Loser Loans, Markets Mixed, Service Sector Improves
News of Bank of America holding over $7 billion dollars of losing loans combined with overall earning nervousness sent stocks to a mixed close. Good news from the service sector indicating less of a contraction than expected kept shares from sliding deep into the red. Fortunately, for the bulls, bargain hunters entered the market late day pushing the DJIA higher by +44.13 to 8324.87, the Nasdaq fell -9.12 to 1787.40 and the broad based S&P 500 eased ahead by +2.30 to 898.72.
American Express
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PowerRating) – Led the DJIA higher after climbing 5.30% or 1.18 to $23.25/share on an upgrade from Stifel Nicolaus.
Matrixx Initiatives
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PowerRating) – Continues to get hit as a class action lawsuit was filed due to its cold remedies supposedly causing a loss in the sense of smell. Shares fell 7.41% or 48 cents to $6.00 on the news.
Regis Corp
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PowerRating) – The owner of Super Cuts hair salons fell hard on a decline in fiscal fourth quarter revenue dropping 20.94% or $3.57 to $13.48/share.
Citrix Systems
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PowerRating) – Oppenheimer downgraded the software maker to perform sending shares lower by 2.21% or 69 cents to $30.47.
Oil fell $1.58 to $64.36, Gold got hit $6.70 falling to $924.30 and the fear index VIX spike higher 3.76% to 29.00.
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