January 2009 Archives

A sharp drop in the GDP fueled fears of further economic malaise to send the markets tumbling to a lower close with the Dow plunging 148 points to 8001.  Nasdaq plummeted 31 points to 1476.

On the upside

MIPS Technologies (Nasdaq: MIPS) reversed year ago losses to post a profit for the second quarter.

Fourth quarter earnings for SunPower (Nasdaq: SPWRA) rose as revenue surged.

Pluristem Therapeutics (Nasdaq: PSTI) will raise $1.2 million through the sale of restricted common shares and warrants.

On the downside

Shares of DryShips (Nasdaq: DRYS) continued to fall after announcing yesterday that the drybulk shipper was in violation of financial terms of some of its debt.

Bernstein & Co. analyst Kevin St. Pierre downgraded Fifth Third Bancorp (NYSE: FITB) and lowered his price target on the regional bank saying that it will need a such a large infusion of capital that investors will be significantly diluted.

Delta Air Lines (NYSE: DAL) blamed the economic downturn for weak first quarter ticket sales.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 10 points to 444.

GDP Plunges, Stocks Drop

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The GDP plunged 3.8% in the fourth quarter, the quickest pace in nearly 27 years, to send the markets tumbling during the midday with the Dow falling 73 points to 8076.  Nasdaq lost 11 points to 1497.

On the upside

Accuray (Nasdaq: ARAY) reported higher second quarter revenue and forecast full year results ahead of estimates prompting an upgrade.

Fourth quarter earnings and revenue as well as full year results surged for CyberSource (Nasdaq: CYBS) prompting an analyst upgrade.

Although earnings and revenue slipped for Digital River (Nasdaq: DRIV), the results surpassed expectations.

On the downside

Data Domain (Nasdaq: DDUP) reported sharply higher fourth quarter results but investors were disappointed with the results.

An analyst downgraded NOVA Chemicals (NYSE: NCX) after the company swung to a fourth quarter loss and posted a loss for the full year as well.

Gannett (NYSE: GCI) blamed lower advertising revenue for reporting preliminary fourth quarter earnings that dropped.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by more than 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks eased a fraction to 453.

Despite lower crude oil prices, the major oil companies were able to finish the year profitably.  Meanwhile, investors waited nervously for the 4th quarter GDP report.  The Dow rose 10 points to 8158 while Nasdaq edged up 2 points to 1510.

On the upside

Capping off a record year, Exxon Mobil (NYSE: XOM) as well as Chevron (NYSE: CVX) posted lower 4th quarter revenues and profits that handily beat expectations.

An analyst upgraded Discover Communications (NYSE: DISCA) which operates a number of popular cable channels.

Shares of Amazon.com (Nasdaq: AMZN) opened sharply higher after the online retailer reported 4th quarter profits that surpassed expectations late yesterday.

On the downside

Caterpillar (NYSE: CAT) announced more job cuts as the heavy equipment maker scaled back production to reflect lower global demand.

Shares of Juniper Networks (Nasdaq: JNPR) fell after the network equipment maker reported higher profits on lower revenues.  Analysts promptly downgraded the stock.

Lindsay Corporation (NYSE: LNN) lowered its revenue outlook for the most recent quarter by 30 to 40% while reducing its headcount by 25%.  Shares of the irrigation systems maker immediately tumbled.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by 4 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a fraction to 452.

Disappointing economic data sent the markets tumbling to a sharply lower close with the Dow plummeting 226 points to 8149.  Nasdaq skidded 51 points to 1508.

On the upside

Old Dominion Freight Line (Nasdaq: ODFL) reported lower fourth quarter earnings but the results surpassed analyst estimates.

Although first quarter earnings for NBTY (NYSE: NTY) fell due to lower gross margins, revenue climbed.

Symantec (NYSE: SYMC) blamed a hefty goodwill impairment charge for reporting a loss for the third quarter but the results were better than analysts expected.

On the downside

Affymetrix (Nasdaq: AFFX) blamed falling sales and significant charges for swinging to a much larger than expected fourth quarter loss.

Allstate (NYSE: ALL) reported a $1.1 billion loss for the fourth quarter as its investment losses mounted.

Fourth quarter earnings for Black & Decker (NYSE: BDK) plunged due to falling demand and a significant restructuring charge.


In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 7 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 20 points to 453.

Record jobless claims and plunging new home sales sent the markets tumbling during the midday with the Dow skidding 204 points to 8171.  Nasdaq slumped 48 points to 1510.

On the upside

Gold Fields (NYSE: GFI) reported higher fourth quarter earnings and achieved full production at its expansion projects.

Although second quarter earnings for Western Digital (NYSE: WDC) tumbled, the results beat expectations.

AutoNation (NYSE: AN) reported higher fourth quarter earnings that surpassed estimates due to a tax adjustment.

On the downside

Textron (NYSE: TXT) blamed the economic slump for swinging to a fourth quarter loss and announced that it will eliminate an additional 2,000 jobs.

Specialty vehicle maker Oshkosh (NYSE: OSK) swung to a first quarter loss due to the sluggish global economy, withdrew its full year outlook, and announced layoffs and production cuts.

Eastman Kodak (NYSE: EK) swung to a loss for the fourth quarter and will cut up to 4,500 positions as sales plummeted.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 16 points to 457.

Weak profit reports battered the stock market as the Dow lost more than 100 points to 8269 while Nasdaq dropped 28 points to 1530.  Investors were also disappointed by House GOP opposition to Obama's economic stimulus package.

On the upside

Shares of Boston Scientific (NYSE: BSX) rose after the medical device maker posted modest operating income along with a one-time charge to write down its acquisition with Guidant.

Sepracor (Nasdaq: SEPR) posted higher 4th quarter earnings as the drug maker cut costs and reduced headcount to reaffirm its 2009 profit outlook.

On the downside

Shares of Starbucks (Nasdaq: SBUX) opened lower after the coffee chain posted lower profits and announced the closure of 300 stores.

Chip maker Qualcomm (Nasdaq: QCOM) reported a steep decline in profits and lowered its 2009 revenue forecast.

Shares of Dryships (Nasdaq: DRYS) ran aground after the Greek bulk carrier reported a breach of financial covenants and plans to issue $500 million in new stock.

Shares of Allstate (NYSE: ALL) tumbled after the insurer posted a sizable 4th quarter loss that were worse than expected.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 11 points to 461.

Optimism that the Obama Administration will create an entity to purchase bad assets from banks sent the markets soaring to a sharply higher close with the Dow leaping 201 points to 8375.  Nasdaq jumped 53 points to 1558.

On the upside

Avanex (Nasdaq: AVNX) and Bookham (Nasdaq: BKHM) will merge in an all-stock deal that could save both companies up to $28 million.

Citigroup upgraded Lloyds Banking Group (NYSE: LYG).

Shares of insurers MGIC Investment (NYSE: MTG), MBIA (NYSE: MBI) and Ambac Financial Group (NYSE: ABK) all soared over anticipation that the government will take on bad assets from financial institutions.


On the downside

South Financial Group (Nasdaq: TSFG) reported a wider than expected fourth quarter loss due to a hefty goodwill impairmant charge and higher loan loss provisions.

While Altera (Nasdaq: ALTR) reported higher fourth quarter earnings that topped estimates, the programmable chip maker warned that sales growth will slow due to the sluggish economy.

Quest Energy Partners (Nasdaq: QELP) suspended quarterly distributions on the company's common units.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks jumped 17 points to 473.

The markets extended its gains during the midday with the Dow climbing 118 points to 8293 as investors await a statement from the Federal Open Market Committee this afternoon.  Nasdaq surged 42 points to 1547.

On the upside

Huntington Bancshares (Nasdaq: HBAN) settled a patent infringement suit by agreeing to license customer service technology from Ronald A. Katz Technology Licensing LP.

Second quarter earnings surged to top estimates for VistaPrint (Nasdaq: VPRT) as customers and orders climbed prompting an upgrade.

Although Sun Microsystems (Nasdaq: JAVA) swung to a second quarter loss, sales topped analyst estimates.


On the downside

Colonial BancGroup (NYSE: CNB) blamed a significant goodwill charge for swinging to a fourth quarter loss.

