Mixed Market, Dell Buys Perot, Pittsburgh’s G20
Stocks were mixed today taking a break from the sharpest rally since the Great Depression. Analysts believe that the market rally may have simply outran profit growth potential. Positive news of Dell buying Perot Systems was not enough to continue the across the board rally. Leaders from the Group of 20 Nations convened in Pittsburgh today to determine ways to reconcile needed regulation while spurring growth. The DJIA fell -41.34 to 9788.86, the tech heavy Nasdaq bucked the trend gaining +5.18 to 2138.04 while the broad based S&P 500 fell -3.64 to 1064.66.
Eastman Kodak
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PowerRating): The biggest loser in the S&P 500 dropping 3.25% or 18 cents to $5.36/share after Standard & Poor’s lowered its unsecured debt rating.
Dell
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PowerRating): Fell 4.07% or 68% to $16.00/share after stating it plans to acquire Perot Systems for $3.9 billion dollars.
Wal-Mart Stores
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PowerRating): Climbed 1.60% or 80 cents to $50.91/share upon an HSBC upgrade to “overweight”.
General Electric
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PowerRating): Morgan Stanley increased its target price sending shares higher by 1.58% or 26 cents to $16.76/share.
Oil dropped $2.33 to $69.46, gold dropped $5.40 to $1005.00 and the VIX fear index gained 0.59% to 24.06.
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