December 2007 Archives

Closing Bell Report

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Investors concerned that economic uncertainty will extend into 2008 sent the markets plummeting on the final trading day of the year with the Dow skidding 101 points to 13,265.  Nasdaq plunged 22 points to 2652.

On the upside

Towerstream (Nasdaq: TWER) named Jeffrey M. Thompson to the position of chief executive and president.

Vonage Holdings (NYSE: VG) and Nortel Networks (NYSE: NT) settled their patent suit by agreeing to cross license each companies' technology.  No payments will be made by either company.

LL&E Royalty Trust (NYSE: LRT) will not issue a trust distribution for January 2008 and announced the termination of the trust.

On the downside

Shares of Research in Motion (Nasdaq: RIMM) dropped as investors took profits.

After more than doubling in 2007, shares of Apple (Nasdaq: AAPL) eased as investors locked in profits.

Falling chip prices along with concerns that sales will fall short of expectations weighed down shares of Nvidia(Nasdaq: NVDA).

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on both the NYSE and Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 6 points to 766.

Closing Bell Report

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It was a mixed close for the markets as new home sales plunged to a 12-year low.  The Dow added 6 points to 13,366 while Nasdaq lost 2 points to 2674.

On the upside

Economic uncertainty prompted investors to turn to metals lifting shares of Barrick Gold (NYSE: ABX) higher.

In an SEC filing, American Eagle Outfitter (Nasdaq: AEO) chairman Jay Schottenstein reported that he owned a 14.3% stake in DSW (NYSE: DSW).

Morgan Keegan analyst Brian Feed cited Quantum's (NYSE: QTM) recent drop in stock price for recommending the company.

On the downside

Merge Technologies (Nasdaq: MRGE) reported a loss for the second quarter as revenue tumbled.

Although Ashworth (Nasdaq: ASHW) narrowed fourth quarter losses, the company reported lower full year earnings as revenue dropped.

Brean Murray analyst Michael Gaugler upgraded Consolidated Water (Nasdaq: CWCO).

In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE while decliners edged out advancers by nearly 9 to 7 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 2 points to 772.

Mid-Day Report

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The markets traded lower during the midday over falling new home sales and global uncertainty after the assassination of Pakistani opposition leader Benazir Bhutto.  The Dow fell 16 points to 13,344 while Nasdaq lost 2 points to 2675.

On the upside

A judge ruled that Finish Line (Nasdaq: FINL) must complete its $1.5 billion acquisition of Genesco (NYSE: GCO).

Checkpoint Systems (Nasdaq: CKP) reaffirmed its earnings outlook for 2007 and named Robert van der Merwe to the position of president and chief executive and .

e-Future Information Technology (Nasdaq: EFUT) announced successfully launched its Store Operation System and Customer Service System in China Resources Vanguard stores.

On the downside

Christopher & Banks (NYSE: CBK) blamed a weak retail environment for lowering its fourth quarter outlook and expects December same store sales to drop.

A sharp drop in new home sales weighed down shares of Post Properties (NYSE: PPS).

Synergx Systems (Nasdaq: SYNX) reported a loss for the fourth quarter as well as the full year.

In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 4 points to 777.

Opening Bell Report

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The markets opened higher as new home sales fell to their lowest level in more than 12 years.  The Dow added 26 points to 13,386 while Nasdaq climbed 9 points to 2685.

On the upside

Sallie Mae (NYSE: SLM) added $3 billion to its balance sheet by selling $1 billion of convertible securities and $2 billion in common stock.

Egg producer Cal Maine Foods (Nasdaq: CALM) posted sharply higher profits as egg prices set new record highs.

China-based online gaming and Internet portal company CDC (Nasdaq: CHINA) announced that it has bought back nearly 3 million shares of stock this year.

On the downside

Shares of MBIA (NYSE: MBI) and Ambac Financial Group (NYSE: ABK) fell sharply on worries that the bond insurers may be getting new competition from Warren Buffett.

Shares of Theravance (Nasdaq: THRX) lost ground and hit a new 2-year low after the FDA announced a new review of the company's skin infection drug candidate.

Centerline Holding (NYSE: CHC) cut its dividend while selling off its bond portfolio to the original investors.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by a margin of 4 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 776.

Closing Bell Report

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The markets tumbled to close sharply lower after the assassination of Pakistani opposition leader and former prime minister Benazir Bhutto.  The Dow plummeted 192 points to 13,360 while Nasdaq plunged 48 points to 2677.

On the upside

The Office of Federal Housing Enterprise Oversight reported that Freddie Mac (NYSE: FRE) was adequately capitalized as if September 30.

Energy Focus (Nasdaq: EFOI) introduced three new energy efficient LED products.

PIMCO High Income Fund (NYSE: PHK) will issue a capital distribution of $1.1179 per share on January 11, 2008 to shareholders of record December 31, 2007.

On the downside

Weak durable goods orders weighed down shares of auto parts supplier Visteon (NYSE: VC).

Fitch Ratings may lower the ratings on 19 mortgage bonds insured by Security Capital Assurance (NYSE: SCA).

Goldman Sachs expects J. P. Morgan Chase (NYSE: JPM) to write down more as mortgage defaults continue to rise.

In the broad market, declining issues outpaced advancers by a margin of 7 to 3 on the NYSE and by a margin of nearly 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 12 points to 785.

Mid-Day Report

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The assassination of Pakistan's former prime minister and opposition leader Benazir Bhutto sent the markets plunging during the midday with the Dow plummeting 120 points to 13,432.  Nasdaq tumbled 23 points to 2699.

On the upside

American Dental Partners (Nasdaq: ADPI) agreed to settle a breach of contract lawsuit with St. Paul and Minneapolis dental group PDG.

Qiao Xing Universal Telephone (Nasdaq: XING) expects to report fourth quarter earnings that are higher than the Chinese telephone maker's third quarter earnings.

Motley Fool listed Universal Display (Nasdaq: PANL) a Best Value Stock for its growth potential.

On the downside

Canadian Solar (Nasdaq: CSIQ) gave back some of its recent gains.

Sallie Mae (NYSE: SLM) must sell $2.5 billion worth of stock in order to settle unprofitable contracts.

Photovoltaic products maker Yingli Green Energy Holding (NYSE: YGE) gave back recent gains from a solar power sector run up.

In the broad market, declining issues outpaced advancers by a margin of 7 to 3 on the NYSE and by a margin of nearly 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 12 points to 785.

Opening Bell Report

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The markets opened lower after Pakistani opposition leader and former prime minister Benazir Bhutto was killed by a suicide bomber.  The Dow dropped 66 points to 13,486 while Nasdaq lost 9 points to 2715.

On the upside

Shares of Apple (Nasdaq: AAPL) hit a record high as the company inked a deal with News Corp. to distribute Fox movies through iTunes, according to a Financial Times report.

China's commitment to renewable energy lifted shares of solar-cell maker China Sunergy (Nasdaq: CSUN).

Data storage provider EMC (NYSE: EMC) offered $85 million to buy Document Sciences (Nasdaq: DOCX).

On the downside

Analysts raised concerns that Citigroup (NYSE: C) may cut its dividend and write off as much as $18.7 billion in the 4th quarter.

Fiber-optics company Avanex (Nasdaq: AVNX) expected lower revenues due to the loss of a distribution partner.

United Community Banks (Nasdaq: UCBI) which operates community banks in Georgia, North Carolina and Tennessee, lowered its guidance due to higher than expected loan losses.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by a margin of 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 5 points to 791.

Closing Bell Report

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The markets closed flat over disappointing retail sales and rising oil prices.  The Dow added two points to 13,552 while Nasdaq gained 11 points to 2724.

On the upside

A rally of the renewable energy sector lifted shares of DayStar Technologies (Nasdaq: DSTI) higher.

