Wall Street Rallies on Europe Rumors and Black Friday Numbers, Stocks to Watch: BAC, C, F, S, SIRI, INTC
Stocks are rallying today on rumors of progress in Europe and positive holiday numbers in the U.S. The number of shoppers on Black Friday both in stores and online were up from last year giving retailers hope they will post strong holiday sales figures.
Other news stories that sent the markets up early were centered around Europe including reports of an IMF bailout of Italy which has since been denied. Also there were reports of a plan for the strong euro countries to get together and do ‘elite bonds’, but has been denied by Germany, strong opposes any kind of eurobond.
If the European debt crisis worsens any more or European leaders continue to not take any action this rally will most likely be shortlived.
Let’s take a look at the volume leaders in midday trading today.
Bank of America Corp. (NYSE:BAC) is up 3.68% at $5.36. BAC has traded 87 million shares so far today and trades 260.5 million shares on average. BAC is off its highs today after it gaped at open to $5.50. BAC is starting the week off good today after selling off last week when it lost more than $0.40 per share. Bank of America has a current market cap of 54.38 billion.
Citigroup Inc. (NYSE:C) is up 6.05% at $25.06. C has traded 23.65 million shares so far today and trades on average 58.65 million shares a day. C has gained back most of its losses from last week today. Citigroup has a current market cap of 73.27 billion.
Ford Motor Company (NYSE:F) is up 3.44% at $10.09 in midday trading. F has traded 21.03 million shares so far today and trades 61.97 million shares on average. F has made up all of its losses from last week after it traded as low as $9.75 on Friday. Ford has a current market cap of 38.32 billion.
Sprint Nextel Corporation (NYSE:S) is up 5.46% today at $2.51. Sprint has made up its losses from Friday after it dropped to below $2.40. S has traded 20.32 million shares so far today and averages 48.31 million shares a day. Sprint has a current market value of 7.52 billion.
Sirius XM Radio Inc. (NASDAQ:SIRI) is up 1.74% at $1.78 in midday trading. SIRI has traded 14.41 million shares so far today and trades 65.42 million shares on average a day. SIRI has come off its high today after gaping at open to $1.80. Sirius XM Radio has a current market cap of 6.68 billion.
Intel Corporation (NASDAQ:INTC) is up 3.52% at $23.53 in midday trading. INTC has traded 14.09 million shares so far today and looks to trade less than its daily average of 64.66 million shares. Intel has a current market cap of 119.81 billion.