Allied Capital (NYSE: ALD) is negotiating with its lenders to amend the terms of its credit agreements and warned that it is close to defaulting on its debt.

Barclays Capital downgraded Royal Caribbean Cruises (NYSE: RCL) and slashed its price target citing sharply lower demand for cruises.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 13 points to 468.

Investors hoped for quick approval of an economic stimulus package by lawmakers as well as the stabilization of the banking industry.  The Dow surged nearly 100 points to 8274 while Nasdaq soared 27 points to 1532.

On the upside

Wells Fargo (NYSE: WFC) posted a quarterly loss while keeping its dividend payment intact.  To the relief of investors, the banking giant also maintained assumptions about risks associated with its recent acquisition of Wachovia.

AT&T (NYSE: T) reported higher revenues and lower earnings while adding 2.1 million wireless subscribers in the 4th quarter thanks to sales of Apple's iPhone (Nasdaq: AAPL).

ConocoPhillips (NYSE: COP) posted lower revenues and a massive loss due to one-time charges, but its operating income was better than expected.

Shares of State Street (NYSE: STT) soared after its private equity group reported a 60% increase in assets under management for 2008.


On the downside

Century Aluminum (Nasdaq: CENX) announced plans to raise $100 million by offering new shares.

Legg Mason (NYSE: LM) posted a 3rd quarter loss that missed expectations.  The investment bank also missed revenues targets.
 

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 8 points to 463.

Retreating oil prices tempered disappointing economic data to lift the markets to a modestly higher close with the Dow rising 59 points to 8175.  Nasdaq gained 15 points to 1505.

On the upside

Although second quarter earnings for Parexel International (Nasdaq: PRXL) dropped, revenue rose to beat expectations.

Convergys (NYSE: CVG) blamed significant impairment and restructuring charges for swinging to a fourth quarter loss but the results surpassed analyst estimates.

MarkWest Energy Partners (NYSE: MWE) entered a joint venture with NGP Midstream & Resources to build and operate midstream gas services.

On the downside

All the unions of American Airlines (NYSE: AMR) have requested federal mediation from the National Mediation Board.

Olin (NYSE: OLN) reported higher fourth quarter earnings but the stock price tumbled. 

Cott (NYSE: COT) will phase out its exclusive soda drink supply agreement with Wal-Mart with a complete termination of the relationship in January 2012. 

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 6 points to 456.

Despite another drop in consumer confidence, the markets advanced during the midday with the Dow climbing 79 points to 8195 as investors embraced a few standout earnings reports.  Nasdaq soared 21 points to 1510.

On the upside

Japanese drug maker Astellas Pharma offered approximately $1 billion to acquire CV Therapeutics (Nasdaq: CVTX).

Fourth quarter earnings for Netflix (Nasdaq: NFLX) surged as the online DVD rental company added more customers and forecast first quarter revenue ahead of estimates.

Peabody Energy (NYSE: BTU) impressed with sharply higher fourth quarter earnings that surpassed analyst expectations as prices soared in Australia.

On the downside

The Office of Thrift Supervision issued a cease and desist order to FirstFed Financial (NYSE: FED) requiring the company to submit a plan detailing specific actions to remain well capitalized.

New York Community Bancorp (NYSE: NYB) posted higher fourth quarter earnings that topped analyst estimates but the bank reported sharply lower full year results. 

Whiting Petroleum (NYSE: WLL) will issue 8 million shares of common stock through a public offering in order to raise capital. 

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 5 points to 455.

The Conference Board reported that consumer confidence fell to a record low in January as analysts looked for signs of a rebound.  The Dow added 8 points to 8124 with Nasdaq rising 6 points to 1495.

On the upside

Shares of Convergys (NYSE: CVG) surged after the business outsourcing services provider posted a loss and small decline in revenues while projecting growth for 2009.

Zions Bancorporation (Nasdaq: ZION) posted nearly $500 million in 4th quarter losses mostly due to noncash impairment charges related to its subsidiary banks.

On the downside

Verizon Communications (NYSE: VZ) reported higher earnings, but one-time charges for job cuts trimmed results while revenue and subscriber growth missed expectations.

Delta Air Lines (NYSE: DAL) posted a massive $1.4 billion loss due to employee stock awards and charges from fuel hedges.

Chemical maker DuPont (NYSE: DD) posted a 4th quarter loss and lowered its 2009 forecast.

Dow Chemical (NYSE: DOW) warned that it may cut its dividend while the company struggled to complete an acquisition of rival Rohm & Haas (NYSE: ROH).

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 452.

The markets gave up earlier gains as corporate earnings disappointed but managed to close modestly higher with the Dow rising 38 points to 8116.  Nasdaq climbed 12 points to 1489.

On the upside

Geron (Nasdaq: GERN) stock continued climbing after the Food and Drug Administration approved the company's stem cell therapy clinical trial, the first of its kind in the world.

Home Depot (NYSE: HD) announced that it will cut 7,000 jobs and shutter its Expo home design center stores.

A member of Motley Fool CAPS All-Stars selected Yamana Gold (NYSE: AUY) as a winner whose stock price will most likely more than double over the next two years.

On the downside

Ladenburg Thalmann analyst Richard Bove expects Regions Financial (NYSE: RF) to report a loss for 2009 and slashed his price target for the bank.

Hilliard Lyons downgraded Cedar Fair (NYSE: FUN).
  
Fifth Third Bancorp (NYSE: FITB) blamed a significant goodwill impairment charge for its $2.2 billion fourth quarter loss.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 6 points to 450.

December existing home sales rose to lift the markets higher during the midday with the Dow soaring 113 points to 8191.  Nasdaq surged 25 points to 1503.

On the upside

ING Groep N.V. (NYSE: ING) warned of significant losses for 2008, will eliminate 7,000 jobs and announced the resignation of chief executive Michel Tilmant.

Former Merrill Lynch CEO John Thain will repay Bank of America (NYSE: BAC) $1.2 million for renovations made to his office last year.

Although Freeport-McMoRan (NYSE: FCX) swung to a loss for the fourth quarter due to sharply lower revenue and writedowns, the results topped analyst estimates.

On the downside

Goldman Sachs downgraded U. S. Bancorp (NYSE: USB) and placed the bank on Americas conviction sell list.

KV Pharmaceutical (NYSE: KV-A) suspended all of its manufacturing operations, halted the shipping of all its products and will recall most of its drugs due to quality problems raised by the Food and Drug Administration.
  
Shares of Webster Financial (NYSE: WBS) continued to fall after posting significant losses on Friday, eliminating approximately 200 jobs and reducing its dividend to a penny per share.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 10 points to 454.

Investors snapped up shares of companies that may become acquisition targets.  Meanwhile, more companies slashed jobs in order to cut costs.  The Dow rose 63 points to 8140 while Nasdaq surged 17 points to 1494.

On the upside

As expected, Wyeth (NYSE: WYE) was acquired by Pfizer (NYSE: PFE) in a $68 billion deal.

Shares of Dow Chemical (NYSE: DOW) rose as a pending acquisition of Rohm & Haas (NYSE: ROH) was delayed.  Analysts expect the terms of the $15.4 billion buyout deal to be revised in Dow's favor.

American Depositary Receipts of Barclays PLC (NYSE: BCS) surged after the UK-based bank posted a profit for 2008 which beat expectations.

On the downside

Caterpillar (NYSE: CAT) posted lower profits and lowered its outlook for 2009.  The maker of bulldozers and other construction equipment also announce plans to cut nearly 20,000 jobs.

Shares of Sprint Nextel (NYSE: S) edged higher after the country's third-largest wireless provider announced plans to eliminate about 8,000 jobs.
 
PrivateBancorp (Nasdaq: PVTB) posted a larger than expected 4th quarter loss due to loan-loss charges.

In the broad market, advancing issues outpaced decliners by a margin of 3 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 7 points to 451.

It was a mixed close for the markets with the Dow falling 45 points to 8078 as disappointing earnings fueled fears of an extended recession.  Google's better than expected results lifted Nasdaq 12 points to 1477.

On the upside

Citigroup (NYSE: C) announced the sale of $12 billion worth of notes backed by the FDIC.

