Stocks flew higher Tuesday, as positive comments from
CEO and the possibility of the uptick rule being reinstated cheered investors. The good news from Citigroup spilled over into shares of fellow financials
Bank of America
JP Morgan Chase
sending all three onto
top ten most searched stocks list.
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Citi chief Vikram Pandit offered some reassurance to investors and the market, saying the bank has had a strong start to 2009. Nonetheless, U.S. officials are reportedly examining what new steps they might need to take to stabilize
if conditions worsen for the bank, according to a
Wall Street Journal
report. The Treasury Department already has a 36% stake in the troubled U.S. bank, which dipped below $1 a share briefly last week.
Stocks appeared to get an added boost after
reported that Rep. Barney Frank (D., Mass.) believes the uptick rule might be restored within a month. The uptick rule hasn't been in effect since 2007, and some market observers believe that has allowed unfettered short-selling to take down shares. Before the rule was repealed, a short sale could only come after a move higher in a security's price.
remains on the most searched stocks list on the heels of yesterday's $41 billion bid for its cholesterol-drug partner
And in other mergers and acquisitions news,
Rohm & Haas
to merge by April 1. Both companies were heavily searched on TheStreet.com, along with
which is reportedly nearing
with European drugmaker
about a prospective takeover.
On the tech side,
jumped onto the list after
reported the company could launch a
by the second half of this year. The small, portable and lower-priced devices would compete with netbooks being marketed by
hopped onto the stock search after the tech shop found strong demand for its stock sale. The cash-needy smartphone maker bumped up the number of shares it plans to sell to 23.1 million from the 18.5 million originally targeted. The shares are priced at $6, and Palm expects to raise $83.9 million in cash from the offer.
Before joining TheStreet.com, Gregg Greenberg was a writer and segment producer for CNBC's Closing Bell. He previously worked at FleetBoston and Lehman Brothers in their Private Client Services divisions, covering high net-worth individuals and midsize hedge funds. Greenberg attended New York University's School of Business and Economic Reporting. He also has an M.B.A. from Cornell University's Johnson School of Business, and a B.A. in history from Amherst College.