Possible Action To Avoid Auto Industry Bankruptcies
The markets recovered during the midday with investors hopeful that the White House will act to prevent bankruptcies in the auto industry. The Dow rose 34 points to 8600 while Nasdaq climbed 23 points to 1530.
On the upside
ProLogis (NYSE: PLD) commenced a tender offer for any and all of its 5.25% notes that are due on November 15, 2010.Shopping center operator Macerich (NYSE MAC) announced that more than half of the sites previously occupied by bankrupt Mervyns will be taken by Forever 21 or Kohl's.
Hecla Mining (NYSE: HL) will raise $21 million through the sale of common stock and warrants.
On the downside
Shares of Cadence Design Systems (Nasdaq: CDNS) continued falling after swinging to a third quarter loss and lowering its full year outlook.
Barclays Capital downgraded scientific instrument maker Varian (Nasdaq: VAR).
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 13 points to 464.