Shares of MBIA (NYSE: MBI) rose despite being placed on credit negative watch by Fitch Ratings last week for a possible downgrade.

Comerica Bank will increase Akeena Solar's (Nasdaq: AKNS) credit line from $7.5 million to $25 million.

On the downside

Shares of specialty department store retailer Stage Stores (NYSE: SSI) tumbled over disappointing holiday retail sales.

Weak holiday retail sales weighed down shares of Dillard's (NYSE: DDS).

Disappointing holiday retail sales weighed down shares of Brown Shoe Co. (NYSE: BWS).

In the broad market, advancing issues edged out decliners by a slim margin on the NYSE while advancers outpaced decliners by a margin of 9 to 7 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 3 points to 797.

Mid-Day Report

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The markets traded above the flatline during the midday with the Dow adding 5 points to 13,555.  Nasdaq gained 11 points to 2725.

On the upside

American Technology Research analyst John Hardy issued a client note with an upbeat view of the alternative energy sector sending shares of China Sunergy (Nasdaq: CSUN) higher.

Richard Prati of American Technology Research commented that Cree (Nasdaq: CREE) was one of a few companies making chips for energy efficient, environmentally safe LED lighting systems.

MRV Communications' (Nasdaq: MRVC) Source Photonics subsidiary filed for an initial public offering.

On the downside

Shares of homebuilder Standard Pacific (NYSE: SPF) dropped as October home prices tumbled for the tenth month on a row.

Shares of Guess? (NYSE: GES) fell over disappointing holiday retail sales.

Disappointing holiday retail sales weighed down shares of Men's Wearhouse (NYSE: MW).

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE while advancers barely edged out decliners on Nasdaq.  The Russell 2000 which tracks small cap stocks added a fraction to 795.

Opening Bell Report

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The markets opened lower on worries of weak post-holiday retail sales.  Meanwhile, U.S. home sales fell for the 10th consecutive month. The Dow lost 46 points to 13,503 while Nasdaq dropped 11 points to 2701.

On the upside

Optimism about plans for a new site off the coast of Brazil boosted shares of Hess Corp (NYSE: HES) which produces oil and gas.  An analyst raised his opinion of the stock.

Ultralife Batteries (Nasdaq: ULBI) received a $40 million order from an unspecificed defense contractor.

Shares of Orion Energy Systems (Nasdaq: OESX) extended gains after a successful IPO on Tuesday.

On the downside

Target (NYSE: TGT) warned that it may post a decline in December sales versus year-ago levels.

Shares of Costco Wholesale (Nasdaq: COST) was weighed down along with the rest of the retail sector despite positive comments by its CFO about its holiday sales results and inventory situation.

Shares of Netsuite (NYSE: N) closed on an overallotment of stock at $26 a share giving up some gains after a successful IPO last week.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on both the NYSE and Nasdaq.  The Russell 2000 which tracks small cap stocks fell 4 points to 790.

Closing Bell Report

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The major indexes rose in quiet trading to close early for the Christmas holiday.  The Dow closed at 13,549, up 98 points while Nasdaq rose 21 points to finish the session at 2713.

On the upside

BAE Systems offered $367 million to buy MTC Technologies (Nasdaq: MTCT) which also won a $4.1 million contract to provide maintenance on a Philippine Air Force aircraft for one year.

An analyst upgraded Quilmes Industrial (NYSE: LQU), a South American maker of beer and soft drink bottler.

Trex (NYSE: TWP) received positive coverage in the latest issue of Barron's as a survivor in the housing construction shakeout.

On the downside

Shares of Consolidated Water (Nasdaq: CWCO) tumbled after Barron's questioned the likelihood of a resolution between the Caribbean utility and the government of the British Virgin Islands.

Shares of Palomar Medical Technologies (Nasdaq: PMTI) continued to lose ground after the laser cosmetic maker announced that it would renegotiate its product development agreement with Gilette.

Merrill Lynch & Company (NYSE: MER) gave up earlier gains after the nation's largest brokerage raised $6.2 billion.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by a margin of 3 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 6 points to 792.

Opening Bell Report

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The markets opened an abbreviated session on a high note as a cash infusion into the nation's largest brokerage fueled the so-called Santa Claus rally.  The Dow climbed 87 points to 13,537 while Nasdaq rose 14 points to 2706. 

On the upside

Merrill Lynch & Company (NYSE: MER) announced that Temasek Holdings and Davis Selected Advisors will invest a total of $6.2 billion to shore up the investment bank's balance sheet.

Products made by Apple (Nasdaq: AAPL) topped Amazon.com's list of best-selling electronics.

Giant Interactive Group (NYSE: GA) announced a $200 million stock buyback program which boosted shares of the China-based online game developer.

On the downside

Shares of Wyeth (NYSE: WYE) fell on worries that a generic version of its reflux disease treatment may cut into sales.

FuelCell Energy (Nasdaq: FCEL) failed to win a bigger slice of a contract to help reduce energy consumption in Connecticut.

Shares of First Marblehead (NYSE: FMD) gave up some of last Friday's gains after the student loan provider attracted a sizable investment from a Goldman Sachs fund.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by a margin of 3 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 5 points to 790.

Closing Bell Report

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Upbeat earnings news along with a surge in consumer spending boosted the markets to a higher close with the Dow jumping 205 points to 13,451.  Nasdaq leaped 51 points to 2692.

On the upside

ParkerVision (Nasdaq: PRKR) will license its d2p RF transmit and receive technologies to an unnamed company in a deal worth up to $10 million.

Champion Enterprises (NYSE: CHB) will acquire Canadian modular home builder SRI Homes for approximately $113.9 million.

Red Hat (NYSE: RHT) named James Whitehurst to the position of CEO and reported higher third quarter earnings.

On the downside

Palomar Medical Technologies (Nasdaq: PMTI) may terminate its exclusive partnership with Proctor & Gamble (NYSE: PG) to market a light based hair removal device.

The Vermont Public Service Board rejected FairPoint Communications' (NYSE: FRP) $2.7 billion offer to purchase land lines owned by Verizon Communications (NYSE: VZ).

Micron Technology (NYSE: MU) swung to a first quarter loss demand fell and chip prices dropped.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by a margin of more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks soared 18 points to 786.

Mid-Day Report

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A surge in consumer spending sent the markets soaring during the midday with the Dow leaping 159 points to 13,405.  Nasdaq jumped 34 points to 2675.

On the upside

Goldman Sachs Capital Partners (NYSE: GS) will invest up to $260.5 million in student load services provider First Marblehead (NYSE: FMD).

Shares of Netsuite (NYSE: N) continued to surge after making its market debut yesterday.

Royal Philips Electronics (NYSE: PHG) offered approximately $5.1 billion to acquire medical device maker Respironics (Nasdaq: RESP).

On the downside

Shares of Genitope (Nasdaq: GTOP) continued to fall by tumbling to an all time low after a failed drug trial for its cancer vaccine MyVax.

McCormick & Schmick's Seafood Restaurants (Nasdaq: MSSR) blamed weak traffic for lowering both its fourth qaurter as well as its full year outlook.

Jabil Circuit (NYSE: JBL) forecast second quarter earnings below analyst estimates.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by a margin of nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks soared 13 points to 780.

Opening Bell Report

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The major indexes continued to rally on better than expected earnings news and an uptick in consumer spending.  The Dow surged 121 points to 13,367 while Nasdaq leaped 34 points to 2675.

On the upside

While facing massive writedowns due to troubled subprime loans, Merrill Lynch (NYSE: MER) may be considering a $5 billion cash infusion from a Singapore government-owned fund according to a Wall Street Journal report.