Bargain hunters lifted shares of Popular (Nasdaq: BPOP), whose stock price plunged yesterday after widening fourth quarter losses by a much larger than expected amount.

Holland M. Ware made an unsolicited bid valued at approximately $535.5 million for Forestar Group (NYSE: FOR).

On the downside

Technitrol (NYSE: TNL) swung to a fourth quarter loss as revenue dropped prompting a downgrade.

Webster Financial (NYSE: WBS) disappointed with a fourth quarter loss that was more than double the expected amount.

Analysts downgraded Southwest Airlines (NYSE: LUV) saying that the stock price was too high since capacity cuts and increasing expenses are expected.

In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE while decliners edged out advancers by 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a point to 441.

Disappointing earnings news stoked fears of a deep and protracted recession sending the Dow tumbling 86 points to 8036.  Nasdaq gained 4 points to 1470.

On the upside

The Food and Drug Administration approved Geron's (Nasdaq: GERN) study to treat spinal cord injuries with human embryonic stem cells, the first study of its kind in the world.

Although MEMC Electronic Materials (NYSE: WFR) reported sharply lower fourth quarter earnings and revenue, the results topped analyst estimates.

Fourth quarter earnings plunged for Tempur-Pedic International (NYSE: TPX) as sales plunged but the results beat expectations.

On the downside

The chief executive of Citizens Republic Bancorp (Nasdaq: CRBC), William Hartman, announced that he will retire at the end of the month and will be replaced by Cathleen Nash.

UCBH Holdings (Nasdaq: UCBH) swung to a loss for the fourth quarter as loan loss provisions soared.

Although Microsemi (Nasdaq: MSCC) reported higher first quarter earnings, the chip maker forecast second quarter results well below analyst estimates.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by 7 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost a fraction to 442.

Weak profit reports battered blue chip companies as investors worried about the recession extending through the remainder of 2009.  The Dow dropped more than 150 points to 7966 while Nasdaq shed 10 points to 1454.

On the upside

Shares of Wyeth (NYSE: WYE) rose after the world's largest drugmaker Pfizer (NYSE: PFE) entered into talks to buy its rival for as much as $60 billion.

Schlumberger (NYSE: SLB) posted lower 4th quarter profits and warned of weak demand of oilfield services through 2009.  Investors embraced the company's long-term outlook and the fact that the company continued its stock buyback program.

Insurer AFLAC (NYSE: AFL) stated that it did not need to raise new capital.

On the downside

Harley Davidson (NYSE: HOG) posted lower 4th quarter profits and announced 1100 job cuts and factory closures.

Shares of General Electric (NYSE: GE), a Dow component, reported lower 4th quarter results due to weak performance from its finance arm.  The manufacturing and media conglomerate reaffirmed its dividend, but investors remained worried about a credit rating cut.

Profits at Xerox (NYSE: XRX) plummeted in the 4th quarter as the office equipment maker took hefty charges to cover restructuring costs.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost a point to 440.

Rising oil prices amidst surging jobless claims sent the markets tumbling to a lower close with the Dow falling 105 points to 8123. Nasdaq plunged 42 points to 1465.

On the upside

KeyCorp (NYSE: KEY) disappointed with much wider than expected fourth quarter and full year losses but the stock price rose.

Comerica (NYSE: CMA) reported sharply lower fourth quarter earnings due to higher credit costs but investors were relieved that the regional bank posted a profit rather than a loss.

Fourth quarter earnings for TCF Financial (NYSE: TCB) fell short of expectations as credit loss provisions climbed but investors embraced the profit to lift the stock price higher. 

On the downside

Eclipsys (Nasdaq: ECLP) forecast fourth quarter income that fell short of expectations prompting downgrades.

In its efforts to preserve capital, Dryships (Nasdaq: DRYS) suspended its dividend, announced plans to sell some of its vessels and cancelled ship orders.

CIT Group (NYSE: CIT) blamed higher loan loss provisions for widening fourht quarter losses.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 14 points to 443.

Microsoft disappointed with second quarter earnings that fell short of expectations and announced the elimination of 5,000.  The markets extended its losses during the midday with the Dow slumping 191 points to 8037. Nasdaq plummeted 47 points to 1460.

On the upside

Knight Capital Group (Nasdaq: NITE) reported sharply higher fourth quarter earnings that beat analyst expectations.

Fitch Ratings lowered its ratings for State Street (NYSE: STT) due to a drop in capital levels but the stock price surged after Anton Schutz of Mendon Capital and Burnham Asset Management recommended the stock.

Although Brinker International (Nasdaq: EAT) reported a loss for the second quarter due one time charges and the sale of the Macaroni Grill chain, the results surpassed estimates. 

On the downside

Puerto Rican bank Popular (Nasdaq: BPOP) blamed the economic crisis for widening fourth quarter losses.

Seagate Technology (Nasdaq: STX) disappointed with a wider than expected second quarter loss and forecast third quarter results below estimates.

Shares of Aflac (NYSE: AFL) plummeted over concerns that the insurer may be exposed to losses from hybrid securities.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 17 points to 440.

First-time jobless benefit claims jumped to 589,000 last week while new home construction in December plunged to an annual rate of 550,000 units, an all-time low.  The Dow dropped 145 points to 8088. Nasdaq tumbled 36 points to 1470.

On the upside

Southwest Airlines (NYSE: LUV) posted its 2nd consecutive quarterly loss due to fuel hedging losses, but its operations were profitable.

British software maker Autonomy offered $775 million to buy Interwoven (Nasdaq: IWOV), a data management software company.


On the downside

Microsoft (Nasdaq: MSFT) posted slightly higher revenues and lower profits that missed expectations.  The software giants also announced plans to cut 5000 jobs.

Fifth Third Bancorp (Nasdaq: FITB) reported $2.2 billion in losses in the 4th quarter due to rising loan defaults.

Defense contractor Lockheed Martin (NYSE: LMT) posted higher 4th quarter profits, but lowered its 2009 outlook.

Shares of Sony (NYSE: SNE) fell again after the electronics and media company projected full-year losses and announced plans to cut another 1000 jobs in Japan.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 13 points to 442.

Bank of America chief executive Kenneth Lewis purchased 200,000 shares in the bank to boost investor confidence and send the Dow soaring 279 points to close at 8228.  Nasdaq jumped 66 points to 1507.

On the upside

The chief executive of Bank of America (NYSE: BAC), Kenneth Lewis, purchased 200,000 common shares of the bank to send the stock price soaring. 

PNC Financial (NYSE: PNC) warned of losses for the fourth quarter citing expenses from its purchase of National City but the bank reassured investors that it will report a profit for the year.

Citigroup (NYSE: C) said that it will not sell Banamex, the Mexican bank it purchased in 2001 for $12.5 billion.

JPMorgan (NYSE: JPM) was one of several banks being considered to advise Satyam Computer Services' new board in restructuring the firm after fraud scandal.

On the downside

Zale (NYSE: ZLC) announced that chief financial officer Rodney Carter resigned.

Cash America International (NYSE: CSH) warned that fourth quarter earnings will drop and cut its guidance for 2009.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 23 points to 457.

The markets pared its early morning gains but continued to trade modestly higher with the Dow rising 69 points to 8018 as Treasury secretary nominee Timothy Geithner testified before the Senate Finance Committee.  Nasdaq climbed 17 points to 1458.

On the upside

Although fourth quarter earnings for LM Ericsson (Nasdaq: ERIC) fell, revenue rose and the telecommunications equipment maker announced the elimination of another 5,000 jobs.

 

Riverbed Technology (Nasdaq: RVBD) will collaborate with Singapore Telecommunications to incorporate Riverbed's WAN optimization solutions into the SingTel Traffic Optimization and Profiling Service Application Accelerator.

Cree (Nasdaq: CREE) reported higher second quarter earnings that surpassed analyst estimates and forecast higher third quarter revenue.
On the downside

Hancock Holding Company (Nasdaq: HBHC) reported lower fourth quarter as well as full year earnings due to the credit crises and sluggish economy.

Fourth quarter earnings plunged to fall short of estimates for U.S. Bancorp (NYSE: USB) as loan loss provisions surged.

American Airlines parent AMR (NYSE: AMR) widened fourth quarter losses due to greater fuel expenses.


