Despite the best efforts by OPEC to raise the price of crude, oil still managed to close right around $40 a barrel. At the same time, the Madoff case continues to unfold and the possibility of new tax cuts looms over New York. All of this -- and much more -- led the major indices to close down an average of nearly 1% Wednesday.
Here are some of the day’s winners and losers:
Winners
Macy’s Inc. (M)
With Christmas just days away, this retailer caught a break. The company renegotiated a $2 billion credit line, which helped its stock gain more than 18%, or $1.54, on the day. Shares last traded at $10.01.
Tesoro Corp. (TSO)
News of increased capital spending cuts helped the stock gain 12.3% Thursday. The stock last traded at $11.22, gaining $1.23.
Limited Brands Inc. (LTD)
This woman’s retailer was not hurt by the news that same-store sales were down 8%; its stock gained 84 cents, or 9.9%, to $9.34.
Wyndham Worldwide Corp. (WYN)
Despite a Deutsche Bank ratings cut, people are still impressed with the company’s attempts to cut back on its time share business. Shares were up 55 cents, or nearly 9%, Thursday, closing at $6.78.
ConAgra Foods Inc. (CAG)
After reporting revenue of $3.26 billion Wednesday morning, shares finished the day up just $1.20, or short of 8%, at $16.25.
Losers
Newell Rubbermaid Inc. (NWL)
You would think people would be trying to save leftovers during a recession, but apparently, that's not the case. Rubbermaid is drastically cutting its fourth-quarter earnings forecast because of volatility in the market and a drop in demand, which led to a loss of $360, or more than 27%, on the day. Shares last traded at $9.58.
Constellation Energy Group Inc. (CEG)
This was a bad day for the energy company as it cancelled a deal with Warren Buffett’s Berkshire Hathaway (BRK.A) in favor of a French energy company. Shares were down nearly 20%, losing $5.74 to close at $23.00.
Genworth Financial Inc. (GNW)
The small-cap financial company saw more than 29 million shares traded on Thursday. The stock closed down 36 cents, or 10.3%, at $3.13.
National City Corp. (NCC)
This regional bank has seen a negative backlash to its prime rate cut. NCC saw massive share volume a day after Federal Reserve policy makers cut the target rate. It closed at $1.78, a loss of 15 cents, or around 8%.
Omnicom Group Inc. (OMC)
It will be interesting to see how this stock will react to the Wednesday night reports about the auto makers extending the holiday idling of plants, as this advertiser’s problems stem from a lack of auto interaction. The shares were down 7.3%, or $2.16, closing at $27.60.
Market Winners & Losers: Equity Residential, E*Trade
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