Research in Motion (Nasdaq: RIMM) posted strong 3rd quarter profit growth citing strong demand for its BlackBerry smartphones.

Shares of Schering-Plough (NYSE: SGP) rebounded in active trading from an analyst upgrade.  The stock recently fell due to further delays from studies of its cholestrol drug.

On the downside

Blaming restructing costs and lower warranty sales, electronics retailer Circuit City Stores (NYSE: CC) posted a wider than expected loss.

Brush Engineered Materials (NYSE: BW) reiterated its earning forecast, but weak performance from its magnetic media business was offset by a lawsuit payment.  Meanwhile, the company also announced a $90 million acquisition of Techni-Met.

Accounting and finance consulting services provider Resources Connection (Nasdaq: RECN) reported higher revenues and lower profits late yesterday while costs increased.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 1 on the NYSE and by a margin of 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks soared 13 points to 781.

Closing Bell Report

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Strong earnings news boosted the markets to a higher close with the Dow climbing 38 points to 13,246.  Nasdaq surged 40 points to 2641.

On the upside

Smart Modular Technologies (Nasdaq: SMOD) reported first quarter earnings and revenue that beat expectations prompting an upgrade.

Leap Wireless International (Nasdaq: LEAP) chairman Dr. Mark Rachesky purchased over 2 million shares of the company over the past two days to increase his stake in the company to approximately 21%.

First quarter earnings for Lindsay (NYSE: LNN) more than doubled as revenue surged.

On the downside

Genitope (Nasdaq: GTOP) reported that its lymphoma vaccine MyVax failed to prevent the spread of cancer in a phase III trial.

CPI (NYSE: CPY) blamed acquisition related expenses for widening third quarter losses.

Several analyst lowered their price targets for student lender Sallie Mae (NYSE: SLM).

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 7 on the NYSE and by a 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 11 points to 768.

Mid-Day Report

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The markets traded mixed during the midday as higher jobless claims tempered enthusiasm from upbeat earnings news with the Dow falling 47 points to 13,1604.  Nasdaq gained 8 points to 2609.

On the upside

Pier 1 Imports (NYSE: PIR) narrowed third quarter losses as expenses dropped prompting an upgrade.

Sunrise Senior Living (NYSE: SRZ) dismissed three finance executives after a probe uncovered improper accounting practices.  Financial results from 1999 through 2005 will be restated.

Bally Technologies (NYSE: BYI) reported higher first quarter earnings that beat expectations by ten cents and forecast 2008 results above estimates.

On the downside

Analysts downgraded Altus Pharmaceuticals (Nasdaq: ALTU) after the company terminated its partnership with Genentech (NYSE: DNA) to develop and market its human growth hormone ALTU-238.

Array BioPharma (Nasdaq: ARRY) reported that its cancer treatment ARRY-886 failed three separate clinical trials.

Piper Jaffray analyst Jesse Pichel downgraded LDK Solar (NYSE: LDK) despite higher than expected third quarter revenue as gross margins tumbled.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by a margin of more than 7 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped 3 points to 753.

Opening Bell Report

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Investors were mostly pleased with the latest batch of corporate earnings against the backdrop of a slowing economy.  The Dow rose 46 points to 13,254 while Nasdaq surged 21 points to 2622 on hopes of a resilient software sector.

On the upside

Oracle (Nasdaq: ORCL) posted revenues and earnings that surpassed analysts' expectations late yesterday and issued an upbeat forecast for 2008.

Bear Stearns (NYSE: BSC) posted its first loss in the company's 84-year history due to significant exposure to mortgage-backed securities.  The investment bank decided to pay a full dividend.

Athletic retailer Nike (NYSE: NKE) posted a healthy increase in sales and earnings due to strength from its European and Asian operations.

On the downside

Package courier FedEx (NYSE: FDX) posted a smaller profit to meet lowered expectations blaming high fuel costs and a sluggish U.S. economy.

Rite Aid (NYSE: RAD) continued to struggle as its quarterly losses widen while the pharmacy retail store operator lowered its 2008 forecast for a second time.

Investors worried about rising credit protection costs at MBIA (NYSE: MBI) which has significant exposure to more than $30 billion of collateralized debt obligations.

In the broad market, advancing issues outpaced decliners by a margin of 4 to 3 on the NYSE and by a margin of 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose a fraction to 754.

Closing Bell Report

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The markets closed mixed as investors continued to worry about the credit crunch.  The Dow fell 25 points to 13,207 while Nasdaq added 5 points to 2601.

On the upside

DG FastChannel (Nasdaq: DGIT) will pay $129 million in cash to aquire Level 3 Communications' Vyvx advertising distribution unit.

AAR (NYSE: AIR) reported higher second quarter earnings as revenue rose.

Shares of Leap Wireless International (Nasdaq: LEAP) surged even though there was no news about the company.

On the downside

Macatawa Bank (Nasdaq: MCBC) increased its reserve for loan defaults by $9.5 million.

Shares of IHOP (NYSE: IHOP) tumbled after rival casual dining chain operator Darden Restaurants (NYSE: DRI) reported lower second quarter earnings.

CarMax (NYSE: KMX) blamed higher financing costs for a drop in third quarter earnings and lowered its 2008 earnings outlook.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 4 on the NYSE while decliners barely edged out advancers by a narrow margin on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 756.

Mid-Day Report

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Rising oil prices weighed down the markets during the midday with the Dow dropping 43 points to 13,190.  Nasdaq held steady at 2596.

On the upside

C. R. Bard (NYSE: BCR) signed a licensing deal to make and market Genzyme's (Nasdaq: GENZ) Sepramesh IP hernia repair product line.

Shares of Orion Energy Systems (Nasdaq: OESX) surged in its market debut.

Pacific Ethanol (Nasdaq: PEIX) named Joseph Hansen to replace John Miller as chief financial officer.

On the downside

Force Protection (Nasdaq: FRPT) was downgraded after the company received a smaller than expected contract from the Defense Department.

ADC Telecommunications (Nasdaq: ADCT) will offer $400 million in convertible subordinated notes.

Darden Restaurants (NYSE: DRI) reported lower second quarter earnings and forecast 2008 results below estimates prompting a downgrade.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by nearly the same on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a fraction to 754.

Opening Bell Report

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Investors mulled over the sharp increase in home foreclosures while the Federal Reserve held an auction of $28 billion in credit to commercial banks.  The Dow climbed 33 points to 13,265 while Nasdaq rose 10 points to 2606.

On the upside

Morgan Stanley (NYSE: MS) posted a $9.4 billion writedown which was larger than expected while taking a $5 billion cash infusion from China Investment Corporation, a Chinese-government controlled investment vehicle.

Chemtura (NYSE: CEM), which makes chemical products for crop protection and pool maintenance, planned to review strategic options for the firm.

Edge Petroleum (Nasdaq: EPEX) hired an investment banker to explore strategic options, including the sale of the onshore basin operator.

On the downside

Hovnanian Enterprises (NYSE: HOV) reported another loss amid the difficult homebuilding environment.

Palm (Nasdaq: PALM) posted a 2nd quarter loss citing competition, product delays and higher costs.  An analyst promptly downgraded the smartphone maker.

Sallie Mae (NYSE: SLM) lowered its 2008 profit forecast which would lower its chances of getting a $900 million breakup fee from a failed acquisition of the student loan originator.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by a margin of 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose a fraction to 754.

Closing Bell Report

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The European Central Bank's loan of $500 million lifted the markets to a higher close with the Dow gaining 65 points to 13,232.  Nasdaq climbed 22 points to 2596.

On the upside

Emcore (Nasdaq: EMKR) will pay $85 million to acquire Intel's (Nasdaq: INTC) telecom assets from the optical platform division.

