May 2009 Archives

A gain in consumer sentiment along with increases in commodity prices sparked a late afternoon rally to lift the markets to a higher close with the Dow climbing 96 points to 8500. Nasdaq gained 22 points to 1774.

On the upside

A beneficial owner of Air Transport Services (Nasdaq: ATSG) purchased $1 million worth of company stock.

The joint venture MED3000 Practice Resources was created by Tenet Healthcare (NYSE: THC) and MED3000 to provide technology to physicians and practice managers.

Genworth (NYSE: GNW) filed a preliminary prospectus with the Canadian securities adminstrators for an initial public offering.

On the downside

Cyclacel Pharmaceuticals (Nasdaq: CYCC) reported upbeat results from a Phase 2 clinical trial of its treatment for acute myeloid leukemia and a Phase 2 clinical trial for its cancer drug oral seliciclib but the stock price fell.

Jamba (Nasdaq: JMBA) widened first quarter losses as revenue fell.

UBS downgraded Level 3 Communications (Nasdaq: LVLT).

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 9 points to 501.

The markets were flat during the midday with the Dow adding a fraction to 8404 as the economy contracted in the first quarter. Nasdaq edged up a fraction 1752.

On the upside

Savient Pharmaceuticals (Nasdaq: SVNT) will present six abstracts about the company's KRYSTEXXA at the European League Against Rheumatism in June.

Based on input provided by the FDA, Incyte's (Nasdaq: INCY) Phase III clinical trial of its myelofibrosis treatment will compare the proportion of patients achieving 35% reduction in spleen volume with patients using a placebo.

FiberNet Telecom Group (Nasdaq: FTGX) will be acquired by Zayo Group for $11.45 per share in cash.

On the downside

First quarter earnings for The Wet Seal (Nasdaq: WTSLA) plunged as revenue fell and the women's apparel retailer warned that second quarter results will miss estimates.

Although second quarter earnings for Esterline (NYSE: ESL) rose, the aerospace firm lowered its full year outlook as clients reduced inventories.

Profit takers weighed down shares of Oculus Innovative Sciences (Nasdaq: OCLS), which rose recently after the FDA approved the company's Microcyn Skin and Wound Gel.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 49.

The U.S. economy shrank by 5.7% in the 1st quarter, a slightly better rate than expected by economists.   Meanwhile, oil edged above the $65 a barrel mark.  The Dow added 6 points to 8409 while Nasdaq held steady at 1751.

On the upside

Dell (Nasdaq: DELL) posted a modest profit that fell versus year-ago levels, but beat expectations.

Shares of J. Crew Group (NYSE: JCG) surged after the apparel retailer posted quarterly results that surpassed analysts' estimates.

Penson Worldwide (Nasdaq: PNSN) offered $50 million in convertible notes at 8% and a conversion price of $9.81 a share.  The company provides solutions to the financial services industry.

On the downside

Jewelry retailer Tiffany & Co. (NYSE: TIF) posted sharply lower revenues and earnings as consumers cut back on spending.   The company reiterated its full-year guidance, but investors were mostly unimpressed.

Shares of Catalyst Pharmaceutical Partners (Nasdaq: CPRX) tumbled after its drug candidate to treat cocaine addiction failed to meet trial goals.

Corporate uniform supplier Cintas Corp. (Nasdaq: CTAS) trimmed its quarterly guidance as its customers laid off workers reducing demand for the company's products.

In the broad market, advancing issues edged out decliners by a margin of 4 to 3 on the NYSE and by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks lost a fraction to 492.

Strong demand at a Treasury debt auction lifted investor sentiment to boost the markets to a higher close with the Dow soaring 103 points to 8403. Nasdaq climbed 20 points to 1751.

On the upside

Shares of Angiotech Pharmaceuticals (Nasdaq: ANPI) continued rising after the FDA approved its TAXUS Liberte Atom Stent system yesterday.

CuraGen (NYSE: CRGN) will present data at the American Society of Clinical Oncology meeting this weekend from three clinical trials of its anti-body drug conjugate CR011-vcMMAE.

Cytori (Nasdaq: CYTX) published its first preclinical study showing significant improvement in the cardiac function of heart attack patients after treatment with adipose-derived stem and regenerative cells.

On the downside

Penson Worldwide (Nasdaq: PNSN) will offer $50 million in senior convertible notes.

Sealy (NYSE: ZZ) will launch a rights offering.

Revlon (NYSE: REV) announced the elimination of 400 jobs and warned that second quarter results will be weak.

 

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 492.

An uptick in new home sales along with an unexpected drop in initial jobless claims boosted the markets during the midday with the Dow climbing 77 points to 8378. Nasdaq gained 16 points to 1747.

On the upside

FreeSeas (Nasdaq: FREE) reported sharply higher first quarter earnings that topped analyst estimates as the shipping company reduced expenses.

Deutsche Bank analyst Rod Lache upgraded CarMax (NYSE: KMX) citing the company's attractive stock price.

Longtop Financial Technologies (NYSE: LFT) reported sharply higher fourth quarter income as revenue surged.

On the downside

Although Star Bulk Carriers (Nasdaq: SBLK) reported higher first quarter profit, the dry bulk carrier warned that it will drydock some if its vessels.

Moody's Investors Service lowered the default ratings of Terex (NYSE: TEX) further into junk status due to continued weakness in the construction market.

Shares of Jamba (Nasdaq: JMBA) fell ahead of its earnings release after market close.

 

In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE while decliners outpaced advancers by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 486.

Investors regained confidence in a possible economic recovery as April durable goods orders rose 1.9% and weekly 1st time unemployment claims drifted lower.  The Dow rose 20 points to 8320 while Nasdaq added 3 points to 1733.

On the upside

Time Warner (NYSE: TWX) announced plans to spin out AOL as a separate Internet company headed by Tim Armstrong, a recent hire from Google (Nasdaq: GOOG).

General Motors (NYSE: GM) announced plans to shut down 14 factories.  Meanwhile, CNBC reported that GM's bondholders accepted an amended offer to swap its debt for a 10% stake in the automaker and a warrant to buy up to 15% more by cooperating in bankruptcy proceedings to sell assets.

Shares of biotechnology company Exelixis (Nasdaq: EXEL) surged after it announced a partnership with French drugmaker Sanofi-Aventis (NYSE: SNY) to develop new cancer drugs.

On the downside

Blue Coat Systems (Nasdaq: BCSI) delayed its quarterly earnings report.  Shares of security hardware and software maker promptly fell.

Shares of Netezza Corporation (NYSE: NZ) fell after the data solutions company posted higher revenues and a slim loss that missed expectations.

An analyst downgraded Bally Technologies (NYSE: BYI) which makes slot machines.

Concerns that interest rates will rise to dampen the economic recovery sent the markets tumbling to a lower close with the Dow plunging 173 points to 8300. Nasdaq dropped 19 points to 1731.

On the upside

Lazard Capital Markets analyst Dr. Sean Lavin upgraded Sequenom (Nasdaq: SQNM) citing the company's attractive stock price.

Angiotech Pharmaceuticals (Nasdaq: ANPI) and Boston Scientific (NYSE: BSX) received approval from the Food and Drug Administration for their next generation TAXUS Liberte Atom stent system.

Coeur d'Alene Mines (NYSE: CDE) completed its 1-for-10 reverse stock split .

On the downside

Delta Air Lines (NYSE: DAL) limited its plans to charge $50 for a second checked bag on all international flights to travel only between the United States and Europe.

Goodyear Tire & Rubber (NYSE: GT) will no longer produce consumer tires at its Amiens, France plant.

