Big Stock Risers: Ford Motor, Bank of America, Micron Tech Dish Good News
The S&P 500 and Nasdaq both ended higher 1% today. The buyers were back with a dose of good news from various big companies. Here are some highlights in the news from major stocks moving the markets today:
Ford Motor Company (NYSE:F): Average age for U.S. vehicles is high. But, after dropping to a low of 49 percent operating capacity, U.S. auto plants are shifting to a higher gear. According to IHS Automotive plants are cranking at 81 percent of operating capacity. This is the second consecutive double-digit gain, even outdoing China, mainly attributed to sales of light vehicles.
Bank of America Corp (NYSE:BAC): At auction tomorrow, $7 billion worth of mortgage bonds previously owned by AIG. The action is at the New York Fed with Bank of America, Barclays (NYSE:BCS), Credit Suisse (NYSE:CS) and Goldman Sachs (NYSE:GS) doing the bidding. Sub-prime debt could be on the mend with a strong sale.
Micron Technology, Inc. (NASDAQ:MU): According to Pacific Crest, ASML (NASDAQ:ASML) discussed low dynamic random-access memory (NASDAQ:DRAM) spending and cuts of capital expenditures at TSM (NYSE:TSM). Both items are good news for DRAM pricing and Micron. The Wall Street Journal cited the Yomiuri Shimbun about plans for Elpida Memory to team up with Micron. If the two companies can work together, that would give them 20 percent of the DRAM market. As noted by the report, only Samsung Electronics would have more.
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