Super Stock Swings, Wachovia Deal On, G7 Meeting Seeks Solutions
Super wide swings is the only way to describe the stock market today. After being down nearly 700 points, the DJIA fought its way back via massive buy programs and bargain hunting, pushing its way into positive territory prior to falling back into negative land at the close. This weekend’s G7 meeting may reveal insightful solutions to the current crisis. The DJIA closed down -128 to 8451.19, the Nasdaq climbed +4.39 to 1649.51 and the S&P 500 capped its worst week of all time with a loss of -10.70 to 899.22.
Wachovia
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PowerRating) surged 41.67% or $1.50 to $5.10/share after regulators approved the Wells Fargo buyout proposal.
Exxon
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PowerRating) led the DJIA lower with a loss of 8.29% or $5.64 to $62.36/share on steeply falling oil prices.
CBS Corp
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PowerRating) gave back 20.12% or $2.04 to $8.10/share after declining advertising revenue pushed third quarter profits lower.
Deckers Outdoors
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PowerRating) – The maker of UGG boots and TEVA sandals climbed 22.86% or $17.59 to $94.55/share after announcing third quarter sales would beat estimates.
Gold fell $39.90 to $846.60, oil gave back $6.28 to $80.31 and the VIX climbed above 70 intraday marking another all time high in the fear index.
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