5 stocks that dodged a bullet
A handful of companies manage to rise above the crowd Wednesday, despite the market's second-worst drubbing since the 1980s.
NEW YORK (CNNMoney.com) -- Recession rumors rocked Wall Street Wednesday, driving the S&P 500 index down 9%, its second-worst percentage drop since Oct. 19, 1987. But after the dust settled, five companies managed gains.
Just 5 of the 500 companies that make up the S&P's gauge managed to come out ahead on Wednesday.
Coke: Coca-Cola Company (KO, Fortune 500), the country's largest beverage maker, ended the day up 1.1% after an unexpected 14% jump in third-quarter profits.
Coke, a staple, and so-called "recession-proof," company, saw sales soar internationally, and though sales fell slightly in the U.S., it still came in better than analysts had expected.
The company also got a bounce after rival PepsiCo Inc. reported a 9.6% drop in third-quarter income and announced it would have to cut 3,300 jobs.
Regional banks: Regional bank shares have been extremely volatile over the past several weeks as the economy continues to deteriorate, however three managed to weather Wednesday's storm.
Hudson City Bancorp (HCBK) shares gained 3.9% after it reported a massive 64% jump in third-quarter profits.
The Paramus, New Jersey-based thrift's ultra-conservative lending practices, along with disappearing competition, paid off as the company processed more retail mortgages through the first three quarters of 2008 than it did through the whole year of 2007, according to bank president Ronald Hermance, Jr.
Regions Financial Corp. (RF, Fortune 500) gained 2.6% after Albert Savastano, a Fox-Pitt Kelton analyst upgraded Regions.
Savastano boosted ratings for Regions to "in line" from "underperform" on the expectation that the government's decision to buy up equity shares of banks would mitigate the need to raise additional capital.
Regions Financial was one of the regional banks investors feared could go bankrupt due to lack of cash.
National City Corp. (NCC, Fortune 500) shares managed to end the day up 2.9% after chief executive Peter Raskind told analysts it was still thinking about participating in the government's capitalization program.
The government announced a plan Tuesday to provide cash to banks by directly purchasing up to $250 billion in equity shares. The plan is part of the $700 billion rescue package signed into law on Oct. 3.
General Growth Properties: Commercial real estate investment company General Growth Properties, Inc. (GGP) saw its shares rise 3.3% after the New York Times reported it may soon be purchased.
The 54-year-old company that invests in malls and shopping centers has been crippled by the declining real estate market. 
