June 2009 Archives

Despite retreating crude oil prices, the markets closed lower with the Dow dropping 82 points to 8447 as consumer confidence posted an unexpected drop. Nasdaq lost 9 points to 1835.

On the upside

Trina Solar's (NYSE: TSL) major solar module glass supplier Beijing Hua Mei Dazheng Technology will build a production facility next to Trina's manufacturing complex in the Changzhou Trina Photovoltaic Industrial Park.

BMO Capital Markets analyst Tim Long initiated coverage of Research in Motion (Nasdaq: RIMM) with an Outperform rating.

CapitalOne upgraded Callon Petroleum (NYSE: CPE).

On the downside

Alliance One International (NYSE: AOI) priced its offering of senior convertible notes.

BMO Capital Markets analyst Tim Long initiated coverage of Nokia (NYSE: NOK) with an Underperform rating.

Pfizer (NYSE: PFE) agreed to changes in its bid to acquire Wyeth in order to gain regulatory approval in Europe.

In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased 2 points to 508.

An unexpectedly sharp drop in consumer confidence dampened investor enthusiasm to send the market lower during the midday with the Dow tumbling 110 points to 8419. Nasdaq dropped 14 points to 1829.

On the upside

H&R Block (NYSE: HRB) reported higher fourth quarter earnings that beat analyst expectations.

EXCO Resources (NYSE: XCO) will sell a 50% stake in its Haynesville shale to BG Group for $1.3 billion.

Novavax (Nasdaq: NVAX) will develop genetically engineered pandemic and seasonal flu vaccines for the Spanish government.

On the downside

Raser Technologies (NYSE: RZ) will sell $25.5 million worth of common stock and warrants to institutional investors through a registered direct offering.

Broadcom (Nasdaq: BRCM) increased its hostile takeover of Emulex (NYSE: ELX) to $11 per share.  Emulex rejected Broadcom's acquisition overtures earlier this year.

HCP (NYSE: HCP) filed a breach of contract complaint against Sunrise Senior Living (NYSE: SRZ) and is pursuing legal avenues to terminate agreements on 64 properties.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 508.

Housing prices fell versus year-ago levels, but at a slower rate.  Meanwhile, oil prices rose to the $72 a barrel mark in the aftermath of attacks on oil installations in Nigeria.  The Dow added 6 points to 8536 while Nasdaq climbed 4 points to 1848.

On the upside

Geron (Nasdaq: GERN) and GE Healthcare, a unit of General Electric (NYSE: GE) agreed to conduct joint research to develop embryonic stem cell products.

An analyst upgraded Fedex (NYSE: FDX).

Vical (Nasdaq: VICL) reported positive results for its swine flu vaccine works in mice.

On the downside

Schnitzer Steel Industries (Nasdaq: SCHN) unexpectedly posted a 3rd quarter loss.

American International Group (NYSE: AIG) sold off its credit card operations in Taiwan for an undisclosed amount.

Tobacco maker Alliance One International (NYSE: AOI) priced $100 million in senior subordinated debt.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by more than 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 511.

Increasing commodity prices lifted the markets to a higher close with the Dow climbing 90 points to 8529. Nasdaq added 5 points to 1844.
 

On the upside

Comcast will introduce a wireless Internet service carried over Clearwire's (Nasdaq: CLWR) 4G network in Portland, Oregon.

Sterne Agee upgraded Aecom Technology (NYSE: ACM).

ArvinMeritor (NYSE: ARM) will sell another light vehicle Chassis business for a total of three units being sold.

On the downside

American International (NYSE: AIG) will sell its Russian consumer finance business to Peugeot. The insurer will also hold its annual meeting tomorrow when a new board will be elected.

Citi Investment Research analyst Ashwin Shirvaikar downgraded Watson Wyatt Worldwide (NYSE: WW) over concerns about the company's proposed merger with Towers Perrin.

Encore Energy (NYSE: ENP) will raise funds through the offering of 8.2 million common shares.

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 slipped 2 points to 510.

Madoff Gets 150 Years

|
Bernard Madoff was sentenced to the maximum prison term of 150 years for fraud. The Dow gained 83 points to 8521 during the midday while Nasdaq rose 10 points to 1849.
 

On the upside

The Israel Defense Forces placed a $10 million order for the David Light Armored Vehicle from Arotech (Nasdaq: ARTX).

Rite Aid (NYSE: RAD) refinanced a $145 million loan and a $1.75 billion credit facility.

J.P. Morgan upgraded TRW Automotive Holdings (NYSE: TRW) and lifted its priced target for the automotive parts supplier after TRW amended its credit agreement.

On the downside

Allis-Chalmer Energy (NYSE: ALY) will use funds raised through a rights offering to purchase up to $74.8 million worth of senior notes.

Shares of Gildan Activewear (NYSE: GIL) fell despite reassurances that its manufacturing facilities in Honduras remain unaffected by military coup.

