Minyanville's Market Recap: Stocks End Mixed After Late Rally and Tech Boost
The S&P could not sustain the late day rally, but the Dow and Nasdaq closed higher. Techs were a bright Spot again.
The tech sector helped boost the bullish argument. Apple (AAPL) stated this morning it had sold its 1 millionth iPhone ahead of its sales target a week after announcing it would slash $100 dollars off the retail price. The stock gained 3.75% to close at $136.71. Read more of the tech sector with Professor Udall's 21 Bullish Predictions For Tech.
VMWare (VMW) was also another hot stock today gaining 12.5% to finish at $78.00. The stock was mentioned frequently on the Buzz and Banter. Professor Cooper suggested taking off a schnitzel, and Professor Katz couldn't understand why the markets were valuing the stock so high. "I'm white hot on virtualization but who the heck is paying $79 per share…?" he said.
In other news, the financials were under pressure as a report by the London Times stated more than $110 bln worth of commercial paper was set to mature this week. For more insight, read Professor Depew's Five Things You Need To Know. In addition, read Minyan Peter's Minyan Mailbag as he offers his insights into this credit cycle. Nevertheless, Toddo had his eye on Goldman Sachs (GS) as he wondered on the Buzz, "Is Goldman screaming "when this tape turns, I'm gonna lead the upside speed?" The stock answered by closing with a 2.5% gain.
For more of today's performances, click here for Professor Tuttle's Winners & Sinners.
At 3:00pm EST today we received consumer credit data which came in at $7.5 bln vs. $8.0 bln cons. The Prior figure was revised to $11.9 bln from $13.2 bln. Minyan Peter offered his thoughts providing more color into the health of the consumer. You can read his views as well as other buzzes that happened real time on our Buzz Bits.
Below is a recap of the idea flow on today's Buzz and Banter. Please note that stocks may appear on both bullish and bearish categories due to long and short term trades by our many Minyanville professors.
Some bullish trade or investment ideas: WYNN, NBIX, DIS, INTC, CELG
Some bearish trade or investment ideas: VMW, WMT, JLL, PPD, INTC, TXI, BBY, LIZ, GRMN, CFC, CLF.
Look out for the following on tomorrow's radar.
8:30 Trade Balance: -$59.0 bln cons.
Also remember Chairman Bernanke speaks tomorrow. Click here for the full trading radar.
Don't stay up too late watching football! We'll see you bright and early! Have a good night!
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