Stocks Climb, Settlement Smack Down, Citigroup Confident
Stocks advanced on this first trading day of the week after snapping a 5 day winning streak on Friday. News of a Federal Judge smacking down the $33 million dollar settlement offer between the SEC and Bank of America combined with increasing US/China tensions did little to squelch the bullish sentiment. Citigroup triumphantly stated that they will pay back the TARP funds in full plus provide a profit further added to the public euphoria. The DJIA added +21.39 to 9626.80, the tech heavy Nasdaq climbed +10.88 to 2091.78 and the broad based S&P 500 advanced +6.61 to 1049.34.
Bronco Drilling
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PowerRating): Soared 22.30% or 99 cents to $5.43/share after a research firm stated it was the least expensive in the driller sector.
Sealed Air
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PowerRating): Was upgraded to “buy” at Bank of America sending shares higher by 5.83% or $1.11 to $20.16.
Winnebago
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PowerRating): The RV maker may run out of cash next year per Barons sending shares tumbling 3.95% or 51 cents to $12.41.
Zoran
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PowerRating): Needham & Co upgraded the company to “buy”, sending shares higher by 5.33% or 57 cents to $11.27.
Gold fell $5.30 to $1001.00, oil gave back 43 cents to $68.83 and the VIX fear index relaxed by 1.20% to 23.86.
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