Stocks Down, Energy Up, Homebuilders Climb
Mixed intraday stock action ending with shares closing lower, across the board, despite soaring energy shares and climbing prices in the homebuilder sector. Construction spending in the final quarter of 2008 surprised analysts, leading to a rally in the home building sector. Energy stocks surged on Israel’s increased pressure on the Gaza Strip. The DJIA closed down -81.80 to 8952.89, the Nasdaq dipped -4.18 to 1628.03 and the broad based S&P 500 gave back -4.35 to close at 927.45.
AT&T
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PowerRating) dropped 3.57% or $1.05 to $28.37/share after being downgraded by Bernstein.
Conmed Corp
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PowerRating) – The surgical equipment maker fell hard 29.01% or $6.96 to $17.03/share after cutting its 2009 forecasts due to slower sales and currency conversion.
Intercontinental Exchange
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PowerRating) – The popular future exchange for traders led the S&P 500 lower falling 13.68% or $11.57 to $73.00/share due to less than expected trading volume in the 4th quarter.
Micron
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PowerRating) – The second biggest gainer in the S&P 500 climbing 16.90% or 48 cents to $3.32/share when it was suggested that it may increase prices.
Gold was smacked down $21.00 to $858.50, while oil climbed $2.23 to $48.37 and the fear index VIX fell .23% to 39.10.
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