Stocks Crank Higher, Gold Crushed, Lehman Confusion
Stocks cranked higher today after a severe sell off yesterday on bargain hunting in energy names and Lehman Brothers talking about resizing, spinning off divisions and full scale asset sales in an apparent last ditch effort to survive. The DJIA closed up +38.19 to 11268.92 in a choppy, erratic session. The Nasdaq climbed +18.89 to 2228.70 and the broad based S&P 500 added +7.53 to 1232.04.
Imclone Systems
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PowerRating) climbed 6.90% or $4.39 to $68.04 after a $6.1 billion takeover offer from an undisclosed source.
Salesforce.com
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PowerRating) jumped 7.60% or $3.96 to $56.06/share after being chosen to replace Fannie Mae in the S&P 500.
CFI Group
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PowerRating) tumbled 24.45% or $2.35 to $7.26/share as the interdealer broker of credit derivatives failed to complete a merger with a competitor.
Las Vegas Sands
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PowerRating) fell 10.84% or $4.48 to $36.84/share on slower business due to consumers not spending as much money in casinos.
Gold was crushed down $33.10 to $758.90/oz, oil fell another .14 cents to $103.12 and the VIX index fell 7.30% to 25.93.
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