DreamWorks Animation (NYSE: DWA) announced a plan to repurchase up to $150 million of common stock.

Valassis Communications (NYSE: VCI) lifted its full year forecast as cost saving measures improve profit margins.

On the downside

Superconductor Technologies (Nasdaq: SCON) filed a shelf registration to sell up to $80 million in preferred and common shares.

Shaw Group (NYSE: SGR) chairman and chief executive James M. Bernhard Jr. sold 113,340 shares of common stock.

Although FactSet Research Systems (NYSE: FDS) reported higher first quarter earnings, the results merely met expectations sending the stock price tumbling.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 toleaped 15 to 754.

Mid-Day Report

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The markets traded lower during the midday as housing construction fell to a 16-year low.  The Dow dropped 51 points to 13,116 while Nasdaq dropped 15 points to 2559.

On the upside

Epix Pharmaceuticals' (Nasdaq: EPIX) Alzheimer's treatment PRX-03140 improved patient memory in a midstage short term drug trial.

Royal Philips Electronics (NYSE: PHG) will acquire Visicu (Nasdaq: EICU) for $430 million in cash.

Canaccord Adams upgraded Quicksilver Resources (NYSE: KWK) after natural gas and oil company unveiled a $885 million spending plan for 2008.

On the downside

J. P. Morgan downgraded Starent Networks (Nasdaq: STAR).

Agrium (NYSE: AGU) closed its offering of common shares.

Avnet (NYSE: AVT) completed its acquisition of the IT Solution Division of Acal.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 739.

Opening Bell Report

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The markets opened higher on an upbeat earnings report while housing construction fell to a 16-year low.  The Dow rose 62 points to 13,229 while Nasdaq climbed 14 points to 2588.

On the upside

Shares of Goldman Sachs (NYSE: GS) rose after the world's largest investment bank posted higher revenues and earnings essentially sidestepping the mortgage-based portfolio problems impacting its rivals.

Best Buy (NYSE: BBY) posted higher revenues and earnings as holiday shoppers bought more high ticket items such as flat panel TV's.

Analysts expected a smooth transition at drugmaker Eli Lilly and Company (NYSE: LLY) after its president and COO takes over the top position in April 2008.

On the downside

Shares of Morningstar (Nasdaq: MORN) lost ground after the company announced a $51.6 million cash deal to acquire Hemscott data and investor relations businesses.

Zymogenetics (Nasdaq: ZGEN) announced the start of mid-stage trials for its cancer drug treatment, but an analyst downgraded the stock.

Housewares retailer Tuesday Morning (Nasdaq: TUES) lowered its 2008 outlook on expectations of slower same-store sales growth in the low single digits.

In the broad market, declining issues outpaced advancers by a margin of 5 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 6 points to 745.

Closing Bell Report

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The markets plummeted to close sharply lower as investors continued to fret about the health of the nation's economy.  The Dow skidded 173 points to 13,167 while Nasdaq plunged 61points to 2574.

On the upside

Shares of Savient Pharmaceuticals (Nasdaq: SVNT) continued to rise after the biotechnology firm reported positive trial data last week for itst gout treatment Puricase.

LDK Solar (NYSE: LDK) concluded its internal investigation and found no inventory inaccuracies.

Sallie Mae (NYSE: SLM) named chairman Albert L. Lord to the position of chief executive and will host a shareholder conference call to discuss the direction of the company.

On the downside

DryShips (Nasdaq: DRYS) will pay approximately $405 million for a 30.4% stake in Ocean Rig.

After a week of flat to weaker drybulk charter rates, shares of Excel Maritime (NYSE: EXM) tumbled.

Jefferies & Co. analyst Brian Wright said that WellCare Health Plans (NYSE: WCG) will not lose very many Medicare Advantage patients even though the government is investigating the company but the stock price dropped.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 15 points to 739.

Mid-Day Report

|

Despite a decline in the nation's trade deficit, the markets fell during the midday over concerns of a slowing economy.  The Dow dropped 79 points to 13,261 while Nasdaq tumbled 32 points to 2604.

On the upside

Upbeat sales prompted KongZhong (Nasdaq: KONG) to boost its fourth quarter revenue guidance.

Gaming promoter Ama International began an exclusive promotion campaign for the VIP gaming business at Melco PBL Entertainment's (Nasdaq: MPEL) Crown Macau.

Ambac Financial (NYSE: ABK) is continuing its investigation into solutions to expand its capital position.

On the downside

ACI Worldwide (Nasdaq: ACIW) reported lower revenue and forecast fourth quarter results well below estimates.

Citi Investment Research analyst Mark Mahaney (Nasdaq: PCLN) downgraded Priceline.com citing valuation concerns.

In a client note, Jefferies & Co. analyst John Lau said that memory chip prices have fallen by half sending shares of memory chip maker Micron (NYSE: MU) tumbling.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 748.

Opening Bell Report

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Investors mulled over the latest batch of blue chip acquisition news while concerns about the tight credit market lingered.  The Dow lost 81 points to 13,258 while Nasdaq dropped 22 points to 2613.

On the upside

Trane (NYSE: TT) received a $10.1 billion offer from Ingersoll-Rand (NYSE: IR) to combine their air conditioner business.

Houston-based oil drilling equipment maker, Grant Prideco (NYSE:GRP), received a $7.37 bilion bid from Nation Oilwell Varco (NYSE: NOV).

Loews (NYSE: LTR), which is led by the Tisch family, announced plans to spin off its Lorillard cigarette operations into a separate publicly traded company.

On the downside

Illinois Tool Works (NYSE: ITW) lowered its 4th quarter earnings outlook due to weak North American sales despite growing international revenues.

Trading in Dendreon (Nasdaq: DNDN) remained volatile as investors mulled over the possibility of a congressional probe into the hastily withdrawn approval of a promising cancer drug which had received strong market support from cancer patients.

Mechel OAO (NYSE: MTL), a Russian mining company, refinanced its acquisitions through a $2 billion loan.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 749.

Closing Bell Report

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The markets plunged to close sharply lower as rising gas prices lifted consumer inflation.  The Dow plummeted 178 points to 13,340 while Nasdaq skidded 33 points to 2636.

On the upside

United Rentals' (NYSE: URI) lawsuit forcing Cerberus Capital Management to complete the takeover of United Rentals for $4 billion will proceed to trial.

Shares of Tesoro (NYSE: TSO) rose after Goldman Sachs analyst Arjun Murti upgraded the oil refining sector.

Passage of the Senate's energy bill lifted shares of JA Solar Holdings (Nasdaq: JASO) despite the elimination of mandate requiring utilities to produce 15% of electricity from renewable sources by 2020.

On the downside

CDC (Nasdaq: CHINA) blamed falling revenue for swinging to a third quarter loss.

Jefferies & Co. analyst Ross MacMillan downgraded GSI Commerce (Nasdaq: GSIC) saying that heavy discounting will weigh down profit margins.

Brean Murray, Carret & Co. downgraded Phase Forward (Nasdaq: PFWD) citing valuation concerns.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 16 points to 754.

Mid-Day Report

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Rising consumer inflation weighed down the markets during the midday with the Dow tumbling 86 points to 13,418.  Nasdaq fell 14 points to 2654.

On the upside

The chief executive of Force Protection (Nasdaq: FRPT) responded to rumors and speculation to reassure investors that the company's client list was diverse and not dominated by a single customer.

Evergreen Solar (Nasdaq: ESLR) signed a 10-year supply agreement for polysilicon with Silicium de Provence S. A. S. while UBS initiated coverage of the solar cell maker with a Buy rating.

Mad Money's Jim Cramer said that Mercado Libre (Nasdaq: MELI) may be the next Baidu.

On the downside

Although Retail Ventures (NYSE: RVI) swung to a third quarter profit, sales dropped.

