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