Plan Overload?
It is hard to tell whether investors were simply unimpressed by the President’s new plan to help homeowners and, in turn, the housing market, or if they are simply on plan overload at the moment. In any event, the stock market shrugged off the announcement and ended little changed. I guess the positive is that for this day at least, the Dow didn’t break down to a new low.
President Obama unveiled details of his $275 billion “Homeowner Affordability and Stability Plan” in Phoenix yesterday. The crux of plan is to try and help 7 million – 9 million people rework their mortgages so that they can avoid foreclosure. The idea again is that fewer homes in foreclosure will mean less distressed properties on the market, which means fewer fire sales – which in the end should help prices to stabilize.
However, once again, the stock market ...
Upgrades:
Atheros Communications (Nasdaq: ATHR) from Sell to Hold; Bois d'Arc Energy (NYSE: BDE) from Buy to Strong Buy; Cerner Corp. (Nasdaq: CERN) from Hold to Buy; Del Monte Foods (NYSE: DLM) from Hold to Buy; Euronet Worldwide (Nasdaq: EEFT) from Sell to ...