Black & Decker (NYSE: BDK) blamed the nation's construction slowdown and a one-time charge for slashing its fourth quarter guidance.

Morgan Keegan analyst Robert Patten cited Florida's housing slump for downgrading Colonial Bancgroup (NYSE: CNB).

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks gave up 5 points to 764.

Opening Bell Report

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Investors worried about a jump in consumer inflation that may reduce the possibility of further interest rate cuts.  The Dow dropped 70 points to 13,447 while Nasdaq lost 12 points to 2655.

On the upside

BioMarin Pharmaceutical (Nasdaq: BMRN) raised the expected price of a newly-approved drug to treat a genetic disorder for people unable to metabolize certain proteins.

Shares of Rigel Pharmaceuticals (Nasdaq: RIGL) continued to rally after the drug company announced positive results for its experimental rheumatoid arthritis drug that surprised analysts.

Analysts upgraded Microsoft (Nasdaq: MSFT) due to strong IT spending through the rest of the year.

On the downside

Citigroup (NYSE: C) planned to retake control of seven troubled so-called SIVs or structured investment vehicles and add the $49 billion portfolio to its balance sheet.

Phase Forward (Nasdaq: PFWD) was downgraded by an analyst.  The company provides software solutions for the drug industry.

Outdoor apparel and equipment maker QuickSilver (NYSE: ZQK) lowered its revenue and earnings guidance for 2008.  Analysts issued conflicting opinions about the company's prospects.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gave up 6 points to 762.

Closing Bell Report

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The markets recovered from earlier losses to close mixed as wholesale inflation rose.  The Dow climbed 44 points to 13,518 while Nasdaq lost 3 points to 2668.

On the upside

Several members of Congress questioned the FDA's review of Dendreon's (Nasdaq: DNDN) prostate cancer treatment Provenge saying that two panel advisors had financial ties to Dendreon rivals.

ADC Telecommunications (Nasdaq: ADCT) reported fourth quarter results that surpassed expectations.

Fannie Mae (NYSE: FNM) sold $5 billion in one month discount notes.

On the downside

Select Comfort (Nasdaq: SCSS) blamed disappointing sales for warning that fourth quarter earnings will miss expectations.

While fourth quarter earnings for Ciena (Nasdaq: CIEN) more than doubled to beat expectations, the communications equipment supplier warned that sales growth will slow.

J. P. Morgan analyst Paul Coster cited strong competition for downgrading Plantronics (NYSE: PLT).

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 769.

Mid-Day Report

|

Higher wholesale inflation sent the markets tumbling during the midday with the Dow dropping 72 points to 13,402.  Nasdaq fell 24 points to 2647.

On the upside

Rigel Pharmaceuticals (Nasdaq: RIGL) reported positive midstage trial results for its rheumatoid arthritis treatment R788.

An article on the New York Times' website said that Lufthansa was negotiating with JetBlue Airways (Nasdaq: JBLU) to purchase a stake in the company.

MoneyGram International (NYSE: MGI) rejected a $20 per share unsolicited acquisition offer from Euronet Worldwide (Nasdaq: EEFT).

On the downside

The Food and Drug Administration requested more data from Neurocrine Biosciences (Nasdaq: NBIX) for its insomnia treatment indiplon.

American Dental Partners (Nasdaq: ADPI) may have to pay compensatory damages of $88.3 million after a jury found the company liable for breaching a service agreement.

Biogen Idec (NYSE: BIIB) ended its search for a buyer after a two month process that failed to produce any offers.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 760.

Opening Bell Report

|

The markets opened mostly lower as investors mulled over the latest inflation and retail sales reports.  The Dow slipped 13 points to 13,460 while Nasdaq dropped 10 points to 2660.

On the upside

Dow Chemical (NYSE: DOW) sold a 50% stake in five of its global businesses for about $9.5 billion to form a new joint petrochemical venture.

Savient Pharmaceuticals (Nasdaq: SVNT) announced positive results for late-stage trials of its drug treatment for gout.

Jos. A Bank Clothiers (Nasdaq: JOSB) posted earnings that beat estimates on higher sales of men's tailored and casual clothing.

On the downside

Lehman Brothers Holdings (NYSE: LEH) posted lower revenues and a smaller profit, which beat expectations as equity trading and investment fees offset losses in mortgage-backed securities.  Nonetheless, its shares fell along with the rest of the financial services sector.

H&R Block (NYSE: HRB) confirmed that it would record a net loss of $500 million for the 3rd quarter mostly due to its discontinued mortgage operations.

Amtech Systems (Nasdaq: ASYS) blamed delayed orders for break-even results as shares of the chip equipment maker tumbled.

In the broad market, declining issues outpaced advancers by a margin of 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 8 points to 762.

Closing Bell Report

|

The markets pulled back from earlier gains but managed to close modestly higher as rising oil prices tempered news of a Federal Reserve plan to offer $40 billion in emergency funds to other central banks through an auction.  The Dow gained 41 points to 13,474 while Nasdaq climbed 19 points to 2671.

On the upside

At its annual stockholders meeting, all seven directors of Energy Conversion Devices (Nasdaq: ENER) were re-elected and the company withdrew a proposal to sell up to 20 million shares of preferred stock.

Manitowoc (NYSE: MTW) lifted its 2007 guidance and forecast 2008 results above expectations.

Petrobras (NYSE: PBR) started pumping a new rig that can produce 180,000 barrels a day.

On the downside

Kevin Dann downgraded CSK Auto (NYSE: CAO).

Fitch Ratings may downgrade Security Capital Assurance (NYSE: SCA) saying that the bond insurer needs to raise $2 billion if it is to maintain its AAA rating.

Network Equipment Technologies (NYSE: NWK) will offer $85 million in convertible senior notes.

In the broad market, advancing issues outpaced decliners by a margin of 9 to 7 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 5 points to 772.

Mid-Day Report

|

In order to assist other central banks handle the credit crisis, the Federal Reserve will offer $40 billion in emergency funds through an auction.  The Dow leaped 123 points to 13,556 while Nasdaq jumped 42 points to 2695.

On the upside

Privately owned Rocket Software will pay $69 million to acquire NetManage (Nasdaq: NETM).

Emcore (Nasdaq: EMKR) will provide solar power systems to Pod Generating Group for a project in Ontario, Canada.

Maguire Properties (NYSE: MPG) is exploring strategic options including the possibility of selling the company.

On the downside

Stanford Research initiated coverage on Force Protection (Nasdaq: FRPT) with a Sell rating.

Nuance Communications (Nasdaq: NUAN) announced that it will sell 9.6 million shares of common stock while its largest shareholder Warburg Pincus will sell 4.8 million shares.

Office Depot (NYSE: ODP) warned that fourth quarter results will disappoint due to continued weakness in the housing market.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 14 points to 780.

Opening Bell Report

|

Investors saw the silver lining in the Federal Reserve Bank's modest interest rate hike yesterday and snapped up blue chip and tech stocks while avoiding the financial services sector.  The Dow surged nearly 200 points to 13,628 while Nasdaq leaped 50 points to 2702.

On the upside

Nextest Systems (Nasdaq: NEXT) received a $325 million offer from Teradayne (NYSE: TER) to buy the maker of flash memory testing equipment.

AT&T (NYSE: T) announced plans to offer RFID and GPS solutions to track vehicles and equipment in the K-12 education segment.

Microsoft (Nasdaq: MSFT) acquired one of Europe's largest online map services.

On the downside

Sallie Mae (NYSE: SLM) offered an update to the dispute between the student loan provider and a private equity firm offering to buy the company.

United Online (Nasdaq: UNTD), an Internet service provider, pulled a planned IPO of its Classmates Media subsidiary.

