Stocks Close Mixed, Morgan Stanley Reports Large Loss
Stocks closed mixed, with the Dow and S&P 500 falling, while the Nasdaq rose. Earlier in the day, the Fed injected $20 billion into the banking system, and Larry Summers, former treasury secretary, called for the government to deliver tax-cuts and a spending package in the region of $50 – $75 billion to help prevent a deep recession.
Morgan Stanley
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PowerRating) reported a fourth quarter loss of $3.59 billion, due to mortgage related write-downs. The company also announced it was receiving a $5 billion cash infusion from China Investment Corp. (read more).
Sallie Mae
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PowerRating) plunged after their recently appointed CEO made some rather unusual comments during the company’s coference call.
Shares of Palm
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PowerRating) closed lower after the company reported a Q2 loss yesterday (read more).
Hovnanian Enterprises
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PowerRating) also declined after reporting a Q4 loss yesterday (read more).
TD Ameritrade
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PowerRating) inched higher after the company raised guidance for Q1 (read more).
Union Pacific
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PowerRating) closed lower after cutting its Q4 and full-year outlook (read more).
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