US Airways (NYSE: LCC) will raise capital by doubling the number of shares.

 

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 10 points to 489.

The markets traded mixed during the midday as rising crude oil prices muted enthusiasm for better than expected increase in existing home sales.  The Dow fell 31 points to 8441 while Nasdaq rose 9 points to 1759.

On the upside

The Food and Drug Administration approved Oculus Innovative Sciences' (Nasdaq: OCLS) skin and wound gel Microcyn as a prescription treatment as well as an over the counter treatment.

Samsung and SanDisk (Nasdaq: SNDK) renewed their cross license agreement for seven years.

National Semiconductor (NYSE: NSM) and Suntech Power Holdings (NYSE: STP) will jointly develop and promote photovoltaic technology solutions.

On the downside

Cogdell Spencer (NYSE: CSA) priced its 20 million offering of common stock at $3.50 per share.

Highwoods Properties (NYSE: HIW) will offer 6.1 million shares of common stock at $21.50 per share.

Origin Agritech (Nasdaq: SEED) widened second quarter losses as revenue dropped.

 

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 499.

Yesterday's rally took a pause as investors mulled over the implications of a possible bankruptcy filing by General Motors.   Meanwhile, oil prices rose to a 6-month high above $63 a barrel.  The Dow slipped 4 points to 8468 while Nasdaq lost 6 points to 1743.

On the upside

LED lighting company Cree (Nasdaq: CREE) raised its revenue and profit targets for the 4th quarter due to a surge in sales.

Bank of America (NYSE: BAC) raised another $5.9 billion by converting preferred shares to common stock.  The bank has raised $26 billion out of $33.9 billion in capital needed to boost  its reserves.

On the downside

General Motors (NYSE: GM) edged closer to bankruptcy after a Tuesday midnight deadline for bondholders to swap debt for stock passed without enough participation to satisfy federal restructuring guidelines.

Staples (Nasdaq: SPLS) posted higher revenues and lower quarterly earnings pared by higher costs.  Same-store sales for the office supply retailer fell in North America.

Monsanto (NYSE: MON) lowered its 2009 earnings outlook.  Analysts promptly downgraded the agricultural products maker.

Shares of Zale (NYSE: ZLC) lost ground after the company reported a quarterly loss that missed expectations.  Same-store sales fell sharply for the jeweler.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 498.

Even as General Motors moved closer to bankruptcy, the markets surged to close sharply higher with the Dow soaring 196 points to 8473 as consumer confidence jumped. Nasdaq leaped 58 points to 1750.

On the upside

Morgan Stanley analyst Ken Zerbe upgraded Zions Bancorp (Nasdaq: ZION) citing the bank's attractive price.

JPMorgan analyst Mike McCormack upgraded Qwest Communications International (NYSE: Q) due to positive revenue trends.

Intel (Nasdaq: INTC) announced that a more powerful multiprocessor chip will be produced in the second half of the year.

On the downside

Shares of Oncogenex (Nasdaq: OGXI) sank as investors locked in profits.  The stock price surged last week over take-over speculation.

Flagstar Bancorp (NYSE: FBC) will be replaced by Bank of the Ozarks (Nasdaq: OZRK) on the S&P SmallCap 600 after market close today.

Cardica (Nasdaq: CRDC) announced on Friday that it Nasdaq warned the company that it was no longer in compliance with the Minimum Equity requirement for listing on the exchange. 

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 22 points to 500.

Soaring consumer confidence that surpassed analyst expectations by a wide margin boosted the markets higher during the midday with the Dow surging 206 points to 8483. Nasdaq jumped 55 points to 1747.

On the upside

Cytokinetics (Nasdaq: CYTK) will receive $50 million from Amgen (NYSE: AMGN) in order to exercise Amgen's exclusive global rights to Cytokinetics' heart drugs.

Lazard Capital Markets upgraded Yingli Green Energy (NYSE: YGE).

Morgan Stanley analyst Kathryn Huberty upgraded Apple (Nasdaq: AAPL) citing the success of the iPhone and expects margins to rise.

On the downside

First quarter earnings for Giant Interactive Group (NYSE: GA) plunged as revenue tumbled.

Regions Financial's (NYSE: RF) Morgan Keegan unit lost several arbitration cases.

FBR analyst Mehdi Hosseini downgraded First Solar (Nasdaq: FSLR) citing falling polysilicon prices and lower demand. 

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 19 points to 497.

The markets opened mixed after North Korea's nuclear testing activity created geopolitical uncertainty.  Meanwhile, investors awaited the latest consumer confidence report.  The Dow lost 33 points to 8227 while Nasdaq slipped 2 points to 1358.

On the upside

Chico's FAS (NYSE: CHS) expected same-store sales for the month to rise.  The women's apparel retailer joined other companies in the sector in seeing retail sales growth.

Shares of MAP Pharmaceuticals (Nasdaq: MAPP) soared after its migraine drug treatment met late-stage study goals.

An analyst upgraded pawnshop operator and check cashing service provider Cash America International (NYSE: CSH).

An analyst upgraded NetApp, Inc. (Nasdaq: NTAP), a maker of data storage solutions.

On the downside

As a deadline looms for General Motors (NYSE: GM) to announce restructuring plans, Fiat actively negotiated with the German government to buy GM's Opel automotive unit.

Altair Nanotechnologies (Nasdaq: ALTI) raised $14 million as its shares dipped below $1 a share.  The company develops and markets paint resins and sensors. 

In the broad market, advancing issues edged out decliners by a narrow margin on the NYSE and outpaced them by a margin of nearly 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 474.

U. S. Markets Closed

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U. S. markets are closed in observance of the Memorial Day holiday.
The seizure of Florida's BankUnited FSB by federal regulators weighed down the markets to a modestly lower close ahead of the Memorial Day weekend with the Dow losing 14 points to 8277.  Nasdaq slipped 3 points to 1692.

On the upside

Cougar Biotechnology (Nasdaq: CGRB) will be acquired by Johnson & Johnson (NYSE: JNJ) for approxmately $1 billion in cash.

CommScope (NYSE: CTV) priced its offering of 9.1 million shares of common stock and $250 million aggregate principal of 3.25% convertible notes.

First quarter earnings for Excel Maritime Carriers (NYSE: EXM) surged as revenue soared nearly four times last year.

On the downside

Altair Nanotechnologies (Nasdaq: ALTI) will raise approximately $14 million through the registered direct offering of 12 million shares.

LDK Solar (NYSE: LDK) swung to a first quarter loss prompting a downgrade.

Yingli Green Energy (NYSE: YGE) swung to a wider than expected first quarter loss and lowered its 2009 shipment outlook.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while deliners outpaced advancers by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 477.

Investor remained cautious ahead of the long Memorial Day weekend.  A bank closure and a possible bankruptcy filing by General Motors next week kept the major indexes in check.  The Dow slipped 3 points to 8288.  Nasdaq eased a fraction to 1694.

On the upside

Aruba Networks (Nasdaq: ARUN) reported a narrow 3rd quarter loss that beat expectations.  Analysts promptly upgraded the wireless network equipment maker.

Sears Holdings (Nasdaq: SHLD) posted a surprise profit versus a year-ago loss due to better control over its inventory.

Software maker Autodesk (Nasdaq: ADSK) reported 1st quarter profits that beat expectations despite a decline in revenues.

On the downside

Same-store sales at Red Robin Gourmet Burgers (Nasdaq: RRGB) fell as the outlook for the rest of the year remained murky.

Sales at Salesforce (NYSE: CRM) met expectations, but the company offered modest sales targets for the year.

