TARP Extended, Bank of America Free, BlackBerry’s Chinese Connection
Stocks rallied higher during the final 2 hours of trade, ending the session moderately positive. Treasury Secretary Timothy Geithner announced that the TARP loan program will remain in effect until October 2010 to cushion any further financial shocks. Bank of America revealed that they have fully paid back their TARP loan and thus are free of any further TARP obligations. These events combined with the maker of the popular BlackBerry personal digital assistance, Research In Motion releases a unit for the Chinese market. Huge call option volume confirms investor’s bullish stance on the move into China. The DJIA climbed +51.08 to 10337.05, the tech heavy Nasdaq moved higher by +10.74 to 2183.73 and the broad based S&P 500 eased ahead by +4.00 to 1095.94.
3M
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PowerRating): Climbed 3.41% or $2.63 to $79.74 after being upgraded at Citigroup to “buy”.
Sprint Nextel
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PowerRating): Another upgrade at Citigroup triggering shares to climb 5.63% or 22 cents to $4.13.
Rambus
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PowerRating): Advanced 3.15% or 67cents to $21.94/share after the European Commission ended its antitrust inquiry.
CKE Restaurants
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PowerRating): Dropped 3.01% or 26 cents to $8.39 upon missing analysts’ estimates.
Gold fell another $22.40 to $1121.00, oil gave back $1.95 to $70.69 and the VIX fear index dipped 4.35% to 22.66.
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