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.
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.
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.
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.On the last day of 2008, a light trading session ended higher with the Dow climbing 108 points to 8776 as jobless claims slipped from last week. Nasdaq surged 26 points to 1577.
On the upside
Ion Geophysical (NYSE: IO) refinanced debt and announced the adoption of a poison pill plan.Allis-Chalmers Energy (NYSE: ALY) will pay $5 million to acquire the remaining shares of BCH that it does not already own.
Global Ship Lease (NYSE: GSL) received a delivery of a 10,960 TEU newbuilding containership which increases its fleet to 16 vessels.
Conseco's (NYSE: CFD) 40/86 Strategic Income Fund increased its dividend to $0.0924 per share payable on January 9, 2009 to shareholders of record December 31, 2008.
Shares of American Axle & Manufacturing Holdings (NYSE: AXL) rose after automakers received a government bailout.
On the downside
Analysts expect Apple (Nasdaq: AAPL) to introduce lower priced iPhones and MacBooks next year.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 17 points to 499.An upbeat jobless report lifted the markets higher on the final trading day of the year with the Dow gaining 70 points to 8739. Nasdaq soared 20 points to 1570.
On the upside
The Food and Drug Administration approved Labopharm's (Nasdaq: DDSS) once a day extended release pain medication RYZOLT.China BAK Battery (Nasdaq: CBAK) will hold a conference call on Friday January 23 to discuss first quarter financial results.
The Phoenix Companies (NYSE: PNX) entered a reinsurance agreement with a subsidiary of Swiss Re.
On the downside
Shares of Dow Chemical (NYSE: DOW) continued falling after the Kuwaiti government cancelled its $17.4 billion joint venture with the chemical company.
Investors locked in profits for Northfield Laboratories (Nasdaq: NFLD), whose stock price surged yesterday after receiving priority review for its red blood cell drug.
Anthracite Capital (NYSE: AHR) extended its credit lines and announced that it will pay only the minimum required dividends on its common shares.
First time jobless claims fell last week, but the economy is expected to cope with more layoffs in the coming months. Investors pruned their portfolios for tax losses while buying stocks that may recover in 2009. The Dow rose 57 points to 8725 while Nasdaq climbed 15 points to 1566.
On the upside
Akorn (Nasdaq: AKRX) received FDA approval for generic versions of an antibiotic.Washington state regulators approved the pending sale of Puget Sound Energy (NYSE: PSD) for $7.4 billion to a New York-based investment group held by Canadian and Australian investors.
Shares of Genco Shipping & Trading (NYSE: GNK) rallied for a second day after taking delivery of the Genco Hadrian, a new Capesize ship, which was expected to contribute to revenues.
On the downside
Needing at least $30 billion to become a bank holding company and expected to receive $6 billion from the Treasury, GMAC picked up an additional $21.2 billion commitment in a debt-for-equity swap. Shares of General Motors (NYSE: GM) edged lower.
American International Group (NYSE: AIG) asked the Federal Reserve to ease its payment terms on $60 billion in loans while what was once the world's largest insurance company continued to liquidate assets.
Shares of VeriFone Holdings (NYSE: PAY) fell after the maker of checkout-line payment terminals and software delayed its annual report filing to make goodwill accounting adjustments due to a decline in business.
In the broad market, advancing issues outpaced decliners by a margin of 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 6 points to 489.
