Dow Jones Close 11/17/08 - Stock Market Closing Prices

Stock Market Closing Prices - 11/17/08

Dow Jones Industrial Average ( DJIA ) Close - 8273.58 Down 223.73
Nasdaq Stock Market Close - 1482.05 Down 34.80
S&P 500 Close - 850.75 Down 22.54
General Motors ( GM ) Close - $3.06

Libor Rates - 11/17/08

1 Month - 1.47%
3 Month - 2.24%

Commodities Closing Prices - 11/17/08

Gold - $734.50
Oil - $55
Natural Gas - $6.56

The Dow Jones Industrial Average closed at 8273.58 on 11/17/08, as investors sold stocks after the G20 summit was a bust and the fact that the financials continue to be weak. The Dow Jones Futures was actually down around 200 this morning but some buying came into the market during the afternoon hours. Top Stock Market Headlines for November 17th, 2008 include Citigroup ( C ) debating whether or not to cut another 50,000 jobs. General Motors ( GM ) hopes to get a bailout, and Research in Motion ( RIMM ) is up 8% today due to the company seeing continued smart phone strength. Mark Cuban was also accused of Insider Trading in Mamma.com ( MAMA now CNIC ). I always wondered why Mamma.com changed its name to Copernic several years ago. Baidu.com stock got crushed today due to a report out that the search engine is doing some shady things. From what i've read, Baidu is going to come out with a statement tomorrow and depending what they say, the stock could rebound. Thats pretty much what happened in the stock market today. Light volume, lots of selling, not many buyers, same old ugly story!


Todays Biggest Stock Market Gainers 11/17/08

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Mark Cuban Insider Trading 11/17/08 MAMA

Mark Cuban was charged with insider trading November 17th, 2008. The Dallas Mavericks Basketball owner has been charged with selling 600,000 shares of Mamma.com ( MAMA ) right before the company was going to dilute shareholders by selling MAMA stock to raise capital. The Billionaire avoided a 750,000 loss. Yes, I used to trade Mamma.com ( MAMA ) and made a lot of money on it back in the day, but I always thought there was some shady activity going on with the stock. A few years ago I heard on CNBC from David Faber that Mark Cuban responds to every email that he receives from fans of about any topic. I decided to bring up an old topic, Mamma.com ( MAMA ) now called Copernic (CNIC). I emailed Cuban and asked him why he ever got involved in Mamma.com and what he saw in the company. Also, I asked him what made him sell the stock.

I never received a response. I guess he only responds to 99.99999% of all emails.

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Dow Jones Open 11/17/08 - Stock Market

Today, 11/17/08, the Stock Market has opened lower following Friday's late day sell off. The Dow Jones is down 241 at 8255, the Nasdaq is down 35 at 1482, and the S&P 500 is down 23 to 850. Goldman Sachs ( GS ) continues to fall, General Motors ( GM ) is strong today after selling the Suzuki Stake, and Google ( GOOG ) has fallen below $300 yet again. Baidu ( BIDU ) is going down on old news rumors on the way they get paid for advertisers. It is ugly out there!

Today's Biggest Gainers 11/17/08

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Las Vegas Sands ( LVS ) Going Concern 11/17/08

Today, 11/17/08, Las Vegas Sands ( LVS ) has removed its going concern red flag.

Las Vegas Sands Corp. (LVS) today announced that it has reissued its 2007 audited financial statements as part of an amendment to its currently effective shelf registration statement on Form S-3. The reissued 2007 audited financial statements reflect that, in light of the company's recently completed $2.1 billion capital raise and the adoption of its updated development plan, the company believes that it has sufficient liquidity and capital resources to both fund its ongoing operations and to execute its updated development plan.

The filing also reflects an updated opinion by the company's independent accountants, PricewaterhouseCoopers LLP, reporting that as a result of management's recent actions, including the recently completed capital raise and the adoption of the updated development plan, the substantial doubt about the company's ability to continue as a going concern has been removed. No wonder someone bought 24,000 December calls last week!

