Obama Demands Reform, Stocks Mixed, Eddie Bauer Bankrupt
Obama announced sweeping reform measures for the financial markets today. Focused on consumer protection, the proposals did little to oversee the rating agencies and other prime sources of the meltdown. Outdoor clothing retailer, Eddie Bauer, declared chapter 11 bankruptcy further adding to the negative sentiment. However, stocks reacted somewhat positively by closing mixed on the day with the DJIA giving back -7.49 to 8497.18, the NASDAQ gained by +11.88 to 1808.06 and the S&P 500 slipped -1.26 to 910.71.
Fed Ex Corp
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PowerRating) – Fell 1.40% or 72 cents to $50.70/share after forecasting profits that will miss estimates and dour words about the future.
International Paper
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Savient Pharma
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Best Buy
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Oil gained 52 cents to $70.99, gold added $7.40 to $939.60 and the VIX index fell 3.4% to 31.54.
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