Nasdaq Misses the Boat, Closes Flat
The Dow Industrials and S&P 500 both rallied moderately, while the Nasdaq was
down fractionally today. Warren Buffet stirred the pot early in the day when he
announced plans to take on nearly $1 trillion in muni bonds from struggling
insurers, but the good news couldn’t help the Nasdaq into the green.
Berkshire Hathaway
(
BRKA |
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PowerRating) announced plans to assume $800 billion
worth of liability in municipal bonds to 3 major insurers. Ambac Financial
(
ABK |
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PowerRating), MBIA
(
MBI |
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PowerRating) and Blackstone
(
BX |
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PowerRating) were the subjects
of the proposed move.
General Motors
(
GM |
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PowerRating) reported expectedly weak earnings, but also
announced a deal with the UAW to buy out 74k workers under a special pension
plan. The move would allegedly cut costs (full
story).
Schering-Plough
(
SGP |
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PowerRating) rallied nearly 6% after reporting results
that topped analyst expectations (full
story).
Monsanto
(
MON |
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PowerRating) rallied 1.4% after the company upped profit
forecasts for 2008 (full
story).
Crude oil futures fell 1% today from 1-month highs, on speculation that
tomorrow’s energy inventories will show a jump in oil reserves. Gold fell over
1% on a similar rest move.
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