Stocks Soar On ADP, Some Major Companies Up Over 5% (BAC, C, MSFT)
New from ADP that the private sector added 206,000 jobs this month helped push stocks higher. The three major exchanges–DJIA, NASDAQ, and S&P 500 were up nearly 3% Some stock of major companies were up much more Even big banks,…
New from ADP that the private sector added 206,000 jobs this month helped push stocks higher. The three major exchanges–DJIA, NASDAQ, and S&P 500 were up nearly 3%
Some stock of major companies were up much more
Even big banks, where were downgraded by S&P yesterday, were part of the rally. The improving ecomony is seen as a counter balance to liability problems which include EU sovereign debt. Share of the weakest of large American banks–Bank of America (NYSE: BAC) were higher by 5.1% to $5.33. Observers were worried share could drop below the psychologically important $5 level. Cititgroup (NYSE: C) shares were up by 5.2% to $26.56. Morgan Stanley (NYSE: MS) was higher by 7.1% to $14.25.
The reaction by non-financial tech sector investors was less sanquine. Microsoft (NASDAQ: MSFT) was up by only 1.9% to $23.32. Apple (NASDAQ: AAPL) was up only 1.7% to $379.57. Some analysts have dropped estimates because of the belief that holiday sales may be slow.
Shares of embattled Netflix (NASDAQ: NFLX) were up a modest 1.4% to $68.53. Shares of recent IPO Groupon (NASDAQ: GRPN), which have lost 50% of their value since the offering, were up 2.5% to $16.42.
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
