Whipsaw Day Caps Dow's Worst Week Ever
10/10/08 - 04:40 PM EDT
Mike Taylor
Citi shares climbed 9.1% to $14.35. Wells added 3.9% to $28.31, and Wachovia rocketed 43% to $5.15.
The Journal also reported that insurance firm AIG (AIG Quote - Cramer on AIG - Stock Picks) took out an additional $9 billion in government loans, bringing its total borrowing from the U.S. in the past three weeks to $70.3 billion. The company continues to attempt to sell its assets in a struggle to stay afloat. Shares dropped 2.5% to $2.33. The paper also said the U.S. exchanges are considering a temporary plan that would halt short-selling in any stock that had a drop of 20% in a single session. If that occurs, in many cases shorting would be banned in the stock for three days, the paper reported, citing people with knowledge of the matter. Bank of America (BAC Quote - Cramer on BAC - Stock Picks) shares were edging higher following reports that it may sell a portion of its 11% stake in China Construction Bank. The banking titan also appeared set to carry out its acquisition of Merrill Lynch, despite declines in both firms' stock prices, according to a report in the Financial Times. Bank of America stock jumped 6.3% to $20.87. Earnings season continued amid the financial turmoil, as industrial bellwether General Electric (GE Quote - Cramer on GE - Stock Picks) reported third-quarter earnings that declined 12% year over year but were in line with revised estimates. GE shares tacked on 13% to $21.50. As for analyst actions, Wells Fargo, along with insurance and credit services firms such as State Auto (STFC Quote - Cramer on STFC - Stock Picks), Erie Indemnity (ERIE Quote - Cramer on ERIE - Stock Picks), Donegal Group (DGICA Quote - Cramer on DGICA - Stock Picks) and Advanta (ADVNB Quote - Cramer on ADVNB - Stock Picks) all caught upgrades from Stifel Nicolaus.
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