Stocks Mixed, Paper Prices Rise, Lehman Takeover Rumors
Stocks closed mixed today after the Fed Beige Book indicated slowing economic activity. Paper company stocks burned higher and Lehman Brothers is back in the spotlight with renewed takeover talk. The DJIA added +15.96 to 11532, the Nasdaq fell -15.51 to 2333.73, and the broad based S&P 500 gave back -2.59 to 1274.98.
Lehman Brothers
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PowerRating) climbed 4.46% or $0.72 to $16.85/share on rumors of a new suitor interested in taking over the failing financial giant.
International Paper
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PowerRating) burned 4.64% or $1.25 higher to $28.20/share on word of paper price hikes.
Joy Global
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This is the largest drop in 7 years for the company.
VF Corp
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PowerRating) jumped 5.64% or $4.50 to $84.29/share as the world’s largest clothing maker was upgraded by Credit Suisse to outperform from neutral.
Gold continued its losing ways today giving up $4.00 to $806.50. Oil slipped .32 cents to $109.39/barrel and the fear index VIX gave back 2.55% to 21.43.
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