Stocks Open Higher as Chrysler Negotiation Breaks Down
Negotiations with hedge funds crumbled overnight in a last-minute effort to stave off a bankruptcy filing by Chrysler. Meanwhile, investors mulled over the latest economic reports in hopes of finding more signs of an economic recovery. The Dow rose 89 points to 8275 while Nasdaq surged 30 points to 1742.
Ashland (NYSE: ASH) posted lower revenues and profits, but the chemical company beat estimates.
MGM Mirage (NYSE: MGM), Dubai World and their lenders have struck a deal to finish a $8.5 billion Las Vegas Strip development.
Shares of Sequenom (Nasdaq: SQNM) tumbled after the company delayed the launch of its Down syndrome test.
LoJack (Nasdaq: LOJN) posted a quarterly loss and suspended its outlook due to the uncertainty in the automotive industry.
On the upside
Dow Chemical (NYSE: DOW) reported lower revenues and a meager profit, but the results beat expectations of a quarterly loss.Ashland (NYSE: ASH) posted lower revenues and profits, but the chemical company beat estimates.
MGM Mirage (NYSE: MGM), Dubai World and their lenders have struck a deal to finish a $8.5 billion Las Vegas Strip development.
On the downside
Shares of Sequenom (Nasdaq: SQNM) tumbled after the company delayed the launch of its Down syndrome test.
LoJack (Nasdaq: LOJN) posted a quarterly loss and suspended its outlook due to the uncertainty in the automotive industry.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks rose 6 points to 497.
