, Sales Dilute
A roller coaster day with the market up and down across the breakeven point several times. Positive words from former Fed Chairman Alan Greenspan that the financial markets should continue to improve and housing may have bottomed, added to the optimistic tone of the day. However, capital raising share issuing by Ford and other companies diluted the float resulting in investor selling pushing the market downward. The DJIA advanced +50.34 to 8469.11, the Nasdaq gave back -15.32 to 1715.92 and the S&P 500 dipped -0.89 to 908.35 closing above the technically critical 900 level.
Anadarko Petroleum
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PowerRating) – Did not participate in the oil price rally as plans to issue additional shares pushed the price down 6.35% or $3.10 to $45.74/share.
CBS Corp
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PowerRating) – The television network carries $6.9 billion dollars in net debt and its advertising revenue is declining leading to the stock selling off 7.22% or 0.55 cents to $7.07/share.
Fossil
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PowerRating) – The watch maker crushed analysts earnings estimates sending shares higher by 9.17% or $1.81 to $21.55/share.
STEC Inc
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PowerRating) – Surged 30.90% or $3.21 to $13.60/share after beating analysts estimates by 56%.
Oil added 0.35 cents to $58.68, Gold climbed $10.00 to $923.90 and the VIX fell 3.26% to 31.80.
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