In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 3 on the NYSE and by nearly 4 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 3 points to 436.

Markets Recover To Open Higher

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The markets recovered to open higher after yesterday's sell-off with the Dow surging 135 points to 8084.  Nasdaq soared 32 points to 1473.

On the upside

AspenBio Pharm (Nasdaq: APPY) moved its coference call from Thursday January 22 to Wednesday January 21 at 9am Eastern time to discuss preliminary results from a clinical trial of its blood-based test to diagnose appendicitis.

 

Robert W. Baird analyst Peter Lisnic upgraded Woodward Governor (Nasdaq: WGOV) citing the company's upbeat first quarter earnings.

Northern Trust (Nasdaq: NTRS) reported sharply higher first quarter earnings that more than doubled.
On the downside

Omnicell (Nasdaq: OMCL) disappointed with its 2009 outlook that was less than half of expectations prompting a downgrade.

UAL (Nasdaq: UAUA), parent company of United Airlines, significantly widened first quarter losses and announced the elimination of another 1,000 positions.

Coach (NYSE: COH) blamed disappointing holiday sales for lower second quarter earnings.


In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 8 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 7 points to 441.

Continuing concerns about the global economic crisis sent the markets tumbling to a sharply lower close with the Dow collapsing 332 points to 7949 on President Barack Obama's first day in office.  Nasdaq slumped 88 points to 1441.

On the upside

Iris International (Nasdaq: IRIS) cited strong sales for providing fourth quarter guidance above street estimates.


On the downside

Standard & Poor's downgraded PNC Financial (NYSE: PNC) and cut its earnings estimate for the financial services firm.

Shares of Allied Irish Banks (NYSE: AIB), collapsed amidst fears of further banking losses despite assurances from the government that it will not take control of Ireland's largest bank.

Stifel, Nicolaus & Co. analyst Christopher Mutascio downgraded Bank of America (NYSE: BAC) citing the increasing government funds required to keep the bank solvent.

Shares of IBM (Nasdaq: IBM) fell ahead of its earnings release after market close.

Friedman, Billings, Ramsay analyst Paul Miller said that Wells Fargo (NYSE: WFC) must lower its dividend in order to build up some capital.

In the broad market, declining issues overwhelmed advancers by a margin of nearly 8 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks slumped 33 points to 434.

British bank RBS warned that its losses for 2008 may reach $41 billion sparking oncerns of a deepening global economic crisis.  The Dow slumped 183 points to 8098 while Nasdaq skidded 59 points to 1470.

On the upside

Shares of StemCells (Nasdaq: STEM) surged after President Barack Obama took the oath of office.  President Obama supports stem cell research.

Ashford Hospitality Trust (Nasdaq: AHT) released preliminary full year earnings expectations.

JPMorgan Securities analyst John Bridges set a price target of $49 for Newmont Mining (NYSE: NEM).

On the downside

While MercadoLibre (Nasdaq: MELI) reported more items sold through their online marketplace during the fourth quarter, payment in U. S. dollars fell.

The U. S. Army will not extend VSE's (Nasdaq: VSEC) contract for work under the Rapid Response-Third Generation program.

Shares of Lloyds Banking (NYSE: LYG) plunged over fears of further losses and concerns that the government will increase its 43% stake in the bank.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks skidded 20 points to 447.

Fears of further banking losses sent the markets tumbling on the inauguration day of President Barack Obama.  The Dow plunged 115 points to 8166 while Nasdaq plummeted 37 points to 1492.

On the upside

The Wall Street Journal reported that American International Group's (NYSE: AIG) chief investment officer Win Neuger will relinquish his position as part of the insurer's restructuring plan.

RBC Capital upgraded Research in Motion (Nasdaq: RIMM).

On the downside

Although AspenBio Pharma (Nasdaq: APPY) reported upbeat preliminary clinical trial results for its blood based test to diagnose appendicitis, concerns were raised whether the FDA would approve the test.

Natus Medical (Nasdaq: BABY) reported higher fourth quarter as well as full year earnings but the results missed expectations.

Royal Bank of Scotland (NYSE: RBS) warned that its full year losses could be as much as $41.3 billion while the British government increased its stake in the troubled bank to 70% from 58%.

State Street (NYSE: STT) disappointed with sharply lower fourth quarter earnings and higher losses.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 13 points to 453.

U. S. Markets Closed

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The U. S. markets are closed in observance of the Martin Luther King Jr. holiday.

Markets Recover To Close Higher

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The markets recovered in late afternoon trading to close modeslty higher despite significant losses among banking giants Bank of America and Citigroup.  The Dow climbed 69 points to 8281 while Nasdaq surged 17 points to 1529.

On the upside

Rumors circulated that Micron Technology (NYSE: MU) is exploring a possible merger with Taiwanese firms Nanya Technology or Inotera Memories in an effort to tap bailout money from the Taiwanese government.

The $7.4 billion acquisition of Puget Energy (NYSE: PSD) by Puget Holdings will close on February 6, 2009.

Despite sharply lower fourth quarter earnings as revenue tumbled, shares of Intel (Nasdaq: INTC) rose over optimism that the chip maker will rebound.

On the downside

Shares of Allied Irish Banks (NYSE: AIB) tumbled after the Irish government announced the nationalization of Anglo Irish Bank.

Belden (NYSE: BDC) lowered its fiscal 2008 guidance as demand softened.

Webster Bank (NYSE: WBS) announced that it will record $130 million in non-cash charges for the fourth quarter as well as $100 million for loan loss provisions.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 4 points to 466.

Banking Losses Send Markets Tumbling

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Losses among banking giants Bank of America and Citigroup sent the markets tumbling during the midday with the Dow dropping 67 points to 8145.  Nasdaq fell 11 points to 1501.

On the upside

CF Industries (NYSE: CF) offered $2 billion in stock to acquire competing nitrogen fertilizer maker Terra Industries (NYSE: TRA).

Insurer Genworth Financial (NYSE: GNW) said that its application to become a savings and loan is still being reviewed by the U. S. Office of Thrift Supervision.  If approved, the company will be eligible for federal assistance.

First Horizon National (NYSE: FHN) narrowed fourth quarter losses as its loan loss provisions declined.

On the downside

Elizabeth Arden (Nasdaq: RDEN) blamed weak sales amidst a sluggish economy for lowering its full year guidance for the second time.

Wells Fargo (NYSE: WFC) announced that it will not extend job offers to 175 employees of Wachovia who did not meet employment eligibility requirements of Wells Fargo.

Concerns of further bankruptcies among financial services companies sent shares of Barclays (NYSE: BCS) tumbling.  Barclays refused to accept government bailout funds in October.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by more than 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 10 points to 453.
Bank of America and Citigroup posted significant losses, but investors focused on steps being taken to stabilize the banking industry.  The Dow rose 75 points to 8288 while Nasdaq surged 20 points to 1532.

On the upside

Citigroup (NYSE: C) posted a $8.2 billion quarterly loss and announced plans to split the company into a traditional bank and a financial services company holdings its riskier assets.

Health insurer WellPoint (NYSE: WLP) announced job cuts as employers reduce health insurance coverage on their workers.

Sony Ericsson (NYSE: SNE) posted lower sales and a loss as the global handset market contracted.  However, analysts were pleased with the growth in sales of higher-end phones.

On the downside

Bank of America (NYSE: BAC) accepted another $20 billion in federal funds to stabilize its balance sheet as it completed its acquisition of Merrill Lynch.

Belden (NYSE: BDC) lowered its revenue forecast for 2008 as demand for its electronic signal transmission solutions slowed.

Shares of cosmetics company Estee Lauder  (NYSE: EL) lost their luster after the company trimmed its quarterly and full-year outlook due to a slow holiday shopping season.

In the broad market, advancing issues barely outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 4 points to 467.
The markets recovered in late afternoon trading to close modestly higher with the Dow adding 12 points to 8212 as crude oil prices retreated and optimism grew that the federal government will bail out banks once again.  Nasdaq climbed 22 points to 1512.

On the upside

Warburg Pincus will invest $175 million in Nuance Communications (Nasdaq: NUAN) for a 7% stake in the company.

Retreating oil prices lifted shares of American Airlines parent AMR (NYSE: AMR), Delta Air Lines (NYSE: DAL) and Continental Airlines (NYSE: CAL).

