Happy Bernanke, Rocketing Stocks, Bad Bankers
A happy go lucky Ben Bernanke broke positive news at the annual Economic Symposium at the tony resort town of Jackson Hole, Wyoming. Stating that he sincerely believes the odds of a return to economic growth are strong, stocks reacted by rocketing higher on this final trading day of the week. Oil and home sales spiked higher on confidence that the economy is improving. While news of a prison sentence for a bad UBS banker barely toned down the session’s optimistic spirit. The DJIA rocketed +155.91 to 9505.96, the tech heavy Nasdaq advanced +31.68 to 2020.90 and the broad based S&P 500 soared +18.76 to 1026.13.
Zumiez
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PowerRating) – The specialty sports clothing retailer climbed 14.01% or $1.72 to $14.00/share after being upgraded to market perform by BMO Capital.
ScanSource
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PowerRating) – The bar code maker crushed analysts estimates by over 30% sending shares higher by 7.39% or $2.06 to $29.92.
Verigy
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PowerRating) – Barclays Capital downgraded the semiconductor testing equipment maker to underweight causing shares to slip 9.24% or $1.13 to $11.10.
Intuit
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PowerRating) – Fell 7.23% or $2.23 to $28.66/share after forecasting fiscal 2010 earning below analysts estimates.
Oil advanced 19 cents to 72.35, gold climbed $13.00 to $954.70 and the VIX fear index fell slightly 0.32% to 25.01.
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