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Closing Bell: Mixed bag for stocks; LEH, VLO gain, PIR, QCOM decline

Today was a mixed bag. Shares spent most of the day in the red but staged a late day rally. Oil prices remained under $110 per barrel, which pulled down energy and commodity stocks yet again. Even the brief relief in today's Beige Book from the Federal Reserve hardly helped the situation despite it starting to see some energy price relief. The good news is that shares came back up in the last hour, masking some of the intra-day selling.

Here are today's unofficial closing bell levels:
DJIA 11536.87 (+19.95)
S&P500 (1275.35 (-2.22)
NASDAQ 2334.74 (-14.50)
10YR T-Note 3.697% (-0.049%)
Top Analyst Downgrades
Top Analyst Upgrades

Lehman Brothers Holdings Inc. (NYSE: LEH) shares managed to show gains of more than 4% to $16.72 in today's final minutes after indicating down early on. Despite the on-again off-again stance with the Koreans, Doug was right ... this is like getting a root canal. CNBC's Charlie Gasparino noted that he has also said that HSBC may be interested.

LoJack Corp. (NASDAQ: LOJN) saw a rise with shares up almost 7% at $7.72 in today's final minutes after the FCC approved the company's 2005 request to use its auto tracking frequency for new asset and people tracking services.

Pier 1 Imports Inc. (NYSE: PIR) was down over 8.5% at $4.16 after the retailer said same-store sales fell by 1.7% in Q2 and announced lower margins were hurting results due to markdowns. This was within its guidance, but at the lower-end of the range and another disappointment in a multi-year stock slide.

Qualcomm Inc. (NASDAQ: QCOM) shares were down over 4% at $49.08 in today's final minutes after the CDMA chip maker's CEO said that the replacement may be slightly longer than before. Traders bought put protection today.

Valero Energy Corp. (NYSE: VLO) saw shares rise more than 5% and were at $34.80 in today's final minutes after the company delayed cap-ex plans and as tumbling energy prices will keep it from having to pay such astronomical rates that it can't pass through as refinery costs.

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Symbol Lookup
IndexesChangePrice
DJIA+15.9611,532.88
NASDAQ-15.512,333.73
S&P; 500-2.591,274.98

Last updated: September 03, 2008: 11:53 PM

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