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Dow Jones Futures 11/17/08 - Stock Market

The Stock Market and Dow Jones Futures are pointing lower this morning, November 17th, 2008. The Dow Jones Futures are down 180, the Nasdaq Futures are down 33, and the S&P 500 Futures are down 17 points in pre market.

Libor Rates have gone up this morning but there is a survey out that we are in Recession with the jobless rate to peak at 7.5%. Japan announced last night that they are in recession.

Biggest Gainers Today - 11/17/08

Las Vegas Sands ( LVS ) is moving this morning - they are removing going concern doubt

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1 and 3 Month Libor Rates - 11/17/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 11/17/08, are: 1 Month Libor Rate - 1.47% & 3 Month Libor Rate - 2.24%. The overnight Libor rate is 0.40%. As you can see, Libor Rates have gone up for the second straight day after falling for 22 straight days. Here are Previous Libor rates.

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General Motors ( GM ) Sells Stake in Suzuki 11/17/08

General Motors ( GM ), in an effort to raise cash, is going to sells their stake in Suzuki car company.

Suzuki Motor Corp. said Monday ( November 17th, 2008 ) that General Motors Corp. (GM) will sell its entire stake in the Japanese automaker in a bid to raise funds.

GM will sell 16.413 million Suzuki shares, or 3.2% of Suzuki shares outstanding, on the market Tuesday. Suzuki will buy back the same amount via the Tokyo Stock Exchange's ToSTNeT 2 off-hours trading system Tuesday morning for Y22.37 billion, for Y1,363 per share - the closing share price Monday.

GM's stake in the Japanese company fell to the current 3% after it sold a 17% stake in 2006 to raise cash for restructuring.

General Motors ( GM ) stock is trading up 8% on this news in pre market, to $3.26 per share.

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Stock Market Futures 11/17/08 - Dow Jones Futures

How will the stock market open on 11/17/08? The Dow Jones Futures are currently down 39, the Nasdaq Futures are down 8.0, and the S&P 500 Futures are down 4.4 points tonight

The Asian Markets are pointing down tonight but off their lows, The Nikkei 225 index hit 8200 just after the open but has clawed its way back to 8400 during the first half hour of trading....this should actually be positive for the US stock market futures if foreign markets can hold with a slight loss or even go up tonight.

The G20 summit was a bust, but I believe the late sell off priced that in, besides, I don't think Wall Street expected anything big out of the meeting.

For you Las Vegas Sands LVS traders out there, I replaced Ivanhoe Energy with technical analysis of Las Vegas Sands on http://www.blackberrystocks.com/. You can find this at http://blackberrystocks.com/lvs.html

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Dow Jones 11/17/08 - Stock Market Analysis

The following chart is technical analysis for the Dow Jones Industrial Average ( DJIA ) for 11/17/08. What will the Dow Jones do on November 17th. 2008? We had a big technical sell off at the end of the day, basically as you can see on the chart, we tested the 10 day moving average and it was rejected. Technical Traders rule the stock market right now as almost no stocks are trading on fundamentals. You are seeing these huge moves because support and resistance levels are being hit. It is important to recognize them so you don't make a horrible trade. The 10 day moving average right now is probably more important then any other time, the buyers and sellers are fighting a war around this line. We need to close above the 10 day moving average and stay above it, this will get people bullish.

Dow Jones Technical Analysis 11/17/08

The Dow Jones has made a double bottom under 8000 but is still in a downtrend. Under 8000 looks to be a great place to buy after unloading in the 9000's. Until we close above 9800....this is your trading range. Notice how we stopped at 9653.95 after closing above the 10 day moving average for six straight days and then crashed back under two days later....this is bearish. The 10 day couldn't even hold! We have now tried to close back over the 10 day moving average twice ( Nov 10th, Nov 14th ) and it was rejected. You can't even think about getting bullish until we close back over the 10 day moving average for a few days. The Dow Jones closing low is 8175 and if we close below this at any point, it could get ugly.

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