Sports apparel and equipment retailer  Zumiez (Nasdaq: ZUMZ) lowered its 2nd quarter targets.  Analyst promptly downgraded the stock.

In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 481.

Greater than expected initial applications for unemployment benefits stoked fears of a lengthy economic recovery period sending the Dow plunging 129 points to 8292. Nasdaq slumped 32 points to 1695.

On the upside

The International Trade Commission sided with Tessera Technologies (Nasdaq: TSRA) in a patent dispute with Motorola (NYSE: MOT), Qualcomm (Nasdaq: QCOM), Freescale Semiconductor and Spansion.

A tentative deal has been reached between the United Auto Workers union and General Motors (NYSE: GM) to reduce labor costs and change funding for retiree health benefits.

Shares of OpenTable (Nasdaq: OPEN) surged in its market debut.

On the downside

Huntington Bancshares (Nasdaq: HBAN) announced a tender offer to buy back $470.2 million in trust preferred securities.

Although first quarter earnings and revenue rose for GameStop (NYSE: GME), the video game retailer forecast second quarter results below estimates and lowered its same store sales guidance for the year.

Dahlman Rose analyst Daniel Scott downgraded Patriot Coal (NYSE: PCX) citing lower demand and oversupply.

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 8 points to 481.

Continuing claims for unemployment benefits climbed to approach 6.7 million to weigh down the markets during the midday with the Dow tumbling 116 points to 8305. Nasdaq dropped 31 points to 1696.

On the upside

NetApp (Nasdaq: NTAP) will acquire Data Domain (Nasdaq: DDUP) in a cash and stock deal valued at approximately $1.5 billion.

Brocade Communications Systems (Nasdaq: BRCD) swung to a second quarter loss but revenue surged to beat expectations.

Stein Mart (Nasdaq: SMRT) reported first quarter earnings that more than doubled as the department store operator slashed expenses.

On the downside

Evergreen Solar (Nasdaq: ESLR) will sell 37 million shares of common stock to raise $66.6 million.

Although Suntech Power Holdings (NYSE: STP) reported first quarter earnings that topped estimates, revenue plunged to fall short of expectations.  The solar module maker also announced plans to offer 20 million American depositary shares.

New York & Co. (NYSE: NWY) swung to a first quarter loss as revenue fell and warned of losses for the second quarter.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 479.

1st time unemployment claims eased for the latest week, but job creation remained elusive for the U.S. economy.   The Dow dropped more than 100 points to 8138 while Nasdaq fell 10 points to 1718.

On the upside

Barnes & Noble (NYSE: BKS) posted a narrow quarterly loss, but the results of the nation's largest book retailer were better than expected as full-year profits remained within reach.

Limited Brands (NYSE: LTD) posted lower revenues and profits, but the results beat expectations.  The operator of Victoria's Secret and other clothing and personal care products store also offered a higher outlook for the year.

On the downside

Synopsys (Nasdaq: SNPS) posted higher profits that beat estimates, but the chip software maker lowered its full-year targets.

GameStop (NYSE: GME) reported record sales and profits for the latest quarter, but investors focused on lower same-store sales of video games.

Shares of Alabama-based Regions Financial (NYSE: RF) continued to slide after selling new stock at only $4 a share.   Shares of Fifth Third Bancorp (Nasdaq: FITB) also lost ground.

Apparel retailer Hot Topic (Nasdaq: HOTT) lowered its outlook for the current quarter.


In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by a margin of nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to 484.

The Federal Reserve cut its 2009 economic outlook to weigh down the markets to close lower with the Dow dropping 52 points to 8422. Nasdaq lost 6 points to 1727.

On the upside

Tween Brands (NYSE: TWB) reported a narrower than expected loss as revenue fell.

FBR Capital Markets analyst Adrienne Tennant upgraded Talbots (NYSE: TLB) and lifted her price target citing the company's efforts to stabilize liquidity problems.

Bank of Ireland (NYSE: IRE) announced plans to repurchase debt securities.

On the downside

GSI Group (Nasdaq: GSIG) warned that it may take an impairment charge of up to $235 million.

Second quarter earnings for Eaton Vance (NYSE: EV) plunged as revenue tumbled.

Ann Taylor (NYSE: ANN) swung to a first quarter loss due to lower revenue.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by a margin of more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stockslost 3 points to 489.

Markets Flat As Oil Surges

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The markets traded near the flatline as crude oil prices surged ahead of the holiday weekend.  The Dow added 2 points to 8477 while Nasdaq edged up a point to 1736.

On the upside

First quarter earnings for Paragon Shipping (Nasdaq: PRGN) rose to top analyst estimates.

AmTech research upgraded JA Solar (Nasdaq: JASO).

Three different groups are expected to make offers on General Motors' (NYSE: GM) Opel unit in Germany.

On the downside

Several investors have agreed to purchase $11.1  million worth of common stock and warrants of Oncothyreon (Nasdaq: ONTY).

Needham & Co. downgraded Palm (Nasdaq: PALM) due to valuation concerns.

Hertz Global Holdings (NYSE: HTZ) will offer common stock and convertible notes in order to raise as much as $812 million.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by a margin of more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 3 points to 496.

Investors were optimistic about the banking industry's feature given the ease by which banks were able to raise capital.  Meanwhile, oil prices reached $60 a barrel due to inventory concerns. The Dow rose nearly 70 points to 8544 while Nasdaq surged 18 points to 1753.

On the upside

Bank of America (NYSE: BAC) successfully raised nearly $13.5 billion by issuing new stock in order to shore up its balance sheet.

Toll Brothers (NYSE: TOL) posted sharply lower revenues, but the results for the homebuilder narrowly beat expectations.

Shares of chip designer Analog Devices (NYSE: ADI) rose after the company reported lower revenues and earnings that beat targets.  Analysts promptly upgraded the stock.

Discount retailer Target (NYSE: TGT) reported slightly higher revenues and lower 1st quarter profits to beat estimates.


On the downside

Hewlett-Packard (NYSE: HPQ) posted lower revenues and earnings that met expectations and announced plans to cut 6,400 positions or 2% of its global workforce.

Shares of Regions Financial (NYSE: RF) sagged after the Alabama-based bank offered $1.25 billion in new stock.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by a margin of nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 496.
It was a mixed close for the markets with the Dow losing 29 points to 8474 as housing starts fell overall but construction of single family homes rose. Nasdaq added 2 points to 1734.

On the upside

FONAR (Nasdaq: FONR) reversed year ago losses to post a profit for the third quarter as revenue rose and the company cut costs.

UBS analyst Vishal Shreedhar upgraded Gildan Activewear (NYSE: GIL) citing better margins and improved sales.

Although Solarfun Power Holdings (Nasdaq: SOLF) swung to a first quarter loss as revenue plunged, the results topped analyst estimates.


On the downside

Marshall & Ilsley (NYSE: MI) will raise $350 million through the sale of common stock.

Simcere Pharmaceutical (NYSE: SCR) reported lower first quarter earnings that fell short of expectations.

KBW analyst Robert Lee warned that Invesco's (NYSE: IVZ) plan to sell $400 million worth of common shares may be indicative of a tight cash flow situation.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 493.
Although overall housing starts dropped, construction of single family homes rose to lift the markets modestly higher during the midday with the Dow adding 6 points to 8510. Nasdaq rose 3 points to 1735.

On the upside

Ambulatory and outpatient management services provider CardioNet (Nasdaq: BEAT) announced that Highmark Medicare Services will reimburse for CPT code 93229 at a rate of $1,123.07.

