Finacial Services Pare Earlier Losses

The markets recovered earlier losses as the financial services sector rallied but still closed modestly lower with the Dow losing 26 points to 8058. Nasdaq added a point to 1653.

On the upside

Shares of E*Trade (Nasdaq: ETFC) surged along with the rest of the financial services sector. The online brokerage will report earnings Tuesday, April 28, 2009.

Barron's said that shares of RSC Holdings (NYSE: RRR) may triple.

Goldman Sachs analyst Matthew Fassler upgraded OfficeMax (NYSE: OMX) saying that the company's results will improve.

In an interview with The Wall Street Journal, head of the financial products unit Gerry Pasciucco claimed that controversy over American International Group's (NYSE: AIG) bonuses hurt morale and slowed the process of unwinding its portfolio.


On the downside

SPX (NYSE: SPW) blamed a drop in demand for lowering its first quarter as well as its full year outlook.

Satyam Computer Services (NYSE: SAY) accepted Tech Mahindra's approximately $350 million bid to acquire a controlling stake in Satyam.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE while advancers were on par with decliners on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 468.

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