Upbeat Earnings Lifts Markets Modestly Higher
Upbeat earnings lifted the markets to a modestly higher close with the Dow adding 5 points to 8131. Nasdaq rose 2 points to 1673.
Although first quarter earnings for Tempur-Pedic International (NYSE: TPX) slipped, the results topped analyst estimates.
Valmont Industries (NYSE: VMI) reported higher first quarter earnings that beat analyst expectations.
Citigroup (NYSE: C) narrowed first quarter losses to beat estimates but the stock price fell as investors locked in profits.
Although Credit Suisse analyst Christopher Ceraso tripled his price target for Ford (NYSE: F), he said that the stock remains an unattractive buy.
On the upside
Level 3 Communications (NYSE: LVLT) closed its $220 million senior secured term loan.Although first quarter earnings for Tempur-Pedic International (NYSE: TPX) slipped, the results topped analyst estimates.
Valmont Industries (NYSE: VMI) reported higher first quarter earnings that beat analyst expectations.
On the downside
Citigroup (NYSE: C) narrowed first quarter losses to beat estimates but the stock price fell as investors locked in profits.
Although Credit Suisse analyst Christopher Ceraso tripled his price target for Ford (NYSE: F), he said that the stock remains an unattractive buy.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 5 points to 479.