Goldman Sachs upgraded Tenet Healthcare (NYSE: THC) citing improved margins and a better urban market.

Kulicke & Soffa Industries (Nasdaq: KLIC) lifted its revenue outlook for the third quarter saying that sales are better than expected.


On the downside

Morgan Stanley (NYSE: MS) will sell the 27.7 million shares of MSCI (NYSE: MXB) that it owns at $21.50 per share.

Penn Virginia (NYSE: PVA) will offer 3.5 million shares of common stock at $19 per share.

Fourth quarter earnings for Medtronic (NYSE: MDT) plunged as expenses soared.  The company also announced the eliminatin of 1,500 to 1,800 positions.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE while advancers were on par with decliners on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 493.
A drop in April housing starts and permits for new projects made a possible recovery of the housing market more elusive.  Investors took profits as the Dow lost 17 points to 8486 while Nasdaq gave up 5 points to 1727.

On the upside

Luxury retailer Saks Inc. (NYSE: SKS) reported lower revenues and a 1st quarter loss, but the results surpassed expectations.  Cost-cutting was expected to add $60 million to the bottom line this year.

Shares of Avon Products (NYSE: AVP) rose after the cosmetics company signed up 1 million new sales reps in the 1st quarter.

Shares of FONAR Corporation (Nasdaq: FONR) soared after the medical device company posted higher revenues that resulted in an unexpected profit.


On the downside

Home Depot (NYSE: HD) posted lower 1st quarter profits that beat expectations.  However, the results could not overcome worries about the slow home-building environment.

Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) applied for permission to repay TARP funds in the ammount of $10 billion each.

American Express (NYSE: AXP) announced plans to cut up to 4000 jobs in order to save $800 million this year.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to 489.
Upgrades of the banking sector boosted the markets to a sharply higher close with the Dow leaping 235 points to 8504.  Nasdaq jumped 52 points to 1732.

On the upside

Goldman Sachs analyst Matthew Fassler lifted his earnings estimate for Sonic Automotive(NYSE: SAH).

Saks Fifth Avenue (NYSE: SKS) will open a store in the Plaza Internacional in Puerto Rico.

An election victory for India's Congress Party lifted shares of Sterlite Industries India (NYSE: SLT).

Goldman Sachs analyst Richard Ramsden upgraded Bank of America (NYSE: BAC) to a Buy rating.

BMO Capital Markets analyst Peter Winter upgraded U.S. Bancorp (NYSE: USB) to Outperform.

Shares of OceanFreight (Nasdaq: OCNF) rose ahead of its earnings release after market close tomorrow.

In the broad market, advancing issues outpaced decliners by a margin of 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks jumped 18 points to 494.

The markets continued to advance during the midday with the Dow surging 176 points to 8445 as homebuilder sentiment climbed in April.  Nasdaq soared 31 points to 1712.

On the upside

Shares of ICICI Bank (NYSE: IBN) rose after an election victory by India's Congress Party fueled optimism for banking reform.

Quicksilver Resources (NYSE: KWK) will raise $280 million through the sale of 27.5% of its natural gas leasehold interests to ENI (NYSE: E).

Dillard's (NYSE: DDS) reported higher first quarter earnings even as sales fell.

Shares of Zale (NYSE: ZLC) continued rising over optimism that jewelry sales will rebound.

On the downside

Although AngloGold Ashanti (NYSE: AU) swung to a first quarter profit, the results fell short of estimates prompting an upgrade.

Converted Organics (Nasdaq: COIN) reported that first quarter sales of its organic fertilizer products was $492,000, below expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 12 points to 488.
Better than expected corporate earnings fueled a rally in stocks this morning.  Meanwhile, analysts upgraded the banking industry.  The Dow climbed over 100 points to 8376 while Nasdaq rose 14 points to 1694.

On the upside

Lowe's Companies (NYSE: LOW) posted lower earnings, but the results at the nation's 2nd largest home improvement chain were better than expected.

Shares of Bank of America (NYSE: BAC) surged higher after an analyst boosted the company's earnings outlook to a possible profit for this quarter.

The CEO of Kona Grill (Nasaq: KONA) stepped won.  Unrelated to the move was an offer by Mill Road Capital to acquire the restaurant chain for $4.60 a share in cash.

Takeda America, a subsidiary of a Japanese drug company, offered to buy IDM Pharma (Nasdaq: IDMI) for about $70 million.


On the downside

Spire Corporation (Nasdaq: SPIR) posted lower revenues and a quarterly loss.  The company constructs factories and makes equipment for the solar energy industry.

An analyst downgraded Allegheny Energy (NYSE: AYE).  Shares of the electric utility which operates in the mid-Atlantic states promptly sold off.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 8 points to 484.
Despite a greater than expected gain in consumer sentiment, the markets closed modestly lower with the Dow tumbling 62 points to 8268. Nasdaq dropped 9 points to 1680.

On the upside

Although first quarter earnings for WuXi PharmaTech (NYSE: WX) slipped, revenue rose prompting upgrades.

Protective Life (NYSE: PL) priced its offering of 13.5 million common shares at $9 per share.

Jefferies lifted its price target for Red Hat (NYSE: RHT).


On the downside

CBL & Associates (NYSE: CBL) extended and modified its $105 million secured credit facility.

Fitch Ratings warned that it may downgrade Fifth Third Bancorp (Nasdaq: FITB) and Wells Fargo (NYSE: WFC).

Developers Diversified Realty (NYSE: DDR) declared a quarterly dividend of $0.50 per depositary share of Preferred Class G stock payable on June 16, 2009 to shareholders of record May 29, 2009.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 475.
Investors remained cautious even as consumer sentiment rose and consumer prices held steady.  The Dow dropped 51 points to 8280 while Nasdaq slipped 3 points to 1686.

On the upside

HSH Nordbank agreed to issue a covenant waiver to DryShips (Nasdaq: DRYS) for $654 million of outstanding debt.

Cell Therapeutics (Nasdaq: CTIC) will reduce approximately $14 million in annual expenses through the closure of its Bresso, Italy facility and the elimination of 56 positions at the facility.

BioCryst (Nasdaq: BCRX) reported upbeat results from a Phase II clinical trial for its cutaneous T-cell lymphoma treatment.


On the downside

Analysts downgraded FirstEnergy (NYSE: FE) after its supply and pricing auction yielded disappointingly low results.

Gushan Environmental Energy (NYSE: GU) swung to a first quarter loss as revenue tumbled.

Fortress Investment Group (NYSE: FIG) priced its offering of 40 million shares of Class A stock at $5.00 per share.

In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 477.
The markets opened mixed as investors digested the latest batch of economic news.   Consumer prices were flat in April, but New York-area manufacturing continued to contract.  The Dow fell 11 points to 8319 while Nasdaq edged up 2 points to 1691.

On the upside

Six major insurance companies received preliminary approval to tap federal bailout funds.  Shares of Hartford Financial Services (NYSE: HIG) rallied.

Las Vegas Sands (NYSE: LVS) announced plans to spin off its Macau assets in an IPO.

Shares of Nordstrom (NYSE: JWN) rose after the high-end retailer posted lower profits that surpassed expectations.  The company also boosted its full-year outlook.


On the downside

Shares of Blockbuster (NYSE: BBI) fell below $1 apiece after the company posted revenues that fell short of expectations.

Sealy (NYSE: ZZ) was downgraded by an analyst after the mattress maker recently announced plans to refinance its debt.