Shares of Corinthian Colleges (NYSE: COCO) climbed over reports that the proposed House stimulus bill will increase student loans.

On the downside

Redwood Trust (NYSE: RWT) provided a preliminary fourth quarter book value that fell from the previous quarter and warned of an impairment charge of approximately $110 million.

Shares of regional bank Fifth Third Bancorp (NYSE: FITB) plunged over concerns of increasing loan defaults.

Reports circulated that Yahoo's (Nasdaq: YHOO) newly appointed chief executive Carol Bartz has reservations about a deal with Microsoft (Nasdaq: MSFT).

In the broad market, advancing issues barely outpaced decliners by a slim margin on the NYSE and by nearly 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 9 points to 463.
Concerns about increasing loan losses sent the markets sharply lower during the midday with the Dow plummeting 161 points to 8039.  Nasdaq plunged 23 points to 1467.

On the upside

As part of a restructuring plan, Ecolab (NYSE: ECL) will eliminate 1,000 jobs but the company reaffirmed its 2008 earnings outlook.

American Eagle Outfitters (NYSE: AEO) announced the selection of Roger Markfield to the new position of vice chairman and executive creative director.

Clarcor (NYSE: CLC) reported higher fourth quarter earnings and revenue that topped analyst estimates.

On the downside

Nasdaq may delist ArthroCare (Nasdaq: ARTC) on Friday because the medical products company is delinquent in its quarterly filings.

Marshall & Ilsley (NYSE: MI) swung to a fourth quarter loss due to higher loan-loss provisions.

Red Robin Gourmet Burgers (Nasdaq: RRGB) will not advertise on national cable during 2009 prompting an analyst downgrade.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 13 points to 441.
Analysts expected the major banks to continue asking for federal funds to cover losses from existing portfolio holdings and acquired assets.   The Dow lost 75 points to 8125 while Nasdaq dropped 11 points to 1477.

On the upside

JPMorgan (NYSE: JPM) posted sharply lower profits, but the results were better than expected.

Cypress Bioscience (Nasdaq: CYPB) and Forest Laboratories (NYSE: FRX) announced FDA approval for its drug treatment of chronic pain.

Shares of Amphenol (NYSE: APH) surged higher after the optic sensor maker posted lower 4th quarter profits that exceeded expectations.

On the downside

Shares of Apple (Nasdaq: AAPL) fell after Steve Jobs, its CEO, took a leave of absence due to personal health issues.

Shares of Trimble Navigation (Nasdaq: TRMB) tumbled after the navigation device maker lowered its 4th quarter forecast.

Bank of America (NYSE: BAC) asked for more federal funds in order to absorb losses from its acquisition of Merrill Lynch.  Meanwhile, shares of Citigroup (NYSE: C) continued to slide due to mounting losses requiring more bailout funds.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 21 points to 453.
Earnings warnings and disappointing December retail sales weighed down investor sentiment to send the markets tumbling to a sharply lower close with the Dow skidding 248 points to 8200.  Nasdaq plummeted 57 points to 1490.

On the upside

Bruker Daltonics (Nasdaq: BRKR) will provide the Japanese National Police Agency with fifty one units of its forensic toxicology and residue analysis systems.

Yahoo (Nasdaq: YHOO) named Carol Bartz as its new chief executive.  Bartz previously helmed Autodesk and turned the foundering company into a $1 billion a year dominant computer aided design software company.

Internet gaming software company CryptoLogic (Nasdaq: CRYP) entered a strategic partnership with Gaming Technology Solutions.

On the downside

First National Bank of Pennsylvania holding company F. N. B. (NYSE: FNB) warned of losses for the fourth quarter and forecast full year results below estimates.

Cliffs Natural Resources (NYSE: CLF) must defer recognition of 1.2 million tons of iron ore, which will lower pretax income by approximately $50 million, due to the shipping schedules of some clients.

Fifth Third Bancorp (NYSE: FITB) chief executive Kevin Kabat recommended that merit raises and bonuses not be awarded to members of the executive management committee.


In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 21 points to 453.
The markets extended its losses during the midday as retail sales fell more sharply than expected.  The Dow slumped 253 points to 8196 while Nasdaq plummeted 48 points to 1498.

On the upside

Goldman Sachs upgraded LaBranche (NYSE: LAB) and lifted the price target.

Questcor Pharmaceuticals (Nasdaq: QCOR) announced plans to double its sales team in order to increase sales of its multiple sclerosis treatment H.P. Acthar Gel.

On the downside

Huntington Bancshares (Nasdaq: HBAN) selected Stephen Steinour, the former chief executive of Citizens Financial Group, to replace its chairman and chief executive Thomas Hoaglin who will retire at the end of next month.

AmTech Research downgraded JA Solar Holdings (Nasdaq: JASO).

Under Armor (NYSE: UA) blamed lower wholesale orders and higher cancellations for forecasting fourth quarter as well as full year results that fall short of estimates.

Shares of Flextronics (NYSE: FLEX) plummeted after the bankruptcy filing of major client Nortel Networks (NYSE: NT).

In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 1 on the NYSE and by more than 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 16 points to 458.
Retail sales fell for a sixth consecutive month registering a sharp 2.7% decline in December.  Meanwhile, oil prices fell below $38 a barrel due to worries of weak demand.  The Dow tumbled nearly 180 points to 8270 while Nasdaq plunged 30 points to 1514.

On the upside

Research in Motion (Nasdaq: RIMM) bucked the trend amid a sell-off among technology stocks.  Analysts expect a moderate success out of its new Blackberry Storm mobile device.

Analysts cut their earnings outlook for regional banks, but one analyst upgraded Prosperity Bancshares (Nasdaq: PRSP) which operates out of Texas.

On the downside

Shares of Nortel (NYSE: NT) became virtually worthless after the Canadian telecommunications equipment maker filed for bankruptcy.

Shares of Citigroup (NYSE: C) continued to slide as investors pondered about the business makeup of the troubled banking firm as it sells off assets.

Analysts lowered their opinion of General Electric (NYSE: GE) due to its exposure to financial losses and weak manufacturing operations.

Fertilizer and seed company Bunge (NYSE: BG) lowered its 2008 earnings forecast due to weak demand for soybean meal and meat as well as the negative impact of a devalued Brazilian real.

In the broad market, declining issues outpaced advancers by a margin of 7 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 10 points to 462.
A record trade deficit tempered assurances from the new housing secretary nominee that more aggressive measures will be taken to deal with the wave of foreclosures.  The markets closed mixed with the Dow dropping 25 points to 8449 while Nasdaq rose 8 points to 1546.

On the upside

AerCap Holdings (NYSE: AER) announced that during the fourth quarter, it signed fourteen new aircraft lease agreements and completed the delivery of twelve aircraft.

The U. S. Department of Energy awarded FuelCell Energy (Nasdaq: FCEL) a $30.2 million contract to build the second phase of a 25 kilowatt solid oxide fuel cell stack.

JPMorgan upgraded Lexington Realty Trust (NYSE: LXP).

On the downside

Liz Claiborne (NYSE: LIZ) warned of fourth quarter losses due to steep discounts over the holidays and announced that it amended its revolving credit facility to extend the time frame.

Prestige Brands Holdings (NYSE: PBH) blamed flat sales and higher advertising expenses for warning that third quarter results will fall short of expectations.

Quiksilver (NYSE: ZQK) president Marty Samuels resigned from the outdoor sports apparel and accessories company.

In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE and by nearly 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 5 points to 474.
The markets traded mixed during the midday despite assurances from the new housing secretary nominee that more aggressive measures will be taken to deal with the wave of foreclosures.  The Dow fell 22 points to 8452 while Nasdaq gained 7 points to 1546.

On the upside

ZymoGenetics (Nasdaq: ZGEN) entered a hepatitis C drug development deal with Bristol-Myers Squibb (NYSE: BMY) valued at up to $1.12 billion.

Fox-Pitt Kelton analyst David Trone cut his fourth quarter earnings estimate for JPMorgan Chase (NYSE: JPM) to a loss but shares of the national bank rose.

