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Jon Ogg Return Risk +0.00% N/A Tracked Blogger Profile & Performance Subscribe to author

Symbol Sentiment Start Return Closed CENX n/a CNB n/a BHI n/a S n/a WFC n/a Via BloggingStocks:   Filed under: Sprint Nextel Corp (S), Wells Fargo (WFC) Today was actually a light day on the economic front. Treasury Secretary Tim Geithner spoke about keeping the banking system private after word came about the creation of the "BAD BANK" for banks to sell assets into. This was the true catalyst for the market today, and most financial stocks rose as a result. Here are today's unofficial closing bell levels: Dow 8,375.45 +200.72 (2.46%) S&P 500 874.09 +28.38 (3.36%) Nasdaq 1,558.34 +53.44 (3.55%) Top Analyst Downgrades Top Analyst Upgrades Short Sellers Attack Tech Stocks... Yet they rose. Colonial Bancgroup Inc. (NYSE: CNB) was one of the few banking stocks that wasn't up throughout the day, In fact, it was about the worst one out there. The company lost more money than it is worth and its TARP funds are conditional upon greater equity infusions. Shares were down a sharp 48% at $0.82 right before the close. Baker Hughes Inc. (NYSE: BHI) was a disappointment on earnings. But now that traders feel a floor may be put in on oil prices, they are chasing up the services stocks. This was up almost 8% at $35.30 right before the close. Wells Fargo & Company (NYSE: WFC) posted a loss of $0.79 EPS, but shares rose sharply on the report that the bank said it does not need more capital and does not need more bailout money. Shares were up over 25% today at $20.70 before the close. Sprint Nextel Corporation (NYSE: S) was up again on hopes that a takeover may head its way. Just keep in mind that the company was reluctant to sell on the way down, so it might not sell now that it has a $2.00 handle. Shares were up almost 7% at $2.61 shortly before the close. Century Aluminum Company (NASDAQ: CENX) was a disaster today. The company said it was going to sell some $100 million worth of stock, but its market cap was only about $225 million before the drop. Traders punished it today, sending shares down almost 40% to $4.55 on almost ten-times volume by the end of the day.   Permalink | Email this | Linking Blogs | Comments   Read the rest of original post »

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