JC Penney (NYSE: JCP) posted sharply lower profits due to rising pension costs.  Meanwhile, overall sales fell 6% due to particularly weak fine jewelry sales.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 480.
The markets closed modestly higher with the Dow rising 46 points to 8331 despite greater than expected gains in wholesale prices and jobless claims.  Nasdaq gained 25 points to 1689.

On the upside

Atmel (Nasdaq: ATML) unveiled its AT73C240 Audio Companion IC for portable multimedia applications.

Hartford Financial Services (NYSE: HIG) will no longer enter agreements that include "gross-up" provisions.

Raymond James analyst Steven Schwartz lifted his price target for Genworth Financial (NYSE: GNW).


On the downside

While EnerSys (NYSE: ENS) boosted its fourth quarter guidance, the industrial battery maker forecast first quarter results well below analyst expectations.

Forest City Enterprises (NYSE: FCEA) priced its offering of 45.5 million common shares at $6.60 per share.

First quarter earnings for Gammon Gold (NYSE: GRS) tumbled as revenue plunged.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 480.
Falling crude oil prices lifted the markets higher during the midday with the Dow gaining 65 points to 8350.  Nasdaq climbed 27 points to 1691.

On the upside

Although second quarter earnings for Gildan Activewear (NYSE: GIL) plunged, revenue topped analyst estimates.

Morgan Stanley upgraded Barclays (NYSE: BCS).

The Food and Drug Administration approved Nektar Therapeutics' (Nasdaq: NKTR) and UCB's rheumatiod arthritis drug Cimzia.


On the downside

Aegean Marine Petroleum Networks (NYSE: ANW) reported sharply lower first quarter earnings as revenue plunged.

BMO Capital Markets analyst Tony Robson downgraded Cliffs Natural Resources (NYSE: CLF) after the iron ore and coal miner cut its dividend and announced an offering of 12 million shares.

Brigham Exploration (Nasdaq: BEXP) will raise capital through the offering of 30 million shares of common stock.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points to 482.
Bargain hunters focused on the ease by which banks raised funds while mostly ignoring challenges facing the economy such as higher weekly unemployment claims and rising wholesale prices.  The Dow added 33 points to 8318 while Nasdaq gained 14 points to 1678.

On the upside

American Express (NYSE: AXP) offered $3 billion in debt notes at about 8% in order to raise funds to pay off TARP obligations.

JP Morgan Chase (NYSE: JPM) raised another $2.5 billion in debt in addition to last month's $3 billion offering.

The Federal Trade Commission issued an order to dismiss a 7-year old case against chipmaker Rambus (Nasdaq: RMBS).


On the downside

Wal-Mart Stores (NYSE: WMT) posted earnings that met expectations as consumers remained budget-conscious.  However, investors were hoping for better results for the world's largest retailer.

Casino operator MGM Mirage (NYSE: MGM) issued $1 billion in new stock and offered $1.5 billion in new debt in order to meet existing debt obligations.

Shares of Stealt Gas (Nasdaq: GASS) fell after the petroleum shipping compoany posted slightly higher revenues and sharply lower profits mostly due to currency hedging issues.

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 3 points to 474.
Rising home foreclosures and a surprising drop in retail sales sent the market tumbling to a sharply lower close with the Dow plummeting 184 points to 8284. Nasdaq slumped 51 points to 1664.

On the upside

Credit Suisse analyst Catherine Arnold said that the benefits of Pfizer's (NYSE: PFE) acquisition of Wyeth (NYSE: WYE) have not been reflected in the stock price.

The Wall Street Journal reported that General Motors (NYSE: GM) will begin importing cars made in China in 2011 in order to reduce manufacturing expenses.  The troubled automaker also plans to terminate as many as 2,000 dealerships nationwide.

On the downside

MGM Mirage (NYSE: MGM) announced plans to raise up to $1.5 billion through a two-part note offering.

Lear (NYSE: LEA) extended a default waiver on its main credit line.

Liz Claiborne (NYSE: LIZ) blamed restructuring charges and lower same store sales for widening first quarter losses.

Avis Budget Group (NYSE: CAR) said that its fleet of cars is 22% lower than last year.  With a smaller inventory of cars, the car rental company expects to increase rental fees.

In the broad market, declining issues overwhelmed advancers by a margin of more than 6 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 23 points to 471.

A disappointing drop in retail sales weighed down the markets during the midday with the Dow tumbling 163 points to 8305. Nasdaq plunged 37 points to 1678.

On the upside

KeyBanc Capital Markets upgraded Ferro (NYSE: FOE).

Shares of Advanced Micro Devices (NYSE: AMD) rose after the European Union fined rival Intel (NYSE: INTC) $1.45 billion for antitrust activity.

Bargain hunters lifted shares of Great Atlantic & Pacific Tea (NYSE: GAP) after the stock plunged yesterday when the grocery store chain reported a significant fourth quarter loss.


On the downside

BankUnited Financial (Nasdaq: BKUNA) warned of significant losses for the second quarter.

Soaring costs sent fourth quarter earnings tumbling for GT Solar International (Nasdaq: SOLR) to miss estimates by a wide margin.

Kite Realty Group Trust (NYSE: KRG) cut its full year outlook and priced its offering of 25 million shares of common stock at $3.20 per share.

In the broad market, declining issues overwhelmed advancers by a margin of nearly 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled15 points to 479.
April retail sales unexpectedly fell as home foreclosures rose to record levels.  Investors promptly took profits ending a two-month rally in stocks.  The Dow dropped 140 points to 8328 while Nasdaq tumbled 25 points to 1690.

On the upside

The European Union slapped Intel (Nasdaq: INTC) with a record $1.45 billion fine for thwarting competition.  The figure represented 4% of Intel's worldwide revenues last year.  Analysts pointed out that the EU could have levied a fine equivalent to 10% of global sales.

Macy's (NYSE: M) posted a wider 1st quarter loss, but the results were better than expected.


On the downside

Frontier Communications (NYSE: FTR) offered $5.3 billion in stock to buy rural phone lines from Verizon Communications (NYSE: VZ).

McDermott International (NYSE: MDR) posted lower 1st quarter profits.  Investors remained worried about the outlook for the engineering and construction company.

Regional bank BB&T (NYSE: BBT) offered 75 million shares at $20 apiece in order to raise money to start repaying $3.1 billion in federal government loans.

The Medicines Company (Nasdaq: MDCO) stopped late stage trials for its anti-clotting drug candidate.

In the broad market, declining issues overwhelmed advancers by a margin of nearly 5 to 1 on the NYSE and by 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 12 points to 482.
It was a mixed close for the markets with the Dow gaining 50 points to 8469 as oil prices rose.  Nasdaq dropped 15 points to 1715.

On the upside

Third quarter earnings for Winn-Dixie (Nasdaq: WINN) rose to top estimates prompting the grocery store operator to lift its full year outlook.

Although first quarter earnings fell for Callon Petroleum (NYSE: CPE), the results were better than expected.

Stifel Nicolaus initiated coverage of PetroQuest Energy (NYSE: PQ) with a Buy rating.


On the downside

Advanta (Nasdaq: ADVNB) will no longer make new loans and will close 1 million credit card accounts.

Great Atlantic & Pacific Tea (NYSE: GAP) widened fourth quarter losses prompting a downgrade.

Shares of auto parts suppler American Axle (NYSE: AXL) plunged over concerns that General Motors (NYSE: GM) may file for bankruptcy.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by more than 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks fell 6 points to 495.
Rising crude oil prices weighed down the markets during the midday with the Dow falling 45 points to 8373.  Nasdaq plunged 35 points to 1696.

On the upside

Stec Inc. (Nasdaq: STEC) reported higher first quarter earnings that surpassed estimates prompting an upgrade.

