PennyMac Mortgages Sink, Bull Frenzy, Treasuries Strong
Another round of positive earning reports combined with a strong 7 year Treasury auction sent stocks surging higher. The trust designed to consolidate the bad home loans, PennyMac, cut its initial public offering size by 20% and shares sunk on the first day of trading. Despite this ominous signal, the S&P 500 hit the highest level since last November on a bull frenzy. The DJIA climbed +83.74 to 9154.46 after trading much higher intraday, the Nasdaq added +16.54 to 1984.30 and the S&P 500 surged +11.60 to 986.75.
American Superconductor
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PowerRating) – Reported its first profit in 18 years sending shares soaring 21,35% or $5.60 to $32.03.
Avon
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PowerRating) – Beat analysts estimates by 17% triggering shares to climb by 8.41% or $2.50 to $32.25.
General Electric
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PowerRating) – Was upgraded to a buy at Goldman Sachs shares reacted by adding 6.93% or 85 cents to $13.11/share.
Symantec
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PowerRating) – Did not participate in the rally after forecasting sales missing analyst’s estimates. Shares dropped 14.27% or $2.46 to $14.78.
Gold climbed $7.60 to $937.30, oil advanced $3.59 to $66.56 and the VIX index fell 82% to 25.40.
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