Stocks Surge, Energy Leads, Wal-Mart Optimistic
Stocks had a volatile session, ending the day sharply higher on bargain hunting in energy shares and optimistic news from the retail sector. Unfortunately, autos and technology did not participate in the surging session with major names down on the day. The DJIA jumped +552.59 to 8835.25, the Nasdaq climbed +97.49 to 1596.70 and the broad based S&P 500 bounced hard off the lows to +58.98 to 911.29.
Wal-Mart
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PowerRating) – Added 4.43% or $2.33 to $54.95/share on very optimistic words from the CEO and a 10% increase in 3rd quarter profits.
Sprint
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S |
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PowerRating) – Surged 18.97% or 0.37 cents to $2.32/share after announcing cost cutting measures and a 180 day legal extension to cut Nextel in Midwestern states.
Dr. Pepper/Snapple
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PowerRating) – Failed to participate in the rally slipping 12.86% or $2.69 to $18.22/share due to dropping 3rd quarter profits and a lowering of its full year forecast.
Crocs
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PowerRating) – Gave back 44.68% plummeting 0.85 cents to $1.05/share due to greater losses than expected and lowering of the forecast.
Oil added $2.08 to $59.25 and gold lost $13.30 to $705.00
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