Today’s Biggest Gainers and Losers (April 16)

Major indices are all lower today on news that Wall Street’s dominant firm Goldman Sachs is accused of securities fraud by the SEC, which claims the bank created and sold a synthetic collateralized debt obligation (CDO) that was secretly devised to fail, costing investors over $1 billion in losses.

From the SEC: “Goldman Sachs failed to disclose to investors vital information about the CDO, in particular the role that a major hedge fund played in the portfolio selection process and the fact that the hedge fund had taken a short position against the CDO.

“The product was new and complex but the deception and conflicts are old and simple,” said Robert Khuzami, Director of the Division of Enforcement. “Goldman wrongly permitted a client [Paulson & Co, a major hedge fund run by the billionaire John Paulson who worked with Goldman in creating the CDO] that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio, while telling other investors that the securities were selected by an independent, objective third party.”

Fabrice Tourre, a Goldman vice president who allegedly packaged CDOs filled with risky mortgage bonds and then marketed them to investors, is also charged with fraud. Paulson, whose hedge fund paid Goldman $15 million to structure and market the CDO which closed on April 26, 2007, has not been charged.

“In sum,” the SEC said, “Goldman Sachs arranged a transaction at Paulson’s request in which Paulson heavily influenced the selection of the portfolio to suit its economic interests, but failed to disclose to investors….Paulson’s role in the portfolio selection process or its adverse economic interests.”

..more on Goldman Bombshell:

The Dow is down 121 pts, or 1.08% to 11023, the Nasdaq is  down 30 pts to 2484 and the S&P 500 is down 19.36 pts, or 0.26% to 1192.

Biggest % Gainers/Losers

Price % Gainers:

  • Phase Forward Inc. (PFWD) : $16.81 / +$3.73 (28.52%)
  • Radcom Ltd. (RDCM) : $4.20 / +$0.87 (26.13%)
  • Midwest Banc Holdings (MBHIP) : $6.07 / +$1.15 (23.37%)
  • Encorium Group (ENCO) : $5.75 / +$1.03 (21.82%)
  • Hastings Entertainment (HAST) : $6.21 / +$1.04 (20.12%)
  • C&D Technologies (CHP) : $1.74 / +$0.25 (16.04%)
  • Rexahn Pharmaceuticals (RNN) : $2.96 / +$0.37 (14.32%)
  • Bank of the Carolinas Corp. (BCAR) : $4.50 / +$0.60 (15.38%)
  • C&D Technologies (CADE) : $2.62 / +$0.32 (13.91%)
  • Inspire Pharma (ISPH) : $6.69 / +$0.73 (12.25%)
  • Popular, Inc. (BPOPM) : $19.80 / +$1.98 (11.11%)

Price % Losers:

  • AEterna Zentaris (AEZS) : $1.26 / -$0.39 (23.64%)
  • First Federal Bancshares of Ark (FFBH) : $3.16 / -$0.74 (18.97%)
  • Mesabi Trust (MSB) : $19.74 / -$4.16 (17.41%)
  • Hansen Medical (HNSN) : $2.14 / -$0.39 (15.42%)
  • Molecular Insight Pharma. (MIPI) : $2.37 / -$0.36 (13.19%)
  • City Bank (CTBK) : $1.68 / -$0.25 (12.95%)
  • Atlantic BancGroup (ATBC) : $3.19 / -$0.41 (11.39%)
  • Community Central Bank Corp. (CCBD) : $3.10 / -$0.39 (11.17%)
  • Star Scientific, Inc. (CIGX) : $1.92 / -$0.22 (10.10%)
  • Supreme Industries (STS) : $3.25 / -$0.32 (8.96%)
  • SkyPeople Fruit Juice, Inc. (SPU) : $6.69 / -$0.39 (5.51%)

Biggest Point Gainers/Losers

$ Gainers:

  • Core Laboratories (CLB) : $144.56 / +$5.73
  • Phase Forward Inc. (PFWD) : $16.81 / +$3.73
  • PowerShares DB Crude (DTO) : $59.48 / +$3.77
  • Direxion Daily Emerging Markets (EDZ) : $41.94 / +$3.44
  • ProShares UltraShort FTSE/Xinhu (FXP) : $38.82 / +$3.00
  • Express Scripts Inc. (ESRX) : $100.55 / +$1.66
  • ProShares UltraShort MSCI Emerg (EEV) : $48.95 / +$2.76
  • ITT Educational Services (ESI) : $113.91 / +$1.14
  • Express Scripts (ESRX) : $100.33 / +$1.44
  • Strayer Education (STRA) : $254.17 / +$1.16

$ Losers:

  • Google Inc. (GOOG) : $557.61 / -$37.60
  • Goldman Sachs (GS) : $160.52 / -$23.14
  • Intuitive Surgical (ISRG) : $370.50 / -$17.51
  • Direxion Dialy Fin Bull (FAS) : $105.56 / -$11.04
  • Direxion Daily EMs (EDC) : $135.52 / -$11.18
  • Baidu Inc. (BIDU) : $638.62 / -$10.34
  • CME Group Inc. (CME) : $313.61 / -$7.51
  • Rio Tinto plc (RTP) : $236.02 / -$6.11
  • Proshares Ultrashort S&P 500 (UPRO) : $184.50 / -$8.52
  • Priceline.com (PCLN) : $257.99 / -$6.99

Stocks Rising on Unusual Volume

Integra LifeSciences Hdlngs (IART) : Volume 107,988, Last Trade: $45.80

Stocks Falling on Unusual Volume

Goldman Sachs (GS) : Volume 33,751,058, Last Trade : $161.20
China Telecom Corp. (CHA) : Volume 308,233, Last Trade: $48.84

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