Tw telecom (Nasdaq: TWTC) reversed year ago losses to post a first quarter profit that beat expectations as revenue climbed.

Federal Agricultural Mortgage (NYSE: AGM) swung to a profit for the first quarter.


On the downside

DayStar Technologies (Nasdaq: DSTI) widened first quarter losses as expenses rose.

Six executives at General Motors (NYSE: GM) sold their holdings in the troubled automaker sending the stock price plummeting.

National Financial Partners (NYSE: NFP) swung to a first quarter loss due to a significant goodwill charge.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 13 points to 488.
Stocks opened mixed as the trade deficit for the month of March widened to $27.6 billion.  Meanwhile, oil prices rose above $59 a barrel.  The Dow added 7 points to 8426 while Nasdaq lost 8 points to 1723.

On the upside

Fluor Corp. (NYSE: FLR) posted higher 1st quarter revenues and profits that beat expectations.

Alpha Natural Resources (NYSE: ANR) offered about $1.4 billion in stock to buy Foundation Coal (NYSE: FCL).

China-based Ctrip.com (Nasdaq: CTRP) which offer travel services online posted higher revenues and profits.  Analysts promptly upgraded the stock.


On the downside

Ford (NYSE: F) announced plans to sell 300 million shares in order to raise funds to pay off health care obligations to the auto workers' union.  Meanwhile, analysts noted that General Motors (NYSE: GM) is unlikely to avoid filing for bankruptcy.

Bank of America (NYSE: BAC) raised $7.3 billion by selling part of its stake in China Construction Bank to a group of investors.

Andarko Petroleum (NYSE: APC) offered 30 million shares to raise about $1.5 billion.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by 4 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks was unchanged at 501.

The markets tumbled to close sharply lower with the Dow plummeting 155 points to 8418 as banks began issuing stock to raise capital. Nasdaq fell 7 points to 1731.

On the upside

D&E Communications (Nasdaq: DECC) will be acquired by Windstream (NYSE: WIN) in a cash and stock deal valued at approximately $159 million.

Shares of Vanda Pharmaceuticals (Nasdaq: VNDA) continued rising after the FDA approved the biopharmaceutical's schizophrenia treatment Fanapt.

Shares of Compton Petroleum (NYSE: CMZ) surged ahead of its earnings release after market close.

On the downside

Superior Well Services (Nasdaq: SWSI) swung to a first quarter loss as operating margins fell.

Principal Financial Group (NYSE: PFG) will offer approximately 42.3 million common shares in order to raise about $1 billion.

E*Trade Financial (Nasdaq: ETFC) will raise approximately $150 million through the sale of common stock.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 501.

General Motors said that despite its restructuring efforts, it may still file for bankruptcy protection.  The Dow plunged 136 points to 8437 while Nasdaq lost 5 points to 1733.

On the upside

Shares of Cell Therapeutics (Nasdaq: CTIC) continued climbing after the biopharmaceutical reported sharply narrower first quarter losses last week.

Dish Network (Nasdaq: DISH) reported higher fourth quarter earnings that beat expectations by a wide margin.

Ambac Financial (NYSE: ABK) narrowed first quarter losses as revenue rose.

On the downside

Shares of DryShips (Nasdaq: DRYS) continued falling after announcing last week plans to raise $475 million through an equity offering.

General Motors (NYSE: GM) acknowledged that it may still file for bankruptcy protection.

Morgan Stanley (NYSE: MS) will raise $4 billion through the offering of 167.9 million shares of common stock.

In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 503.

Investors took profits as several major banks announced stock offerings in order to pay off bailout funds.   The Dow lost 127 points to 8446 while Nasdaq dropped 22 points to 1716.

On the upside

Shares of Alabama-based Colonial Bancgroup (NYSE: CNB) continued to rally on hopes that it would receive a capital infusion.

Conseco (NYSE: CNO) posted a profit after the insurer reported improved performance across its entire line of business.

On the downside

U.S. banks announced plans to raise money in order to pay off federal bailout funds.  Shares of U.S. Bancorp (NYSE: USB) and Capital One Financial (NYSE: COF) fell sharply.

American International Group (NYSE: AIG) sold its Japanese headquarters to Nippon Life Insurance for $1.2 billion in cash to make a small dent in the more than $180 billion in bailout funds that it had received from the federal government.

China Precision Steel (Nasdaq: CPSL) posted sharply lower revenues and a net loss as global demand for its products fell.

Shares of Physicians Formula Holdings (Nasdaq: FACE) tumbled after the cosmetics company reported revenues that fell by more than half and a net loss.


In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap lost 8 points to 503.

Investors embraced results from the government's stress tests that banks must raise less capital than expected.  The Dow jumped 164 points to 8574 while Nasdaq soared 22 points to 1739.

On the upside

Deutsche Bank analyst Rod Lache upgraded American Axle (NYSE: AXL) for its cost cutting initiatives and expects the auto parts supplier to survive the auto industry slump.

Relief that the government's stress test indicated that Marshall & Ilsley (NYSE: MI) must raise less capital than originally thought lifted shares of the regional bank.

A jury acquitted W. R. Grace & Co. (NYSE: GRA) along with three former executives on charges that they knowingly exposed mine workers to asbestos.


On the downside

Nvidia (Nasdaq: NVDA) swung to a loss for the first quarter as revenue tumbled and the graphics chip maker recorded a significant charge.

Heckmann (NYSE: HEK) blamed a goodwill impairment charge for reporting a loss for the first quarter.

Ramtron International (Nasdaq: RMTR) swung to a first quarter loss as revenue dropped.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 18 points to 511.
An upbeat jobs reported lifted the markets higher during the midday with the Dow soaring 131 points to 8540.  Nasdaq climbed 17 points to 1733.

On the upside

Huntington Bancshares (Nasdaq: HBAN) issued 38.5 million shares of common stock to raise approximately $120 million.

Although Dynegy (NYSE: DYN) widened first quarter losses, the results surpasses expectations.

Regions Financial (NYSE: RF) agreed to raise the $2.5 billion necessary to satisfy the government's stress test.


On the downside

Crocs (Nasdaq: CROX) widened first quarter losses and forecast disappointing second quarter results.

Allstate (NYSE: ALL) swung to a first quarter loss as investment income dropped and the number of insurance policies fell.

International Rectifier (NYSE: IRF) widend third quarter losses due to lower revenue and a one-time charge.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks jumped 10 points to 503.
U.S. employers cut 539,000 positions, fewer than the 620,000 economists had predicted, even as the overall unemployment rate climbed to 8.9%.  Investors viewed the news as another sign of an economic recovery.  The Dow climbed more than 100 points to 8522 while Nasdaq rose 15 points to 1732.

On the upside

Wells Fargo (NYSE: WFC) offered to sell $7.5 billion in stock at $22 a share.  Investors were relatively optimistic that the bank will raise the money in order to meet balance sheet requirements set by the federal government

Shares of Fifth Third Bankcorp (Nasdaq: FITB) surged after analysts upgraded the regional bank.

Covidien (NYSE: COV) offered $440 million in cash to buy medical device maker VNUS Medical (Nasdaq: VNUS).


On the downside

Toyota Motor (NYSE: TM) lost $7.7 billion in the 1st quarter as a global economic recession took its toll on auto sales.

Delta Petroleum (Nasdaq: DPTR) announced plans to raise $225 million at $1.50 a share with participation by existing investors.

