Bernanke Says Recovery By End Of Year
Upbeat comments by Federal Reserve Chairman Ben Bernanke that the economy will recover by the end of the year lifted investor confidence to send the Dow soaring 146 points to 7370. Nasdaq gained 7 points to 1439.
Asbury Automotive Group (NYSE: ABG) swung to a loss for the fourth quarter due to a significant goodwill impairment charge but the company said that it recevied default waiver from all financial institutions that are part of its syndicated revolving credit facility.
Phoenix Partners Group said that default protection costs for GE Capital (Nasdaq: GE) dropped back below distressed levels.
On the downside
Wachovia downgraded Sprint Nextel (NYSE: S) due to high churn at the iDen wireless network that was acquired with Nextel.
Canaccord Adams downgraded Arena Pharmaceuticals (Nasdaq: ARNA).
Quidel (Nasdaq: QDEL) warned of a loss for the first quarter as influenza product sales tumbled due to a weak flu season.
On the upside
Pfizer (NYSE: PFE) will finance its acquisition of Wyeth (NYSE: WYE) through the issuing of a four part bond.Asbury Automotive Group (NYSE: ABG) swung to a loss for the fourth quarter due to a significant goodwill impairment charge but the company said that it recevied default waiver from all financial institutions that are part of its syndicated revolving credit facility.
Phoenix Partners Group said that default protection costs for GE Capital (Nasdaq: GE) dropped back below distressed levels.
On the downside
Wachovia downgraded Sprint Nextel (NYSE: S) due to high churn at the iDen wireless network that was acquired with Nextel.
Canaccord Adams downgraded Arena Pharmaceuticals (Nasdaq: ARNA).
Quidel (Nasdaq: QDEL) warned of a loss for the first quarter as influenza product sales tumbled due to a weak flu season.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 6 points to 399.
