Thursday Closing Update

Includes: BAC, DWDP, UBS, XOM
by: Midnight Trader

4:19 PM, Apr 30, 2009 --

-NYSE down 2.8 or 0.1% to 5,513.36

-DJIA down 17 or 0.2% to 8,168.12

-S&P 500 down 0.8 or 0.1% to 872.81

-Nasdaq up 5 or 0.3% to 1,717.30


Hang Seng up 2.7%

Nikkei up 2.1%

FTSE down 0.7%


(-) CEGE reports drop in sales, exploring alternatives.

(-) SQNM off lows but down sharply after delay in product launch.

(-) ERIC results below year-ago quarter.

(-) PG profit drops, cuts FY outlook.

(-) XOM profit sinks 58%.

(-) EK reports wide earnings miss, dividend suspended.

(-) JDSU quarterly loss widens, sees weaker sales in current quarter.


(+) COST downgraded at UBS, but shares rally.

(+) K beats with Q1 results.

(+) GM gains amid bondholder proposal; Street eying implications from possible Chrysler bankruptcy.

(+) DOW reports narrower-than-expected loss.

(+) MGM inks pact with City Center partners.

(+) EXPE first-quarter profit beats Street.

(+) UBS job cut report lifts stock.

(+) DIS says Disney, ABC content to be distributed on


Stocks end little changed after a see-saw session marked by early relief over more signs of economic stability, but a mostly negative reaction to Chrysler's bankruptcy. The Dow Jones Industrial Average ends up over 7% for April and the broader S&P 500 advances more than 9% on the month, its best performance since March 2000. The Nasdaq Composite closes out a 12% gain on the month.

Stocks gave up a strong start as news of Chrysler's bankruptcy weighed on investor sentiment and offset some of the early optimism exhibited over some better-than-expected company profits and a surprise dip in new jobless claims.

Investors were bidding up shares early after the Federal Reserve said yesterday that the economic outlook had improved modestly since its last meeting in March. The comments helped stocks close higher then. This morning, new data added to that sentiment. The number of workers filing new claims for jobless aid last week was lower than forecast, but continued claims are still at record highs, as company layoffs continue.

In addition, Chicago-area businesses showed an improvement in activity after the Chicago Business Barometer rose to 40.1% from 31.4% in March as production, new orders and employment improved. It was the largest one-month increase in the index since 1983. The index shows business activity in the Chicago area declined in April for the seventh straight month but at a much slower pace. Readings under 50 indicate most firms said business was getting worse.

UBS (NYSE:UBS) was among stocks leading financial shares higher after a report that it had made significant job cuts in its U.S. wealth management unit; bank stocks did fall back from session highs. Bank of America Corp (NYSE:BAC) is up after the market endorsed a shareholder vote that split the Chairman and Chief Executive offices in a move widely interpreted as a blow to current Chairman and CEO Ken Lewis.

Chrysler was widely expected to file for Chapter 11 protection following a breakdown in talks between the Treasury Department and the car maker's lenders, according to a report by The Wall Street Journal late yesterday, citing people familiar with the situations. Today, senior administration officials confirmed the report, saying bankruptcy is necessary after talks with some of Chrysler's holdout creditors over the company's $6.9 billion in debt fell apart last night.

Earnings have been mixed.

Dow Chemical (DOW) handily beat estimates and said there are some signs the pace of global economic decline is moderating.

Exxon Mobil's (NYSE:XOM) quarterly profits fell 58%, missing expectations, as the global downturn cut into oil demand. Marathon Oil (NYSE:MRO) declined after reporting a 61% decline in Q1 profit, as oil and gas prices plummeted, causing the company to miss the Street.