Stocks Edge Higher on Banking Industry Outlook

July 13, 2009 6:45 AM |
An analyst offered upbeat comments about Goldman Sachs and the banking sector, but most of the markets continued to lag ahead of corporate earnings news this week.  The Dow rose 16 points to 8161 while Nasdaq was unchanged at 1751.

On the upside

Shares of Goldman Sachs (NYSE: GS) rose ahead of Tuesday's earnings report.   Investors also picked up shares of Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC).

Unisys (NYSE: UIS) offered upbeat guidance for the 2nd quarter including a possible pre-tax profit.

An analyst upgraded Trinity Industries (NYSE: TRN), a railcar maker and leasing company.

On the downside

Microsoft (NYSE: MSFT) announced plans to offer an Internet-based version of its Office suite for free.

Shares of CIT Group (NYSE: CIT) fell on word that it may file for bankruptcy if the commercial lender is unable to shore up its balance sheet.

Shares of CardioNet (Nasdaq: BEAT) tumbled after the company revealed that Medicare will lower reimbursement rates for its heart monitor devices.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 481.

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