Bank stocks snapped back, rallying a couple of days to their best week since November 2008 as our trading session ended Friday. Word early in our session from Citigroup that it pulled two months of profitability in 2009 initiated the upturn. "The overriding question people have is 'Is this rally it?'" said Quincy Krosby, chief investment strategist at The Hartford. "For that to happen I think we need to see more evidence of a turnaround. We still have significant problems in terms of unemployment. The problems with the banks are still there." An unexpected rise in consumer confidence was the highest one-month gain ever recorded by the Reuters/ University of Michigan Surveys of Consumers.

The Journal Record Index jumped 60.13 points, or 12.53 percent for the week and ended at 539.88. Advancing issues flew past declining issues at a 42-2 count.

Gulfport was the top percentage gainer last week after the company reported its fourth-quarter and 2008 results. For the quarter ended Dec. 31, Gulfport announced a loss of $225 million, or $5.28 per share. The results were hampered by an oil and gas asset impairment charge of $272.7 million, or $6.40 per share. Gulfport increased $1.03, or 66.03 percent, and ended at $2.59.

GMX Resources led the small-cap losers and was among the leaders in volume for small-capitalization stocks during the week. GMXR ended down $2.51, or 26.26 percent at $7.05, and was the top dollar and percentage loser for the week.

Shares of Aaon moved ahead $2.89, or 18.93 percent last week after the company reported a 32-percent increase in fourth-quarter results. For the quarter ended Dec. 31, Aaon earned net income of $6 million, or 35 cents per share, compared with net income of $4.6 million, or 24 cents per share in the same quarter a year ago. Sales were off 3 percent to $60.2 million. Analysts surveyed by Thomson Reuters expected earnings of 31 cents per share and revenues of $60.2 million. Aaon closed at $18.16.

Originally published by Margot Crabtree.

(c) 2009 Journal Record - Oklahoma City. Provided by ProQuest LLC. All rights Reserved.

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