Wachovia (NYSE: WB) warned that its troubled loan portfolio may trigger write-downs of about $1 billion in the 4th quarter and impact results well into next year.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 14 points to 781.

Closing Bell Report

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Investors disappointed that the Federal Reserve lowered interest rates by a modest quarter percentage point to 4.25% instead of a more aggressive half percentage point cut sent the markets tumbling to a sharply lower close with the Dow plummeting 294 points to 13,433.  Nasdaq skidded 67 points to 2652.

On the upside

Sun Microsystems (Nasdaq: JAVA) offered the design of its OpenSPARC T2 processor for free to the open source community through a GPL license.

Kinetics Asset Management and Royce and Associates purchased more than a 30% stake in U. S. Global Investors (Nasdaq: GROW).

Nepstar Chain Drugstore (NYSE: NPD) reported sharply higher third quarter earnings as both revenue and margins climbed.

On the downside

The stock price of Chinese educational services firm ChinaEdu (Nasdaq: CEDU) tumbled on its first trading day.

AmTech Research initiated coverage of Flir Systems (Nasdaq: FLIR) with a Sell rating.

Shares of homebuilder Centex (NYSE: CTX) plunged after the Federal Reserve announced a modest quarter point interest rate cut instead of the hoped for half a percentage point cut.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 25 points to 766.

Mid-Day Report

|

The markets traded near the flatline ahead of the Federal Reserve's interest rate decision.  The Dow added 7 points to 13,734 while Nasdaq gained 7 points to 2726.

On the upside

Smith Micro Software (Nasdaq: SMSI) will pay $59.7 million in cash to acquire PCTEL's (Nasdaq: PCTI) mobility solutions business.

AT&T (NYSE: T) will increase its dividend to 40 cents per share from 35.5 cents per share, repurchase up to 400 million shares of common stock and will expand its U-verse television service to be available to 30 million customers by 2010.

ArvinMeritor (NYSE: ARM) affirmed its 2008 guidance and announced plans to purchase Mascot Truck Parts for an undisclosed sum.

On the downside

Analysts downgraded Panacos Pharmaceuticals (Nasdaq: PANC) after the company released disappointing trial results for its HIV treatment bevirimat.

Ulta Salon, Cosmetics & Fragrances (Nasdaq: ULTA) warned of a competitive holiday shopping season.

NCI Building Systems (NYSE: NCS) blamed a challenging market for fourth quarter earnings that fell and warned that its 2008 results will fall short of expectations.

In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 791.

Opening Bell Report

|

The markets opened mixed as investors awaited the Federal Reserve Bank's latest move on interest rates.  The Dow slipped 13 points to 13,713 while Nasdaq added 4 points to 2723.

On the upside

Shares of Genesis Microchip (Nasdaq: GNSS) surged after Swiss semiconductor maker STMicroelectronics NV offered $336 million to buy the company.

FuelCell Energy (Nasdaq: FCEL) posted sharply higher revenues and a smaller loss.  Analysts promptly upgraded the stock citing a better than expected product backlog.

Shares of Cisco Systems (Nasdaq: CSCO) continued to rally following a large order from AT&T.

On the downside

H&R Block (NYSE: HRB) offered early earnings guidance with expectations for a $500 million loss mostly due to mortgage write-downs and discontinued operations.

Washington Mutual (NYSE: WM) slashed its dividend while closing offices and letting go more than 3000 workers.  The nation's largest savings and loan may also get diluted through a $2.5 billion convertible preferred stock offering.

Medarex (Nasdaq: MEDX) said a cancer drug missed its main goal in one of three studies.

In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 793.

Closing Bell Report

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The markets surged to a higher close ahead of the Federal Reserve's interest rate decision.  The Dow leaped 101 points to 13,727 while Nasdaq climbed 13 points to 2719.

On the upside

Cardica (Nasdaq: CRDC) announced that an off-pump coronary artery bypass graft procedure will be webcast live with surgeons using Cardica's anastomotic devices.

Citi Investment Research analyst Mark Mahaney upgraded Bankrate (Nasdaq: RATE) after the company announced that will buy Nationwide Card Services and Savingforcollege.com.

News that MBIA (NYSE: MBI) will receive a $1 billion investment lifted shares of mortgage insurance firm MGIC Investment (NYSE: MTG).

On the downside

Kosan Biosciences (Nasdaq: KOSN) reported that the patient response rate to its multiple myeloma treatment tanespimycin was lower than in a previous study.

Overstock.com (Nasdaq: OSTK) warned that fourth quarter margins will be lower than expected due to discounting and sales promotions.

J. P. Morgan Securities analyst Jonathan B. Chappell cited weakness in two key markets for downgrading Horizon Lines (NYSE: HRZ).

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 791.

Mid-Day Report

|

The markets advanced during the midday amidst hopes for another interest rate cut.  The Dow soared 96 points to 13,721 while Nasdaq climbed 15 points to 2721.

On the upside

Adams Respiratory Therapeutics (Nasdaq: ARXT) will be acquired by Reckitt Benckiser Group for approximately $2.3 billion.

Eisai will pay $3.9 billion in cash to purchase MGI Pharma (Nasdaq: MOGN).

Private equity firm Warburg Pincus will invest up to $1 billion in MBIA (NYSE: MBI).

On the downside

Celgene (Nasdaq: CELG) reported disappointing results from two late stage trials of its blood cancer treatment Revlimid.

The closing deadline for private equity Goldman Sachs Capital Partners' acquisition of Myers Industries (NYSE: MYE) was extended from December 15 to April 30.

In order to fund Agrium's (NYSE: AGU) $2.65 billion purchase of UAP Holding, the agricultural products maker will offer up to $1.25 billion in common stock.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 792.

Opening Bell Report

|

The markets opened modestly higher as investors mulled over the possibility of an interest rate cut.  The Dow rose 52 points to 13,677 while Nasdaq added 8 points to 2715.

On the upside

Swiss banking giant UBS AG (NYSE: UBS) announced another $10 billion loss to write down subprime lending losses while raising additional cpaital.

AT&T (NYSE: T) planned to buy core routers from networking giant Cisco (Nasdaq: CSCO).

High flying LDK Solar (NYSE: LDK) entered into a 10-year contract to deliver solar wafers to Q-Cells AG who will prepay to finance the solar energy product maker.

On the downside

An analyst downgraded Amgen (Nasdaq: AMGN) whose shares were hovering near 52-week lows.

Shares of Learning Tree (Nasdaq: LTRE) tumbled after an analyst downgraded the for-profit education business due to valuation.

NaviSite (Nasdaq: NAVI) posted higher revenues, but profits remained negligible for the hosted application service provider.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 788.

Closing Bell Report

|

The markets closed near the flat line even as average hourly earnings rose above expectations as consumer confidence continued to erode.  The Dow added 6 points to 13,626 while Nasdaq lost 3 points to 2706.

On the upside

Fourth quarter earnings for ICO (Nasdaq: ICOC) surged more than four times as prices climbed and sales soared.

Liquidity Services (Nasdaq: LQDT) reported higher fourth quarter earnings that easily surpassed estimates as revenue rose.  The online auction marketplace forecast first quarter as well as fiscal 2008 results above expectations.

George Putnam named ArvinMeritor (NYSE: ARM) to The Turnaround Letter's list of ten companies poised to rebound in 2008.

On the downside

The Food and Drug Administration will convene an adivsory committee to review negative side effects in patients taking anemia drugs such as Amgen's (Nasdaq: AMGN) Aranesp.

Source Interlink (Nasdaq: SORC) blamed significant amortization charges for swinging to a third quarter loss.

Shares of Savvis (Nasdaq: SVVS) continued to fall after Morgan Stanley analyst cited the company's lowered outlook for downgrading the Internet service provider.