Shares of Wells Fargo (NYSE: WFC) rose after President-elect Barack Obama's housing secretary nominee Shaun Donovan said that the government will utilize more aggressive tactics to stem the tide of foreclosures.

On the downside

Cepheid (Nasdaq: CPHD) disappointed with fourth quarter and full year guidance that missed analyst estimates and forecast flat sales for 2009.

Lexmark International (NYSE: LXK) blamed high restructuring costs along with sluggish computer printer sales for lowering its fourth quarter guidance and announced plans to eliminate 375 positions.

Shares of Rambus (Nasdaq: RMBS) continued falling after a federal judge ruled that its patents are unenforceable against Micron Technology (NYSE: MU).

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 7 points to 476.

Stocks Rise as Trade Deficit Falls

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The U.S. trade deficit fell in November to its lowest since 2003 as investors turned their attention to the incoming Obama administration and a likely stimulus package to boost the economy.  The Dow rose 46 points to 8520 while Nasdaq surged 18 points to 1557.

On the upside

Varian Medical Systems (NYSE: VAR) announced 1st quarter growth forecasts citing new orders for its x-rady and security inspection products.

An analyst upgraded Las Vegas Sands (NYSE: LVS) citing the casino operator's recent cash infusion.

The Medicines Company offered $42 million or $2 a share to buy Targanta Therapeutics (Nasdaq: TARG) to boost its infection treatment program.

On the downside

Aluminum giant Alcoa (NYSE: AA) posted a $1.19 billion loss in the 4th quarter due to falling aluminum prices.

Shares of Citigroup (NYSE: C) continued to erode due to expectations of 4th quarter losses that may top $10 billion.

American depository receipts of Sony (NYSE: SNE) edged lower as analysts warned that the consumer electronics and media giant may post its first loss in more than a decade.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 4 points to 473.

Earnings Concerns Weigh Down Markets

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Concerns about corporate earnings weighed down the markets with the Dow plunging 125 points to 8474.  Nasdaq skidded 33 points to 1539.

On the upside

Aladdin Knowledge Systems (Nasdaq: ALDN) agreed to be taken private for approximately $160 million by an investor group led by Vector Capital.

The U. S. Patent and Trademark office issued three more patents to Mylan (Nasdaq: MYL) subsidiary Dey L.P. to protect the company's vhronic obstructive pulmonary disease treatment Perforomist Inhalation Solutioon

Altria (NYSE: MO) was named a best stock for 2009 by Motley Fool.

On the downside

SeagateTechnology (Nasdaq: STX) dismissed chief executive Bill Watkins and announced that 10% of jobs in the U. S. will be eliminated.

Motley Fool listed Level 3 Communications (Nasdaq: LVLT) as a stock to avoid because the company spends a lot of cash while holding much debt.

Goldman Sachs analyst Christopher Neczypor warned that Hartford Financial Services (NYSE: HIG) is still at risk for credit deterioration.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 13 points to 469.
The markets extended its losses during the midday over corporate earnings concerns.  The Dow dropped 94 points to 8505 while Nasdaq tumbled 27 points to 1544.

On the upside

Human Genome Sciences (Nasdaq: HGSI) expects higher revenue in 2009 that tops analyst estimates due to the federal government's order for anthrax vaccines.

A-Power Energy Generating Systems (Nasdaq: APWR) entered a joint venture with General Electric (NYSE: GE) to build wind turbines in Asia.

Mindray Medical (NYSE: MR) said that 2008 revenue and earnings will rise sharply to surpass analyst expectations.

On the downside

The new board of Satyam Computer Services (NYSE: SAY) warned that it will need time to restate financials and to search for a new chief executive.  Last week, India's fourth largest computer company admitted to overstating cash balances by more than $1 billion.

Jefferies & Co. analyst Lawrence Klatzkin lowered his earnings estimate for Las Vegas Sands (NYSE: LVS).  Instead of a profit, Klatzkin now expects the casino operator to report a loss for the fourth quarter.

Patriot Coal (NYSE: PCX) cited high operating costs for closing its Jupiter Complex mining operation in West Virginia.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 6 points to 475.
Investors worried about weak corporate earnings amid the ongoing global economic downturn.  The Dow lost 60 points to 8539 while Nasdaq fell 18 points to 1552.

On the upside

Advanced Medical Optics (NYSE: EYE) received a $2.8 billion offer from Abbott Laboratories (NYSE: ABT).

Palm (Nasdaq: PALM) continued to receive positive buzz for its new mobile operating system.

Shares of Hologic (Nasdaq: HOLX) rose after the medical equipment maker lowered its 1st quarter revenue outlook, but boosted its profit forecast.

On the downside

Alcoa (NYSE: AA) was downgraded by Deutsch Bank.  Shares of the aluminum producer and Dow component fell sharply.

Citigroup (NYSE: C) continued to negotiate a deal with Morgan Stanley (NYSE: MS) giving up majority control of Smith Barney in exchange for cash.

Gold prices fell for a second straight session weighing down shares of Newmont Mining (NYSE: NEM) and Yamana Gold (NYSE: AUY).

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks gave up 4 points to 476.
Chevron's profit warning along with rising unemployment sent the markets tumbling to a sharply lower close with the Dow skidding 143 points to 8599.  Nasdaq plummeted 45 points to 1572.

On the upside

Level 3 Communications (Nasdaq: LVLT) expects profit margins to increase in the next two year and reassured investors that the telecom has adequate cash on hand.

Healthways (Nasdaq: HWAY) reported higher first quarter earnings and revenue that topped anayst estimates as the wellness and disease prevention firm increased its coverage.

Roth Capital initiated coverage of Blockbuster (NYSE: BBI) with a Buy rating.

On the downside

A federal judged ruled that twelve of Rambus' (Nasdaq: RMBS) patents could not be enforced in its lawsuit against Micron Technology (NYSE: MU).

CVS Caremark (NYSE: CVS) forecast 2009 results that fell short of expectations.

Chevron (NYSE: CVX) warned that fourth quarter income will be sharply lower than third quarter earnings due to the significant drop in crude oil prices.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks slumped 21 points to 481.
A surge in the nation's unemployment rate sent the markets tumbling during the midday with the Dow plunging 108 points to 8635.  Nasdaq plummeted 33 points to 1584.

On the upside

The Food and Drug Administration approved American Medical System's (Nasdaq: AMMD) minimally invasive prolapse treatment Elevate Anterior Prolapse Repair System.  The medical device company also reported preliminary fourth quarter sales that topped analyst estimates.

Apollo Group (Nasdaq: APOL) reported higher first quarter earnings that beat expectations prompting an analyst to upgrade the parent company of University of Phoenix.

Fourth quarter earnings for information provider IHS (NYSE: IHS) rose to surpass estimates as revenue climbed.

On the downside

Orexigen Therapeutics (Nasdaq: OREX) reported mixed results from a late stage clinical trial for its obesity treatment Contrave.

An old letter to the Securities and Exchange Commission questioning a joint venture between homebuilder Lennar (NYSE: LEN) and a private developer surfaced on the Internet.

Two analyst cut their price targets for Coach (NYSE: COH) after a dismal holiday sales prompted the luxury handbag company to slash its second quarter guidance.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 10 points to 492.
The markets opened lower after the unemployment rate climbed to a 16-year high of 7.2%.  The Dow lost 111 points to 8631 while Nasdaq fell 34 points to 1582.

On the upside

Shares of Palm (Nasdaq: PALM) surged higher as its new mobile operating system received positive reviews from industry pundits.

An analyst upgraded Shaw Group (NYSE: SGR), an engineering and construction company.

Yahoo (Nasdaq: YHOO) was expected to name a new CEO as early as next week.  Meanwhile, Microsoft (Nasdaq: MSFT) was reportedly pursuing a search deal with the troubled Internet portal.

On the downside

KB Home (NYSE: KBH) posted a 4th quarter loss and expected weakness in the housing industry to continue through 2009.

Investors sold off shares of RegeneRx (AMEX: RGN) which reported disappointing results for its wound treatment on patients with chronic pressure ulcers.