DryShips (Nasdaq: DRYS) announced plans to raise up to $475 million  in addition to $500 million that it had previously announced in January.  Analyst promptly downgraded the stock.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 11 points to 504.
The markets closed sharply lower with the Dow tumbling 102 points to 8409 after a Treasury bond auction failed to generate much interest.  Nasdaq plunged 42 points to 1716.

On the upside

Eclipsys (Nasdaq: ECLP) reported first quarter results that topped analyst estimates and lifted its full year guidance.

Shares of Genworth Financial (NYSE: GNW) rose ahead of its earnings release after market close.

Prudential Financial (NYSE: PRU) reported better than expected first quarter results.


On the downside

Cell Therapeutics (Nasdaq: HOTT) narrowed first quarter losses but shares of the biopharmaceutical tumbled.

First quarter earnings and revenue fell for Diana Shipping (NYSE: DSX) and the drybulk shipper announced the offering of 6 million common shares at a discount.

Strategic Hotels & Resorts (NYSE: BEE) swung to a loss as revenue dropped.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 12 points to 492.
Despite a better than expected jobs report and upbeat retail sales, the markets tumbled during the midday with the Dow dropping 78 points to 8433.  Nasdaq tumbled 32 points to 1726.

On the upside

THQ (Nasdaq: THQI) blamed restructuring costs and lower sales for widening fourth quarter losses but revenue topped estiamtes prompting an upgrade.

KBR Capital Markets analyst David Konrad upgraded Fifth Third Bancorp (Nasdaq: FITB) and raised his price target for the regional bank saying that it should be able to raise the necessary capital to satisfy the government's stress test.

Goldman Sachs upgraded Capital One (NYSE: COF) citing the bank's valuation.


On the downside

Hot Topic (Nasdaq: HOTT) disappointed with April same store sales that fell short of expectations.

US Airways (NYSE: LCC) will issue 15.2 million shares of common stock and $75 million of convertible senior notes in order to raise $150 million.

USEC (NYSE: USU) swung to a loss for the first quarter even as revenue climbed.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 500.
1st time unemployment claims unexpectedly fell to the lowest level in 14 weeks although a record number of people remained out of work.  Investors remained cautious about rising oil prices which hit a six-month high at nearly $58 a barrel.  The Dow rose 50 points to 8562 while Nasdaq added 7 points to 1766.

On the upside

Banking stocks rallied as the results of the government's stress tests indicated capital needs, but all of the banks were deemed strong enough to survive by analysts.  Shares of Citigroup (NYSE: C) and Bank of America (NYSE: BAC) surged higher in heaving trading.

Retailers posted declines in April sales that were smaller than expected.  Shares of Gap (NYSE: GPS) and Wet Seal (Nasdaq: WTSLA) rose in early trading.

Shares of Vanda Pharmaceuticals (Nasdaq: VNDA) soared nearly tenfold after the FDA approved its schizophrenia drug.


On the downside

Macy's (NYSE: M) posted a larger than expected decline in same-store sales due to sluggish consumer spending.

Chemical company DuPont  (NYSE: DD) announced plans to lay off 2000 workers in order cut expenses.

General Motors (NYSE: GM) lost $6 billion in the 1st quarter as revenues fell by nearly half as consumer worried about the auto maker not being able to honor its warranties if the company filed for bankruptcy.

In the broad market, advancing issues outpaced decliners by a margin of 4 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 508.
An upbeat jobs report lifted the markets to a higher close with the Dow soaring 101 points to 8512.  Nasdaq added 4 points to 1759.

On the upside

Vignette (Nasdaq: VIGN) will be acquired by Open Text (Nasdaq: OTEX) in a deal valued at approximately $310 million.

Dolan Media (NYSE: DM) reported higher first quarter earnings as revenue surged.

Ashford Hospitality Trust (NYSE: AHT) swung to a first quarter profit despite lower revenue.


On the downside

Genomic Health (Nasdaq: GHDX) narrowed first quarter losses but the stock price tumbled.

Warren Resources (Nasdaq: WRES) swung to a loss for the first quarter as revenue plunged.

First quarter earnings for Pitney Bowes (NYSE: PBI) fell as revenue slipped prompting the company to lower its full year guidance.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 505.
The markets traded mixed during the midday as rising oil prices tempered news of smaller than expected job losses.  The Dow rose 53 points to 8464 while Nasdaq slipped 2 points to 1751.

On the upside

APAC Customer Services (Nasdaq: APAC) reversed year ago losses to post a profit for the first quarter as revenue rose.

ArvinMeritor (NYSE: ARM) swung to a second quarter loss but the loss was smaller than expected prompting an upgrade.

Fortress Investment Group (NYSE: FIG) narrowed first quarter losses even as revenue fell and assets dropped.


On the downside

While American Capital (Nasdaq: ACAS) narrowed first quarter losses, the loss was greater than analysts expected.

Although Pulte Homes (NYSE: PHM) narrowed first quarter losses, revenue tumbled to fall short of estimates.

Delta Petroleum (Nasdaq: DPTR) widened first quarter losses as revenue fell.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq.  The Russell 2000 which tracks small cap stocks eased a point to 501.
ADP offered investors a hopeful employment picture by predicting a slowdown in the number of private sector jobs being cut.  The Dow rose 50 points to 8461 while Nasdaq edged up 2 points to 1756.

On the upside

Bank of America (NYSE: BAC) may be in need of as much as $34 billion in new capital in order to shore up its balance sheet.   Another report indicated that all banks may need only $75 billion in capital altogether.  Shares of Wells Fargo (NYSE: WFC) and Citigroup (NYSE: C) rose ahead of the results of the government's bank stress tests to be revealed tomorrow.

Shares of Zions Bankcorp (Nasdaq: ZION) surged on expectations that the regional bank will not need more capital infusion.

The Boston Globe, which is owned by The New York Times Company (NYSE: NYT), reached a tentative agreement with labor unions for concessions.


On the downside

Navigation device maker Garmin (Nasdaq: GRMN) posted a sharp drop in revenues and earnings due to a decline in discretionary spending by consumers.

Masimo (Nasdaq: MSI) reported higher revenues and earnings, but investors remained worried about demand for company's medical monitoring devices.

Shares of General Motors (NYSE: GM) fell sharply on worries that the issuance of new stock may significantly dilute existing shareholders.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 504.
Although Federal Reserve Chairman Ben Bernanke reassured investors that the economy is poised to expand in the later half of 2009, the markets closed modestly lower as the services sector registered another contraction.  The Dow slipped 16 points to 8410 while Nasdaq fell 9 points to 1754.

On the upside

Shares of Las Vegas Sands (NYSE: LVS) surged ahead of its earnings release after market close.


AtriCure (Nasdaq: ATRC) reported a smaller than expected first quarter loss as revenue rose and announced that it entered a $10 million credit facility.

Although Radian Group (NYSE: RDN) swung to a first quarter loss, the mortgage insurer reassured investors that it had adequate liquidity.

On the downside

Legg Mason (NYSE: LM) widened fourth quarter losses and cut its quarterly dividend prompting a downgrade.  

Although D. R. Horton (NYSE: DHI) narrowed second quarter losses, revenue fell short of expectations.

FMC (NYSE: FMC) reported lower first quarter earnings as revenue fell, forecast second quarter results below estimates and trimmed its 2009 outlook.


In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 5 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap slipped 4 points to 502.

The nation's services sector continued to contract in April to weigh down the markets during the midday with the Dow losing 36 points to 8390.  Nasdaq dropped 22 points to 1741.

On the upside

Amylin Pharmaceuticals (Nasdaq: AMLN) requested that the Food and Drug Administration approve its once a week injectable diabetes drug exenatide LAR.


