The Standard & Poor’s 500 Index rallied strongly, up more than 20 points and more than 2% to over 1,140. After its worst one-day drop since 2008, the S&P is down more than 9% for the year. During the past five days of trading, the S&P has fallen about 8.8%. The S&P opened strong but has given a little back in the morning session after going over 1,150 early.
Insider buying had MEMC Electric Materials (NYSE:WFR) up almost 20%, a gain of about 90 cents per share to over $5.85. The CEO and others bought heavily, raising the level of insider ownership to about 20%. MEMC is down more than 30% for the week and month. It was downgraded twice Aug. 4.
International Flavors and Fragrances (NYSE:IFF) gained about $3.50 in early morning action to about $56.30 a share, a jump near 7%, as its earnings revealed an increase in quarterly profits. The specialty chemical company is down about 15% for the week.
Marathon Oil (NYSE:MRO) was up about 7%, more than $1.50, as its 10Q and recent reports met with favor from investors. With a strong dividend and ample reserves, Marathon presents a sold oil play. It is down about 25% for the week, month and quarter after recently spinning off its refining unit.
Cablevision Systems Corporation (NYSE:CVC) was down more than 8%, a loss of about $1.60 per share to go under $17.30 as its results disappointed Wall Street. Customers added, particularly for its Web services, were far below estimates. It also lost 23,000 customers to Verizon FiOS. The stock is now down more than 20% for the week and more than 30% for the month.
General Dynamics (NYSE:GD) was down about $1.50, around 2.5%, to less than $59 per share on budget concerns for defense spending and the grounding of the F22 Raptor. General Dynamics is down about 10% for the week and 20% for the month.
Altria Group (NYSE:MO) was down heavily early but recovered to be only a penny down at around $24.53 per share. With a dividend of more than 6%, Altria presents a nice alternative to a bond. The dividend is solid, as is the customer base for the consumer giant. It is down about 8% for the month.
Jonathan Yates does not own any of the stocks mentioned in this article.
