ConAgra Foods (CAG) jumped in midday trading Friday after activist investor Jana Partners took a 7.2% stake in the company. Jana argued the company's shares are undervalued and is seeking a change in its board. More trouble in Greece as eurozone finance ministers prepare for an emergency summit on Monday. Greek savers didn't appear optimistic a deal would be reached, reportedly pulling one billion euros from Greek banks in a single day on Friday. Stocks put an end to the record rally seen yesterday, as worries over Greece's future in the eurozone trumped optimism stemming from the Fed's decision to keep rates unchanged. KB Home (KBH) moved higher after second-quarter profit and sales exceeded estimates.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.