In the broad market, advancing issues barely outpaced decliners by a slim margin on the NYSE while decliners barely edged out advancers on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 786.

Mid-Day Report

|

A stronger than expected jobs report lifted the markets modestly higher during the midday with the Dow climbing 25 points to 13,645.  Nasdaq added a point to 2710.

On the upside

Sirona Dental Systems (Nasdaq: SIRO) swung to a profit for the fourth quarter that greatly surpassed expectations as sales rose.

Idearc Media (NYSE: IAR) signed an agreement to place its Superpages.com advertisers on Findology's local search platform Zipcodez.com.

Shares of Entropic Communications (Nasdaq: ENTR) surged on its first trading day.

On the downside

Palm (Nasdaq: PALM) warned that unexpected warranty repairs and delays in shipping will adversely affect earnings for the current quarter.

Credit Suisse cut its production forecast for StatoilHydro ASA (NYSE: STO) after the Norwegian petroleum company warned that it will fall short of production targets for the year while capital expenditure will increase.

While Gildan Activewear (NYSE: GIL) reported fourth quarter earnings that more than doubled as margins improved and sales rose, the apparel maker also warned that first quarter results will fall short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a fraction to 787.

Opening Bell Report

|

Solid job creation in November kept the unemployment rate steady at 4.7%.  Meanwhile, oil prices edged above the $90 a barrel mark.  The Dow slipped 7 points to 13,611 while Nasdaq dropped 10 points to 2698.

On the upside

Canada-based IMAX (Nasdaq: IMAX) signed a projection-screen deal with AMC Entertainment to install its trademark digital screens in 100 theaters.

Analysts raised their opinion of Shaw Group (NYSE: SGR) citing strong growth through next year for the engineering and construction company.

Synopsys (Nasdaq: SNPS) reported earnings that beat estimates as the developer of software design tools for semiconductors posted higher revenues.

On the downside

Gemstar-TV Guide International (Nasdaq: GMST) received a $2.8 billion cash and stock offer from Macrovision (Nasdaq: MVSN).  Both stocks opened lower on the news.

Shares of Smith & Wesson Holding (Nasdaq: SWHC) tumbled after the gun maker lowered its 2008 profit outlook again.

Student loan services provider First Marblehead (NYSE: FMD) slashed its dividend as shares sank to a new 52-week low.

In the broad market, advancing issues outpaced decliners by a narrow margin on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks gave up 2 points to 784.

Closing Bell Report

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News of an agreement to freeze adjustable rates on subprime mortgages boosted investor enthusiasm to lift the markets to a sharply higher close.  The Dow leaped 175 points to 13,620 while Nasdaq surged 43 points to 2709.

On the upside

Fleetwood Enterprises (NYSE: FLE) narrowed second quarter losses as expenses dropped.

Second quarter earnings surged for Methode Electronics (NYSE: MEI) as international sales rose prompting the electronics components maker to lift its fiscal 2008 outlook.

Shares of homebuilder Hovnanian Enterprises (NYSE: HOV) climbed after the federal government announced a plan to assist homeowners with adjustable rate mortgages.

On the downside

OceanFreight (Nasdaq: OCNF) announced the departures of CEO Robert Cowen and CFO James Christodoulou.

Savvis (Nasdaq: SVVS) blamed additional costs for reducing its fourth quarter earnings guidance.

Moody's Investor Services cited Verifone's (NYSE: PAY) intention to restate 2007 financial statements for warning the electronic payment solutions provider of a possible downgrade.

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by nearly 8 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 21 points to 787.

Mid-Day Report

|

The markets advanced during the midday as record home foreclosures and mixed November retail sales sparked hope for further interest rate cuts.  The Dow climbed 58 points to 13,503 while Nasdaq gained 18 points to 2684.

On the upside

Fuwei Films (Nasdaq: FFHL) is now in compliance with The Nasdaq Marketplace Rule with the appointment of new directors to its board.

Global Cash Access Holdings (NYSE: GCA) will hold a conference call on Friday, December 7 to discuss its internal investigation.

Shares of Countrywide (NYSE: CFC) rose in anticipation of a rate cut and hopes that a plan to assist subprime borrowers will soon be unveiled.

On the downside

While UTi Worldwide (Nasdaq: UTIW) reported higher third quarter earnings that were in line with expectations, expenses soared.

After Delta Financial (Nasdaq: DFC) failed to sell $500 million in mortgages, the mortgage lender announced plans to file for bankruptcy.

An analyst downgraded Zumiez (Nasdaq: ZUMZ) after the sports apparel retailer reported disappointing November same store sales that fell short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 11 points to 777.

Opening Bell Report

|

November retail sales were mixed while home foreclosures jumped to an all-time high in the 3rd quarter.  The Dow added 20 points to 13,465 while Nasdaq climbed 10 points to 2676.

On the upside

Transocean (NYSE: RIG) announced the pricing of $5.95 billion in convertible senior notes.

Hoku Scientific (Nasdaq: HOKU) entered into a financing agreement for construcion of a $185 million polysilicon plant.

A possible freeze in the interest rates of subprime loans lifted financial and lending stocks.  Novastar Financial (NYSE: NFI) shares rose.

On the downside

Discount retailer Target (NYSE: TGT) reported disappointing November results.  Sales met analysts' expectations, but a shift in calendar days will mean fewer pre-Christmas shopping days in December.

Sharper Image (Nasdaq: SHRP) results beat expectations, but same-store sales fell in November continuing a year-long trend.

Family Dollar Stores (NYSE: FDO) lowered its earnings outlook for 2008 due to a decline in spending among lower-income consumers.

In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 773.

Closing Bell Report

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Expansion in the service sector and an unexpected gain in factory orders sent the markets soaring to a sharply higher close with the Dow leaping 196 points to 13,445.  Nasdaq jumped 47points to 2666.

On the upside

Flow International (Nasdaq: FLOW) agreed to negotiate a deal to purchase competitor Omax.

Blyth (NYSE: BTH) swung to a third quarter profit that easily surpassed expectations as expenses fell prompting the home expressions company to lift its fiscal 2008 guidance.

Mexican home builder Homex (NYSE: HXM) forecast revenue growth of between 16% to 18% next year, which was greater than the growth forecast of rivals.

On the downside

Moody's Investors Service warned that MBIA (NYSE: MBI) is at risk of experiencing a capital shortfall due to mortgage related losses. 

An FDA panel of advisors voted against expanding the use of Genetech's (NYSE: DNA) Avastin in breast cancer patients.

Shares of AMR (NYSE: AMR) tumbled as oil prices rose and competitors reported weak fourth quarter revenue.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 14 points to 766.

Mid-Day Report

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An unexpected gain in factory orders along with expansion in the service sector lifted the markets higher during the midday.  The Dow jumped 186 points to 13,434 while Nasdaq leaped 49 points to 2669.

On the upside

Adolor (Nasdaq: ADLR) teamed with Pfizer (NYSE: PFE) to develop two new medications to treat pain and inflammation.

An analyst upgraded Collective Brands (NYSE: PSS) after the shoe retailer beat expectations for the third quarter.

CommScope (NYSE: CTV) lifted its fourth quarter revenue guidance due to positive sales trends.

On the downside

Top Tankers (Nasdaq: TOPT) will offer 21 million common shares at $3 per share in order to raise funds to repay debt. 

Chico's FAS (NYSE: CHS) reported sharply lower third quarter earnings as sales dropped and forecast fourth quarter results below expectations.

US Airways (NYSE: LCC) reported at 4.6% drop in traffic in November as the airline lowered domestic capacity while increasing European capacity.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 14 points to 767.

Opening Bell Report

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A strong November jobs report boosted stocks across the board while investors awaited an imminent interest rate cut.  The Dow surged 111 points to 13,359 while Nasdaq jumped 40 points to 2659.

