Flat Close As Gas Prices Rise

December 29, 2009 1:40 PM |
The markets closed flat with the Dow easing a point to 10,545 despite a gain in consumer confidence as gasoline prices rose. Nasdaq lost 2 points to 2288.
 

On the upside

Briefing.com reported rumors that Google (Nasdaq: GOOG) plans to use China BAK Battery's (Nasdaq: CBAK) lithium polymer battery in its Nexus One phone.

Spectranetics (Nasdaq: SPNC) agreed to pay $5 million to resolve a government investigation into allegations that the company illegally imported medical lasers.

McMoRan Exploration (NYSE: MMR) reported progress on its Gulf of Mexico exploration activities.

On the downside

Standpoint Research downgraded Starbucks (Nasdaq: SBUX).

Bank of America (NYSE: BAC) is expected to post significant losses in 2010  from credit card loans and mortgages.

Bank of America/Merrill Lynch analyst Guy Moszkowski lowered his earnings estimate for J. P. Morgan (NYSE: JPM).

In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while decliners barely outpaced advancers on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 633.

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This page contains a single entry by published on December 29, 2009 1:40 PM.

Rising Gas Prices Tempers Enthusiasm Over Gain In Confidence was the previous entry in this blog.

Rising Dollar Weighs Down Commodities is the next entry in this blog.

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