December 31, 2011
Peter Schacknow, Senior Producer, CNBC Breaking News Desk
The most interesting aspect of the year’s final trading day may be the battle for breakeven: the S&P 500 is currently up a little more than 5 points for 2011 (0.43%) while the Nasdaq has a 1.5% shortfall (about 39 points) to make up. The Dow is comfortable in positive territory for the year by a little more than 6% or about 710 points.
With one day to go, Cabot Oil (COG) is the S&P 500’s best 2011 performer, up 103%, while First Solar (FSLR) has the dubious distinction of posting the biggest drop in the index, down nearly 75%. McDonald’s (MCD) is the Dow’s biggest winner, up 31%, while Bank of America brings up the rear with a 2011 drop of 59%.
As for what might drive stocks in one direction or the other, it won’t be economic reports or earnings releases, with none on the calendar for today.
American Airlines parent AMR (AMR) will be a stock to watch today, although the news surrounding it isn’t much of a surprise. AMR shares will be delisted by the New York Stock Exchange, and will move to the so-called “pink sheets” next week. That follows the company’s bankruptcy filing and the drop of its share price below the NYSE’s minimum listing requirements.
Cheniere Energy (LNG) also makes the watch list today, as SAC Capital raises its stake in the company to 5.7%. Sears Holdings (SHLD) may take another hit today, as Fitch cuts the retailer’s credit rating further into junk territory, to CCC from B. The Wall Street Journal is the latest to speculate that Goldman Sachs (GS) and Morgan Stanley (MS) are the likely frontrunners to lead a Facebook IPO in 2012.
Biotech bellwether Amgen (AMGN) is also in the spotlight this morning, after saying an FDA panel will meet in February to discuss a possible new approval for its bone drug Xgeva. The panel will examine the drug’s use in preventing advanced prostate cancer from spreading.
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