On the upside

Shares of hard drive maker Western Digital (NYSE: WDC) rose after the hard drive maker boosted its earnings outlook for the current quarter.

Interdigital (Nasdaq: IDCC) was awarded $134 million in royalties against Samsung's 2006 sales of 2G terminal units.

An analyst upgraded Research in Motion (Nasdaq: RIMM) as a long-term buy due to valuation despite lowered subscription growth targets.

On the downside

Shares of Comcast (Nasdaq: CMCSA) tumbled after the cable operator lowered its revenue targets due to increased competition and a slowing economy. 

Shares of First Marblehead (NYSE: FMD) fell to a new 52-week low as the credit crunch affected its portfolio of education loans.

Investors were unimpressed with the 2008 outlook for R.H. Donnelley (NYSE: RHD) despite higher advertising projections and an announced stock buyback.

In the broad market, advancing issues outpaced decliners by a margin of 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 9 points to 761.

Closing Bell Report

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Continued concerns that the housing downturn may lead to a recession sent the markets tumbling to a close with the Dow falling 66 points to 13,249.  Nasdaq dropped 17 points to 2620.

On the upside

Canadian Solar (Nasdaq: CSIQ) will raise funds by selling up to $86.25 million in senior convertible notes to insitutional buyers.

Shares of LDK Solar (NYSE: LDK) soared after Cowen & Co. analyst Rob Stone commented that Congress appears to be considering renewable energy tax credits.

Banana tariffs may be reduced in the European Union sending shares of Chiquita (NYSE: CQB) higher.

On the downside

Shares of Blackberry maker Research in Motion (Nasdaq: RIMM) fell after analysts said that Apple iPod and iPhone sales are strong.

To repay debt, Hologic (Nasdaq: HOLX) will raise funds through the offering of $1.3 billion in notes.

JPMorgan downgraded Morgan Stanley (NYSE: MS) saying that more bad mortgage write-offs will hurt the company's valuation.

In the broad market, declining issues outpaced advaners by a margin of nearly 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 8 points to 752.

Mid-Day Report

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The markets trimmed its losses to trade near the flatline during the midday with the Dow losing 5 points to 13,310.  Nasdaq slipped 4 points to 2633.

On the upside

While CMGI (Nasdaq: CMGI) posted lower first quarter earnings due to the discontinuation of two client programs, the results were nearly double analyst expectations.

Good Energies will increase its stake in Solarfun Power Holdings (Nasdaq: SOLF) from 6.3% to 34.7% with the purchase of 66.7 million ordinary shares and 281,011 American Depositary Shares.

Three Nordstrom (NYSE: JWN) executives recently purchased large shares of the department store.

On the downside

A group of SunOpta (Nasdaq: STKL) shareholders will sell their stake in the company, which is approximately 5.1 million shares.

Although Phillips-Van Heusen (NYSE: PVH) reported higher third quarter earnings that surpassed expectations, the apparel maker forecast fourth quarter as well as fiscal 2008 results below estimates.

R. H. Dennelley (NYSE: RHD) reaffirmed its 2007 outlook, forecast 2008 results above estimates and announced a $100 million stock buy back plan.

In the broad market, declining issues outpaced advaners by a margin of nearly 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 756.

Opening Bell Report

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Investors continued to worry about the health of the financial services sector with the Dow falling 50 points to 13,264.  Nasdaq lost 15 points to 2621.

On the upside

The board of Dell (Nasdaq: DELL) approved a $10 billion stock repurchase plan.

Jamba (Nasdaq: JMBA) which operates a chain of fruit smoothies stores entered into a licensing deal with Nestle for bottled drinks.

Autozone (NYSE: AZO) posted profits that beat estimates. The nation's largest auto parts retail chain posted higher sales taking market share from its competitors.

On the downside

Cerberus Capital Management called off talks to buy a mortgage unit from H&R Block (NYSE: HRB).

Dow Chemical (NYSE: DOW) announced plans to sell off underperforming businesses including its automotive sealers unit.

Merck & Company (NYSE: MRK) stated that the drugmaker remained on track to eliminate 7000 jobs by the end of next year and reaffirmed its 2007 outlook which missed analysts' expectations.

In the broad market, declining issues outpaced advaners by a margin of nearly 4 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 10 points to 749.

Closing Bell Report

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Disppointing car sales amidst high gas prices and a weak housing market sent the markets tumbling to a lower close with the Dow falling 57 points to 13,315.  Nasdaq dropped 24 points to 2637.

On the upside

Thompson Creek Metals (NYSE: TC) expects to double the output from its mines over the next two year.

Invesco (NYSE: IVZ) will move from the London Stock Exchange to the New York Stock Exchange on Tuesday, December 4, 2007.

JMP Securities analyst Kevane A. Wong cited the company's recent price drop for upgrading human resources services firm Gevity (Nasdaq: GVHR).

On the downside

Lehman Brothers analyst Brian Johnson downgraded American Axle & Manufacturing (NYSE: AXL) over concerns that auto sales will fall short of expectations.

Apple (Nasdaq: AAPL) and AT&T (NYSE: ATT) were sued by Klausner Technologies for infringing on patents related to visual voicemail and visual voice messaging features on the iPhone.

General Motors (NYSE: GM) disappointed with a sharp 11% drop in sales in November as truck sales tumbled.

In the broad market, declining issues outpaced advaners by a margin of nearly 3 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 760.

Mid-Day Report

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The markets traded lower during the midday even as manufacturing activity edged up.  The Dow dropped 32 points to 13,340 while Nasdaq was fell 11 points to 2650.

On the upside

Bruker BioSciences (Nasdaq: BRKR) will pay approximately $914 million in cash and stock to acquire privately held Bruker BioSpin.

Shares of Solarfun Power Holdings (Nasdaq: SOLF) continued to rise after reporting sharply higher third quarter earnings and raising its full year revenue guidance last week.

Treasury Secretary Henry Paulson expressed confidence that an agreement will be reached to temporarily freeze interest rates for homeowners sending shares of Novastar Financial (NYSE: NFI) soaring.

On the downside

In a Barron's article, investor and entreprenuer Mike Farmwald called ParkerVision (Nasdaq: PRKR) worthless.

Bearing Point (NYSE: BE) widend third quarter losses despite higher sales as expenses soared.

Shares of Big Lots (NYSE: BIG) continued to fall after issuing a warning last week that fourth quarter as well as full year results will fall short of expectations.

In the broad market, declining issues outpaced advaners by a margin of nearly 5 to 4 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost a point to 767.

Opening Bell Report

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The markets drifted lower ahead of this week's economic news while oil prices dipped below $90 a barrel.  The Dow slipped 14 points to 13,356 while Nasdaq was down 4 points to 2656.

On the upside

Shares of Activision (Nasdaq: ATVI) soared on news that Vivendi SA bought a majority stake in the video game publisher.

Canadian fertilizer maker Agrium (NYSE: AGU) offered $2.07 billion in cash to buy Colorado-based UAP Holding (Nasdaq: UAPH), a distributor of crop production supplies.

Shares of Deere & Company (NYSE: DE) rose ahead of today's dividend payment and its two-for-one stock split.

On the downside

Shares of E-Trade Financial (Nasdaq: ETFC) after analysts downgraded the troubled brokerage firm.

Analysts downgraded XenoPort (Nasdaq: XNPT) due to valuation after its shares hit all-time highs on positive drug trial news.

VeriFone Holdings (Nasdaq: PAY) blamed accounting errors for overstating its profit before taxes by almost $30 million sending shares of the payments processing equipment maker tumbling.

In the broad market, declining issues outpaced advaners by a margin of nearly 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to 761.

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