Sears Profits, Treasuries Sink, Stocks Lower
Stocks ended the pre-Memorial day week lower after trading in positive territory for most of the day. Strong earnings out of retail giant, Sears lifted consumer retail shares but 10 year Treasury Bills fell sharply on credit concerns. It was a slow, pre-holiday news day overall with the DJIA forming a weekly topping pattern on the chart. Time will tell if this pullback is merely a pause in the bull run or if a more ominous future awaits stocks. The DJIA closed down -14.81 to 8277.32, the Nasdaq gave back -3.24 to 1692.01 and the S&P 500 slipped -1.33 to 887.00.
Aruba Networks
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PowerRating) – Was upgraded to overweight by JP Morgan, sending shares of the wireless network builder higher by 28.21% or $1.45 to $6.59/share.
LDK Solar
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PowerRating) – The maker of silicon wafers fell 16.45% or $1.53 to $7.77/share upon being downgraded by Lazard Capital Markets.
Red Robin Burgers
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PowerRating) – The gourmet burger chain dropped 17.35% or $3.75 to $17.86/share after providing lowered guidance.
Sears
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PowerRating) – Led the S&P 500 higher after surprising the market with first quarter profits. The stock added 10.38% or $5.21 to $55.40/share.
Oil added 0.62 cents to $61.55, Gold climbed $7.70 to $958.90 and the VIX advanced 4.08% to 32.63.
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