Stocks Open Higher on Firmer Corporate Profits
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.
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.
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.
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
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.
