S&P 500: -3.64 (-0.34%)
A bit of profit taking occurred today amid light volume on speculation that markets have rallied too quickly. Not much has changed except that investors seem more aware of the market’s vulnerabilities. News outlets are littered with stories suggesting markets have gotten ahead of themselves and that rallies like this most recent one have little staying power. I expressed similar concerns last week.
Dell (DELL) declined 4.07% after the company announced the $3.9 billion acquisition of Perot Systems Corp.
Wal-Mart Stores (WMT) gained 1.6%, the biggest gain in the Dow average, after HSBC initiated coverage of the world’s largest retailer at “overweight,” citing its expansion in emerging markets.
General Electric (GE) rose 1.58%, the second-biggest gain in the Dow average, after Morgan Stanley raised its GE’s target price to $19, citing an improvement in the company’s risk profile. (See quick hit below.)
Amgen (AMGN) finished 2.48% higher following positive test results for it’s bone-strengthening drug, denosumab.
Cerner (CERN) and Quality Systems (QSII) both gained more than 4% as it becomes increasingly clear that electronic medical records will be part of the U.S. health reform efforts.
Quick Hits
- Ratings Downgrade
- GE: ‘Not Just About Credit Anymore’
- IMF: Securitization Is Necessary, but Must Be Reformed
- Economy on upswing, durability and sustainability in doubt
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Peter Lazaroff, Investment Analyst
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