Stocks Open Mix as Investors Await Madoff Sentencing

June 29, 2009 7:00 AM |
The stock markets opened sideways as oil prices rose toward the $70 a barrel mark.  Meanwhile, spectators converged in New York to witness the sentencing of Bernard Madoff for orchestrating a multi-billion dollar pyramid scheme. The Dow added 5 points to 8444 while Nasdaq lost 8 points to 1830.
 

On the upside

Teppco Partners (NYSE: TPP) received a $3.3 billion all-stock offer from Enterprise Products (NYSE: EPD) for its crude and natural gas pipelines.

Sallie Mae (NYSE: SLM) was upgraded by an analyst citing more government contracts and improved liquidity.

Wendys/Arby's Group (NYSE: WEN) received a favorable write-up in Barron's.

On the downside

An analyst downgraded chip amker Monolithic Power Systems (Nasdaq: MPWR).

Shares of China-Biotics (Nasdaq: CHBT) re-traced after last week's rally on news that it would join the Russell 3000 Index.

Shares of Zion OIl & Gas (Amex: ZN) lost ground again following the issuance of $21 million in new stock last week.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 8 points to 505.

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This page contains a single entry by published on June 29, 2009 7:00 AM.

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