Nasdaq Jumps 100.25 - A Best Day After a Worst Day

After the worst day for the Nasdaq Composite in seven years, the index today turned around and posted a gain that was equally stunning, as the Street became hopeful that the financial crisis is nearing a turning point.

The Nasdaq Composite today gained 100.25 points, or 4.78%. That was the Nasdaq’s fattest one-day gain in terms of points since May 8, 2002. On a percentage basis, it was the best day for the index since March 13, 2003. There have been 56 days since the index debuted in 1971 with larger points gains; there have been 37 days with bigger percentage gains.

Yesterday, the Nasdaq had dropped 109.05 points, a decline of 4.94%, the worst one-day drop both in terms of points and percentage lost since September 17, 2001, the first trading day after the September 11 attacks.

A well-received earnings report and analyst call from Oracle (ORCL) this afternoon could add some juice to the rally tomorrow. After hours, Oracle is up $1.03, or 5.5%, to $19.78.

With the recent wild price swings, the day’s list of big winners includes some eye-popping gains. It is quite an interesting collection of stocks; I’m not sure they have all that much in common, although there are few China-based names on the list. Anyway, here’s a sampler of the day’s most explosive gainers:

• Focus Media (FMCN): Up $4.58, or 20.6%, to $26.83.
• Ctrip (CTRP): Up $15.50, or 44.3%, to $50.50.
• Emcore (EMKR): Up $1.35, or 26.3%, to $6.48.
• Phoenix Technologies (PTEC): Up $2, or 23.9%, to $10.38.
• Intevac (IVAC): Up $2.48, or 23.1%, to $13.24.
• Cray (CRAY): Up $1.11, or 21.5%, to $6.27.
• Maxwell Technologies (MXWL): Up $2.29, or 21.3%, to $13.05.
• American Superconductor (AMSC): Up $3.64, or 20.9%, to $21.10.
• SupportSoft (SPRT): Up 61 cents, or 20.4%, to $3.60.
• Baidu (BIDU): Up $50.79, or 20%, to $305.25.
• Savvis (SVVS): Up $2.35, or 19.1%, to $14.64.

Comments

[Smarty_Pants:]

Everything is sunshine and lollipops now. Puh-lease.

The meltdown is just beginning. Irrational rallies based on what the FED/Treasury MIGHT do aren't worth the paper the plans are written on.

Tell me. How do you get all these bad loans into the proposed new RTC? Who takes the associated losses? Is the FED going to print enough new money to buy everyone's mistakes at full price?

Remember back in the original RTC days? Hundreds of S&Ls took those losses and went under before the show got started back then. Who's it going to be this time?

And more importantly, how much of YOUR money is going to vanish with them?

2008 Sep 18 09:40 PM

[Stockguy456:]

we have a long way to go

2008 Oct 06 01:28 PM