An analyst upgraded MGM Mirage (NYSE: MGM) after the casino operator posted a first quarter profit.

A Bloomberg News article said that AIG (NYSE: AIG) is expected to report a first quarter profit and will most likely not need additional capital from the government.

On the downside

Harmonic (Nasdaq: HLIT) disappointed with lower first quarter results that fell short of estimates and forecast second quarter revenue below expectations.  

Myriad Genetics (Nasdaq: MYGN) reversed year ago losses to post a profit for the third quarter but revenue misses estimates.

Chesapeake Energy (NYSE: CHK) widened first quarter losses due to a significant write-down.


In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap lost 7 points to 499.

Investors eagerly awaited the results of the government's stress tests of banks.   The Dow added 17 points to 8444 while Nasdaq dropped 10 points to 1753.

On the upside

CVS Caremark (NYSE: CVS) posted lower profits due to a slowdown in discretionary spending.  However, overall revenues was boosted by the acquisition of Longs Drugs stores.


Kraft Foods (NYSE: KFT) reported higher profits and lower revenues due to a strong dollar weighing down international sales results.

Pegasystems (Nasdaq: PEGA) posted record revenues and profits that beat estimates.  The company makes business process management software solutions.

On the downside

NetSuite (NYSE: N) posted a profit on higher revenues that narrowly missed estimates.  An analyst downgraded the on-demand business management software company. 

Hologic (Nasdaq: HOLX) announced a delay to request FDA approval which in turn delayed the launch of its mammography system.

PetroQuest Energy (NYSE: PQ) posted a sizable loss due to a decline in oil prices and may need to raise more money which would be dilutive to existing shareholders.


In the broad market, declining issues outpaced advancers by a margin of 4 to 3 on the NYSE and by 3 to 2 on Nasdaq.  The Russell 2000 which tracks small cap dropped 4 points to 502.

Upbeat reports of construction spending and pending home sales that surpassed analyst expectations lifted the markets to a sharply higher close with the Dow jumping 214 points to 8426.  Nasdaq leaped 44 points to 1763.

On the upside

Shares of Crocs (Nasdaq: CROX) surged after Wedbush Morgan analyst Jeff Mintz said that he expects Crocs to post a smaller than expected loss.

Fifth Third Bancorp (Nasdaq: FITB) has refinanced over $21 million in Freddie Mac loans.

The government requested that Wells Fargo (NYSE: WFC) raise additional capital as a precaution against further loan losses.


On the downside

While Calgon Carbon (NYSE: CCC) reported lower first quarter earnings that met estimates, revenue fell short of expectationsa.  

DirecTV (Nasdaq: DTV) will merge with the entertainment unit of Liberty Media then spin-off as a new company.

First quarter earnings for Astronics (Nasdaq: ATRO) plunged by nearly half to miss expectations.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 19 points to 506.

Better than expected construction spending and pending home sales in March boosted the markets during the midday with the Dow soaring 167 points to 8379.  Nasdaq climbed 29 points to 1748.

On the upside

Shares of Massey Energy (NYSE: MEE) and Foundation Coal Holdings (NYSE: FCL) climbed after Goldman Sachs upgraded the coal sector.

Canadian Solar (Nasdaq: CSIQ) will provide Topinfrasolar with an additional 5 megawatts of solar products.

Continental Airlines (NYSE: CAL) reported lower April traffic and capacity data but demand has stabilized.


On the downside

Motley Fool's investment community gave BioCryst Pharmaceuticals (Nasdaq: BCRX) a one-star rating, the lowest ranking.  

Comtech (Nasdaq: CMTL) will offer $200 million in convertible senior notes through a private placement.

Although fourth quarter earnings for Haemonetics (NYSE: HAE) rose to top estimates, the company forecast full year revenue that fell short of expectations.


In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks soared 10 points to 497.

The markets opened higher with the Dow climbing 96 points to 8308 as investors await housing and construction reports.  Nasdaq rose 17 points to 1736.

On the upside

Sprint Nextel (NYSE: S) widened first quarter losses as revenue dropped but the results were better than expected.

Shares of Boise (NYSE: BZ) rose ahead of its earnings release tomorrow.

UBS upgraded Cott (NYSE: COT) after the soft drink maker reversed year ago losses to post a first quarter profit.


On the downside

Tyson Foods (NYSE: TSN) blamed falling beef sales and charges for a larger than expected second quarter loss.  

Calgon Carbon (NYSE: CCC) disappointed with first quarter revenue that fell short of estimates.

Caris & Co. downgraded AthenaHealth (Nasdaq: GPRO) after the online services provider for medical practices reported first quarter revenue that misses expectations.


In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 4 points to 491.

Markets Post Modest Gains

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A surprising gain in consumer sentiment lifted the markets to a modestly higher close with the Dow climbing  44 points to 8212.  Nasdaq rose a point to 1719.

On the upside

American Capital (Nasdaq: ACAS) is exploring the possible sale of its European Capital business.

PerkinElmer (NYSE: PKI) blamed charges for sharply lower first quarter earnings but the results topped estimates.

First quarter earnings for General Cable (NYSE: BGC) slipped but the results beat expectations and the company forecast upbeat second quarter results.


On the downside

Shares of Novavax (Nasdaq: NVAX) retreated as investors locked in profits.  

Brean Murray downgraded GigaMedia (Nasdaq: GIGM).

First quarter earnings for Gen-Probe (Nasdaq: GPRO) tumbled as revenue dropped.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap eased a fraction to 486.

The markets traded mixed during the midday as a sharper than expected drop in factory orders tempered news of a surge in consumer sentiment.  The Dow slipped 5 points to 8162 while Nasdaq added a point to 1718.

On the upside

James River Coal (Nasdaq: JRCC) reversed year ago losses to post a profit as the average price of Central Appalachian coal climbed.

Private label soft drink maker Cott (NYSE: COT) swung to a profit due to cost cutting measures.

DryShips (NYSE: DRYS) reported a first quarter loss but the results beat expectations.


On the downside

Evergreen Solar (Nasdaq: ESLR) blamed a significant charge for widening first quarter losses.  

Reliant Energy (NYSE: RRI) completed the sale of its Texas retail business to NRG Energy (NYSE: NRG) and announced the retirement of board chairman Joel Staff on June 18.

Although first quarter earnings rose for Aon (NYSE: AOC) due to cost cutting measures, the results fell short of estimates.


In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 3 on the NYSE and by 1nearly 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap added a point to 488.

Investors were mostly unimpressed with the latest batch of corporate earnings which reflected continued weakness in the economy.  The Dow drifted lower to 8136, down 31 points.  Nasdaq fell 9 points to 8136.

On the upside

Sumitomo Mitsui acquired Citigroup's Japan brokerage businesses (NYSE: C) for $5.6 billion, a highly-anticipated move that would help shore up Citigroup's balance sheet.

Shares of McAfee (NYSE: MFE) rose after the computer security software maker reported a jump in quarterly profits.

General Cable (NYSE: BGC) posted lower 1st quarter profits, but the results for the wire and cable maker were better than expected.


On the downside

Insurers MetLife (NYSE: MET) and Hartford Financial Services Group (NYSE: HIG) posted losses for the 1st quarter. 

MasterCard (NYSE: MA) reported lower revenues and profits from its credit card and global payment operations.

Chevron (NYSE: CVX) posted sharply lower revenues and earnings due to the steep decline in oil prices versus year-ago levels.   The results met most analysts' expectations, but the stock opened lower along with the rest of the market.


In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap eased 2 points to 485.

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