JP Morgan Optimistic, Rally Continues, UBS Losses $18 Billion
Stocks added to yesterday’s sharp advance on optimistic words from JP Morgan’s CEO that he foresees a small recovery in the works. Stocks closed up on the day despite news of an $18 billion dollar loss from the Swiss Banking giant, UBS and a record U.S. Budget Deficit. The DJIA eased ahead +3.91 to 6930.40, the Nasdaq advanced +13.36 to 1371.64 and the broad based S&P 500 climbed +1.76 to 721.36.
Big Lots
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PowerRating) – The biggest US seller of overstock items was upgraded by JP Morgan to Overweight triggering the stock to climb 6.40% or $1.19 to $19.77/share.
Ferro Corp.
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PowerRating) – Exploded up 106.93% or $1.08 to $2.09/share as the porcelain enamel maker said its creditors relaxed the credit terms.
Vail Resorts
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PowerRating) – Climbed 12.08% or $1.99 to $18.50/share after beating analysts estimates by 29%.
J Crew
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PowerRating) – Forecast higher than expected earnings pushing the stock up 7.30% or 0.71 cents to $10.43.
Oil fell $3.38 to $42.82 on inventory numbers, Gold added $14.80 to $910.70 and the fear index VIX fell 1.71% to 43.61.
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