U.S. Markets
Dow -16.04 (-0.13%)
Nasdaq +14.30 (+0.61%)
S&P 500 +3.11 (-0.23%)
News That Moved the Market
Mixed Day After Weak Consumer Confidence Reading. Markets ended the day mostly flat despite some weak economic data. A little after the opening bell, the Conference Board announced that Consumer Confidence hit a 5-year low this month, coming in at 64.5. Economists were expecting a reading of 73.5. In addition, the S&P/Case-Shiller Home Price Index showed a 10.7% drop in prices, the largest drop in the index's history. Despite the bleak data, sellers were unable to keep control, and eventually a broad-based recovery pushed indices back to even. All sectors eventually finished with gains.
Clear Channel Deal Near Collapse. Late in the day, The Wall Street Journal Reported the Clear Channel (CCU, -5.5% day; -20.9% A.H.) $19 billion sale to Bain Capital and Thomas H. Lee Partners is in real danger of falling through. The deal was scheduled to close this week, but lenders, who are struggling through a tight credit market, are not comfortable with the agreement and may pull out.
Monsanto Shares Sprout. Monsanto (MON, +9.9%) increased its earnings estimates for 2008 to $3.38-$3.48/share, well ahead of the $2.87/share analyst were expecting. "Our growth over the next five years will be built on our seeds-and-traits platform, and we've already exceeded a number of milestones that put us ahead of our plan to deliver consistent, sustainable growth," Chairman Hugh Grant said.
Quick Tics:
Merrill Lynch (MER, -1.1%) downgraded Banc of America (BAC, -3.5%) to "Sell" from "Neutral"…
Tech Stocks outperformed the market, getting a boost from Citi's (C, +0.6%) upgrade of Yahoo (YHOO, +4.4%) to a "Buy" rating…
the S&P 500 is up 7.4% since last Monday.
Tomorrow Notable Earnings
Deutsche Bank (DB) Time Not Supplied
Oracle (ORCL) After Close
Economic Events:
8:30 AM: Durable Goods Orders
10:00 AM: New Home Sales
10:30 AM: Crude Inventories
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