Emergent BioSolutions (NYSE: EBS) lowered its outlook for the current fiscal year.  The company manufactures products that fight infections and biological threats.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on both the NYSE and Nasdaq.  The Russell 2000 which tracks small cap stocks fell 11 points to 490.
The markets recovered from earlier losses to close mixed with the Dow losing 27 points to 8742 after an agreement to prevent further home foreclosures was announced.  Nasdaq climbed 18 points to 1617.

On the upside

Cable Systems (NYSE: CVC) subsidiary CSC Holdings will raise $500 million through the offering of senior notes.

Although Great Atlantic & Pacific Tea (NYSE: GAP) swung to a third quarter loss, sales surged.

Live Nation (NYSE: LYV) said that despite the ailing economy, concert ticket sales for 2009 events have not suffered.

On the downside

Goldman Sachs analyst David C. Bailey placed Sun Microsystems (Nasdaq: JAVA) on the "Americas Sell List" saying that the economic downturn has negatively impacted company.

Piper Jaffray downgraded American Oriental Bioengineering (NYSE: AOB).

Manitowoc (NYSE: MTW) narrowed its full year guidance to the low end of its earlier outlook.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 5 points to 502.
Disappointing December retail sales weighed down the markets with the Dow dropping 98 points to 8671.  Nasdaq lost 7 points to 1592.

On the upside

Anadys Pharmaceuticals (Nasdaq: ANDS) reported that a Phase 1b clinical trial of its ANA598 demonstrated potent antiviral activity in Hepatitis C patients.

Although Shaw Group (NYSE: SGR) swung to a loss for the first quarter, the results topped analyst estimates.

Same store sales for GameStop (NYSE: GME) surged 10.2% from November 2 thru January 3 due to strong sales of new games.

On the downside

Ulta Salon, Cosmetics & Fragrance (Nasdaq: ULTA) blamed disappointing holiday sales for cutting its fourth quarter outlook and trimmed its full year guidance for the second time.

Parametric Technology (Nasdaq: PMTC) cited lower license sales for offering first quarter profit outlook below expectations.

Ion Geophysical (NYSE: IO) warned that fourth quarter revenue will plunge 31% and full year revenue will fall short of expectations due to the slumping global economy.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE while advancers barely edged out decliners on Nasdaq.  The Russell 2000 which tracks small cap stocks eased a fraction to 497.
Retailers, including Wal-Mart and Macy's, reported weak December sales figures marking the sector's worst holiday season in four decades.  The Dow tumbled nearly 100 points to 8674 while Nasdaq shed 11 points to 1587.

On the upside

Thinkorswim Group (Nasdaq: SWIM) received a $606 million cash and stock offer from retail brokerage firm TD Ameritrade Holding (Nasdaq: AMTD).

Retailer Sears Holdings (Nasdaq: SHLD) posted lower sales in December, but performance at its Kmart stores was better than expected.

Shares of Immucor (Nasdaq: BLUD) rose after the blood-testing equipment maker posted higher quarterly earnings and sales.

On the downside

Wal-Mart Stores (NYSE: WMT) posted a smaller than expected sales gain in December.  Analysts had expected the world's largest retailer to buck the weak trend among retailers by attracting cost-conscious consumers.

Macy's (NYSE: M) announced plans to shut down 11 department stores while lowering its earnings outlook for the year.

Walgreen (NYSE: WAG) announced plans to slash 1000 jobs or 9% of corporate management in order to cut costs.  The drugstore retailer employs about 237,000 people altogether.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 18 points to 497.
Disappointing corporate outlooks and increasing unemployment sent the markets down to a sharply lower close with the Dow slumping 245 points to 8770.  Nasdaq skidded 53 points to 1599.

On the upside

Wyeth (NYSE: WYE) opened discussions with Crucell NV (Nasdaq: CRXL) to acquire the vaccine maker.

Shares of Chinese cell phone designer Cogo Group (Nasdaq: COGO) rose after the Chinese government announced plans to grant new third generation wireless licenses.

General Growth Properties (NYSE: GGP) agreed to pay $48 million to settle a lawsuit over a California mall joint venture.

On the downside

TXCO Resources (NYSE: RRI) announced a joint exploration agreement with Millenium E&P Resource Fund to drill and complete a well test at the Burr "C" project's Georgetown formation.

Speculation that President-elect Obama will increase regulation of payday lending companies sent shares of EZCorp (NYSE: EZPW) lower.

Moody's Investors Service cited the sluggish auto industry for cutting its ratings on auto parts supplier Lear (NYSE: LEA) further into junk territory and warned that it may further reduce the company's ratings.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 18 points to 497.
Corporate earnings warnings and greater than expected job losses sent the markets tumbling during the midday with the Dow plummeting 140 points to 8875.  Nasdaq plunged 30 points to 1623.

On the upside

Local traffic through the Austin-Bergstrom International Airport surged 70% for JetBlue Airways (Nasdaq: JBLU) during November.

General Motors (NYSE: GM) scrapped plans for the two-door, six-foot bed Pontiac G8 sport truck.

NetScout (NYSE: NTCT) released preliminary results for the third quarter and lifted its outlook for fiscal 2009.

On the downside

Reliant Energy (NYSE: RRI) shut down its 775-megawatt Unit 2 located at the Ormond Beach natural gas-fired station in California.

JPMorgan analyst Joseph Greff said that 2009 will continue to be challenging for casino operators sending shares of Las Vegas Sands (NYSE: LVS) lower.

Shares of Indian financial services firm ICICI Bank (NYSE: IBN) tumbled after India's fourth largest software firm Satyam Computer Services revealed that cash and bank balances were overstated by over $1 billion.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 13 points to 502.
A warning from chip giant Intel triggered a sell-off across the board as investor mulled over December job losses in the U.S. economy.  The Dow tumbled 165 points to 8849 while the tech-heavy Nasdaq plunged 38 points to 1613.

On the upside

Monsanto (NYSE: MON) posted higher 1st quarter profits that doubled as the world's biggest seed maker shipped more products to Latin America.

An analyst upgraded Altas Air (Nasdaq: AAWW) which ships freight around the world.

Family Dollar Stores (NYSE: FDO) posted solid earnings as consumers turned to discount retailers amid a weak economy.

On the downside

Intel (Nasdaq: INTC) lowered its 4th quarter outlook again well below analysts' targets.

Time Warner Cable (NYSE: TWC) warned of a full-year loss for 2008 due to a one-time $15 billion noncash pretax impairment charge on its cable franchise rights.

China-related stocks were under pressure.  Shares of China Unicom (NYSE: CHU) fell sharply.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 15 points to 499.
Despite a larger than expected drop in factory orders and home sales, the markets closed higher with the Dow gaining 62 points to 9015 as the Institute for Supply Management's service sector activity index unexpectedly rose.  Nasdaq surged 24 points to 1652.

On the upside

Talbots (NYSE: TLB) entered agreements with Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp. and the Norinchukin Bank to secure $150 million in committed lines of credit.

AerCap Holdings (NYSE: AER) secured agreements from a syndicate of banks to guarantee financing of up to $1.4 billion for the Airbus A330 aircraft.

Developers Diversified Realty (NYSE: DDR) announced the promotion of Paul W. Freddo to the position of senior executive vice president of leasing and development and David J. Oakes to senior executive vice president of finance and chief investment officer.

On the downside

Vasco Data Security (Nasdaq: VDSI) blamed order delays for cutting its 2008 revenue guidance.

Shares of Finish Line (Nasdaq: FINL) tumbled ahead of its earnings release after market close.

United Community Banks (Nasdaq: UCBI) increased its fourth quarter loan loss provision to $85 million as the economy continues to sour.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks advanced 10 points to 515.
An unexpected gain in service sector activity lifted the markets higher during the midday with the Dow climbing 75 points to 9027.  Nasdaq soared 27 points to 1655.

On the upside

Wachovia upgraded YRC Worldwide (Nasdaq: YRCW).

ArvinMeritor (NYSE: ARM) will cut the salaries of its top executives by 10% due to the ailing economy.

Shares of Allied Capital (NYSE: ALD) continued rising after a revised credit agreement prompted Stifel Nicolaus analyst Greg Mason to upgrade the company.

On the downside

Logitech International (Nasdaq: LOGI) withdrew its sales targets for fiscal 2009 and will reduce its work force by approximately 15% as part of a restructuring plan.

