The market closed in the red today, as poor earnings from General Electric (NYSE: GE) and Bank of America (NYSE: BAC) brought out the bears.
The DOW closed the session down 0.67%, the NASDAQ ended the day down 0.76%, while the S&P slipped by 0.8%.
General Electric started off the day off on a bad note when the company reported revenues that came up short of analyst estimates. GE was able to outpace analyst estimates for its earnings in the third quarter by posting 23 cents per share verse analyst estimates of 20 cents per share, but that was not enough to outweigh its missed revenues. The company reported $37.8 billion in revenues verse analyst estimates for $40.3 billion. Shares of GE closed the day down 4.2% to $16.08, down $0.71 on the day and wiping out $7.5 billion in market capitalization.
Bank of America was expected to show a loss for its third quarter of 21 cents per share, but the actual numbers came in worse than expected with a 26 cent loss in the quarter. The stock was hit hard today following the report, with shares falling 4.6% to $17.26, down $0.84 on the day.
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New 52 Week Highs:
There were several big name stocks that were able to set new 52 week highs today, despite the down market and include the following; Pfizer (NYSE: PFE), Halliburton (NYSE: HAL), Hewlett-Packard (NYSE: HPQ), and Mattel (NYSE: MAT).
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Analyst upgrades and downgrades:
Stocks upgraded today include:
- Gap Inc. (NYSE: GPS) upgraded by Caris to Buy from Above Average with $27 price target
- Safeway (NYSE: SWY) upgraded by Kevin Dann to Buy from Neutral and boosted its price target on the stock to $27 from $19 per share.
- Google (NASDAQ: GOOG) received an upgrade today by Benchmark Co. to a Buy from Hold, while lifting its price target on the stock to $625 from $500.
Stocks downgraded today include:
- Netflix (NASDAQ: NFLX) downgraded by Caris to Above Average from Buy with a $56 price target on the stock.
- Nokia (NYSE: NOK) downgraded by Gabelli to Hold from Buy.
You can read more from Michael on AOL’s Bloggingstocks
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Some big names picked up broker upgrades today. Here are a few of the companies that received upgrades:
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Some big names got upgraded this morning. Here are a couple of the stocks that were upgraded today:
A couple of big name stocks picked up broker upgrades today. Here are a few of the companies that were upgraded this morning: