In any normal universe, the market would have collapsed on news that unemployment went to 8.5%. To make matters worse, it is obviously going much higher.
The market shrugged all of that off and went nowhere. Most financial stocks were up. A number of tech and telecom stocks were down. Whatever bump the G-20 gave the market seems to have dissipated in a day.
The numbers:
DJIA:Dow 8,017.59 +39.51 (0.50%)
S&P 500 842.47 +8.09 (0.97%)
Nasdaq 1,621.87 +19.24 (1.20%)
Analyst upgrades
Analyst downgrades
Sun Microsystems Inc. (NASDAQ: JAVA) rose slightly on word that the long awaited merger offer from IBM may be coming early next week. Unfortunately, this new price talk is lower than expected, in a $9.00 to $10 range. Shares were up 2% to $8.46.
Research in Motion Ltd. (NASDAQ: RIMM) posted much better than expected earnings, even came in above its own lowered guidance, and raised guidance for the next report. The BlackBerry platform has reached almost 25 million subscriber accounts now and RIMM said that half of the customer base is non-enterprise users. Shares were up a sharp 20% to $58.96
Blockbuster Inc. (NYSE: BBI) got its loan and liquidity clemency as investors and lenders JPMorgan, Monarch Alternative Capital LP, and Silver Point Capital completed the amendment of Blockbuster's revolving and term loan facility. The new amendment is a $250 million revolving loan refinancing with a maturity date on September 30, 2010. Shares were up almost 7% to 89 cents.
The Walt Disney Company (NYSE: DIS) took it on the chin earlier after an analyst downgrade. Mickey, Hannah, and friends saw the stock's rating cut to Neutral from outperform over at JPMorgan. Disney was down about 1% to $19.98.
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