Laboratory Corporation of America Holdings (NYSE: LH) blamed the sluggish economy for lowering its outlook for 2009.

LDK Solar (NYSE: LDK) cut its revenue guidance for the fourth quarter due to delayed customer shipments.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and nearly 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 6 points to 511.
Following a strong rally in Europe, the U.S. markets opened higher as investors looked for signs of an economic recovery this year.  The Dow rose 45 points to 8998 while Nasdaq surged 18 points to 1646.

On the upside

Toyota (NYSE: TM) announced plans to suspend production at all 12 of its Japan plants for a total of 11 days in February and March.

Shares of Apple (Nasdaq: AAPL) rose ahead of the keynote speech at the Macworld trade show today.

Indevus Pharmaceuticals (Nasdaq: IDEV) received a $370 million buy-out offer from Endo Pharmaceuticals (Nasdaq: ENDP) to diversify its drug portfolio.

On the downside

Super Micro Computer (Nasdaq: SMCI) lowered its revenue and earnings outlook for 2009 due to delays in customer purchases.

Shares of IntercontinentalExchange (NYSE: ICE) tumbled for a second day in a row as a drop in commodity futures trading cut into its average daily commissions total.

An analyst downgraded Allscripts-Misys Healthcare Solutions (Nasdaq: MDRX) due to slack growth and cost-cutting in the segment.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 8 points to 513.
Despite a smaller than expected drop in construction spending, the markets closed lower with the Dow dropping 82 points to 8953  as auto sales continued to plummet in December.  Nasdaq slipped 4 points to 1628.

On the upside

Bargain hunters snapped up shares of American Capital (Nasdaq: ACAS), which was listed as one of the top 10 worst performers on the S&P 500 last year.  The stock price of the investment firm plummeted 90.2% in 2008.

Northstar Neuroscience (Nasdaq: NSTR) announced that after much consideration, it will liquidate its assets and dissolve the company.

Navistar International (NYSE: NAV) said that truck sales are expected to rise in 2009 as well as 2010.

On the downside

DA Davidson downgraded UCBH Holdings (Nasdaq: UCBH).

Shares of Chico's FAS (NYSE: CHS) fell ahead of the release of December retail sales figures later this week.

Barclays Capital analyst Robert Drbul said that while heavy holiday promotions may have lifted sales for Saks (NYSE: SKS), 2008 earnings will most likely be impacted negatively.  Drbul expects Saks to post a loss for the year.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks eased a point to 505.
The markets pared some of its losses as construction spending dropped by a less than expected 0.6% in November.  The Dow fell 57 points to 8978 while Nasdaq slipped 4 points to 1628.

On the upside

Motley Fool listed Teck Cominco (NYSE: TCK) as a great buying opportunity due to its low price and price-to-earnings ratio.

Stifel Nicolaus analyst Greg Mason upgraded Allied Capital (NYSE: ALD) after the investment firm amended the terms of its credit agreement.

KeyBanc Capital Markets analyst Dennis Forst reported that New Year's Eve results in Las Vegas may have been better than expected, lifting shares of Las Vegas Sands (NYSE: LVS).

On the downside

JPMorgan Securities analyst Steven Alexopoulos slashed his price target for Synovus Financial (NYSE: SNV) and forecast a fourth quarter loss after the company warned that its loan loss provision for the fourth quarter will more than quadruple.

Keefe Bruyette downgraded Cullen/Frost Bankers (NYSE: CFR).

Tyson Foods (NYSE: TSN) president and chief executive Dick Bond resigned from the world's largest meat processing company, effective immediately.  Former chairman and chief executive Lelan Tollett will replace Bond on an interim basis.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq.  The Russell 2000 which tracks small cap stocks eased 2 points to 504.
Stocks fell ahead of a likely to be weak construction report and due to uncertainty about the policies of an incoming Obama administration.  Meanwhile, fighting between Israel and Gaza as well as stalled energy negotiations between Russia and Ukraine kept investors nervous.  The Dow lost nearly 100 points to 8944 while Nasdaq dropped nearly 25 points to 1607.

On the upside

Steve Jobs has hormonal imbalance causing weight loss, but is expected to remain CEO of Apple (Nasdaq: AAPL).

An analyst upgraded Northrop Grumman (NYSE: NOC) citing its diversified mix of businesses and a strong balance sheet.

Asian stocks rose in overnight trading.  Shares of iShares FTSE/Xinhua China 25 Index (NYSE: FXI) posted modest gains.

On the downside

Surgical equipment maker Conmed (Nasdaq: CNMD) lowered its 4th quarter outlook blaming a strong dollar and weak hospital demand domestically.

An analyst downgraded Helen of Troy (Nasdaq: HELE) blaming the economy for weak consumer demand for the company's hair care appliances.

Bernstein Research downgraded the telecommunications sector due to slower wireless growth.  Shares of AT&T (NYSE: T) and Verizon Communications (NYSE: VZ) fell.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 4 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 8 points to 497.

Strong Start For 2009

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The markets started 2009 strongly with the Dow leaping 258 points to 9035 to close over 9000 for the first time in two months despite a disappointing manufacturing activity report.  Nasdaq jumped 55 points to 1632.

On the upside

China Technology Development Group (Nasdaq: CTDC) and Qinghai New Energy Group announced plans to build a 30 megawatt solar power plant.

Liz Claiborne (NYSE: LIZ) will meet with retailers to force them to absorb some of the steep discounts made during the holiday shopping season.

Thomas Weisel Partners analyst Jake Fuller said that after recent declines, shares of Las Vegas Sands (NYSE: LVS) are priced right.

Universal Pictures, which is owned by General Electric (NYSE: GE), reported a 66% jump in overseas box office receipts to $1.7 billion. 

Two E-Trade Financial (NYSE: ETFC) units were fined $1 million by the Financial Industry Regulatory Authority for failing to implement anti-money laundering policies.  E-Trade admitted no wrong doing and the stock price rose.

Shares of Flextronics International (NYSE: FLEX) continued climbing after the company accepted approximately $259,999,000 in aggregate principal amount of convertible subordinated notes.  

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by more than 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 6 points to 506.

Investors brushed aside a report indicating lower than expected manufacturing activity to lift the markets higher during the midday with the Dow soaring 152 points to 8928.  Nasdaq surged 33 points to 1610.

On the upside

AmTech Research upgraded Seagate Technology (Nasdaq: STX).

Although online sales fell during the holiday shopping season, visitors to Amazon.com (Nasdaq: AMZN) increased 7%.

Bargain hunters lifted shares of flash memory card maker SanDisk (Nasdaq: SNDK).

On the downside

Several class action lawsuits were filed against Emcore (Nasdaq: EMKR) for issuing false statements that artificially lifted the stock price.

The New York Stock Exchange notified KKR Financial Holdings (NYSE: KFN) that the fund fell below NYSE listing standards and has six months to raise it share price to an average closing of $1 per share for thirty consecutive trading days.

After Bank of America (NYSE: BAC) completed its acquisition of Merrill Lynch, its assets increased to $2.7 trillion, more than JPMorgan Chase (NYSE: JPM) and Citigroup (NYSE: C).

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 5 points to 504.

The markets quietly opened higher as investors continued to worry about the global economy.  The Dow rose 42 points to 8819 while Nasdaq added 4 points to 1581.

On the upside

A software bug kept Zune music digital players made by Microsoft (Nasdaq: MSFT) from working on the last day of 2008.  The devices automatically started working again without a software patch today.

Shares of Apple (Nasdaq: AAPL) rose ahead of a key trade show where Steve Jobs will not being making an appearance for the first time in years.

The shipping sector was one of the strongest this morning.   Shares of YRC Worldwide (Nasdaq: YRCW) and DryShips (Nasdaq: DRYS) rose sharply.

On the downside

Wells Fargo (NYSE: WFC) completed its acquisition of Wachovia to give the banking giant a nationwide footprint while Bank of America (NYSE: BAC) absorbed Merill Lynch and was expected to keep the brand name.

A Piper Jaffray analyst downgraded Canadian Solar (Nasdaq: CSIQ) and ReneSola (NYSE: SOL).

In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE, but were narrowly edged out on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped 2 points to 496.

Markets Closed

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U. S. markets are closed in observance of the New Year holiday.

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