FBR Capital Markets analyst Luther Lu downgraded Alcoa (NYSE: AA) citing an oversupply of aluminum along with recent gains in Alcoa's stock price.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 513.

The stock markets opened sideways as oil prices rose toward the $70 a barrel mark.  Meanwhile, spectators converged in New York to witness the sentencing of Bernard Madoff for orchestrating a multi-billion dollar pyramid scheme. The Dow added 5 points to 8444 while Nasdaq lost 8 points to 1830.
 

On the upside

Teppco Partners (NYSE: TPP) received a $3.3 billion all-stock offer from Enterprise Products (NYSE: EPD) for its crude and natural gas pipelines.

Sallie Mae (NYSE: SLM) was upgraded by an analyst citing more government contracts and improved liquidity.

Wendys/Arby's Group (NYSE: WEN) received a favorable write-up in Barron's.

On the downside

An analyst downgraded chip amker Monolithic Power Systems (Nasdaq: MPWR).

Shares of China-Biotics (Nasdaq: CHBT) re-traced after last week's rally on news that it would join the Russell 3000 Index.

Shares of Zion OIl & Gas (Amex: ZN) lost ground again following the issuance of $21 million in new stock last week.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 8 points to 505.

The nation's savings rate climbed to a 15 year high sparking concerns of a protracted economic recovery. The Dow lost 34 points to 8438 while Nasdaq rose 8 points to 1838.
 

On the upside

Hampton Roads Bankshares (Nasdaq: HMPR) announced that Steven M. Belote will be the new president and chief executive of Shore Bank.

Conseco (NYSE: CNO) said that two companies in its Conseco Insurance Group will coinsure in order to increase the company's consolidated risk-based capital ratio.

Steelcase (NYSE: SCS) a quarterly dividend of 4 cents per share payable on July 17, 2009 to shareholders of record July 2, 2009.

On the downside

Integra Bank (Nasdaq: IBNK) warned that expenses related to controlling costs will hurt second quarter results.

Gerber Scientific (NYSE: GRB) disappointed with lower fourth quarter revenue and earnings due to the slumping economy.

Lydall Affinity (NYSE: LDL) named Bill Hume as General Manager and Bob Sandberg as Director of Sales, Marketing and Service.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 513.

The markets extended its losses during the midday with the Dow dropping 62 points to 8410 as consumers save more than they spend. Nasdaq lost 4 points to 1825.
 

On the upside

Seagate Technology (Nasdaq: STX) lifted its outlook for the fourth quarter yesterday prompting an analyst upgrade.

Second quarter earnings for Tibco Software (NYSE: TIBX) nearly tripled to top estimates.

Boston Scientific (Nasdaq: BSX) appointed Ray Elliott to the position of president and chief executive replacing retiring CEO Jim Tobin.

On the downside

Shares of Chico's FAS (NYSE: CHS) fell after the Commerce Department reported that consumers saved at the highest rate in 15-years.

Fitch Rating lowered Delta Air Lines' (NYSE: DAL) debt rating.

Third quarter earnings and revenue tumbled for Robbins & Myers (NYSE: RBN) and the company.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks eased 2 points to 506.

While incomes climbed by the largest amount in a year, consumers saved more than they spent. The Dow lost 24 points to 8448 while Nasdaq slipped 3 points to 1826.
 

On the upside

Although Palm (Nasdaq: PALM) widened fourth quarter losses, the results were better than expected.

Russian newspaper Vedomosti reported that Telenor and Alfa Group were close to an agreement to merge their stakes in Vimpelcom (NYSE: VIP) and Kyivstar.

A bidding war for Borland Software (Nasdaq: BORL) began when an unnamed party offered $1.25 per share for the company, topping Micro Focus' $1.15 per share offer made last week.

On the downside

The Food and Drug Administration issued Immucor (Nasdaq: BLUD) a notice of intent to revoke the license for some blood reagents.

Although KB Home (NYSE: KBH) narrowed second quarter losses, the results were worse than expected.

The Associated Press reported that former MGM Mirage (NYSE: MGM) chief executive Terry Lanni received a compensation package valued at approximately $5.8 million in 2008.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased 2 points to 506.

Strong Treasury auction demand lifted the markets to a sharply higher close with the Dow jumping 172 points to 8472. Nasdaq surged 37 points to 1829.
 

On the upside

Shares of Medidata (Nasdaq: MDSO) surged on its first day of trading.

Caris & Co. upgraded Sally Beauty Holdings (NYSE: SBH).

ArvinMeritor (NYSE: ARM) will sell its majority stakes in two joint ventures in order to focus on its core business of commerical vehicles.

On the downside

Shares of Ambac (NYSE: ABK) continued falling after Standard & Poor's cut the insurer's ratings yesterday.

Republic Airways Holdings (Nasdaq: RJET) announced yesterday that it will acquire Midwest Airlines in a deal valued at approximately $31 million.

Sanofi-Aventis (NYSE: SNY) announced that it will no longer sell pain killers containing dextropropoxyphene in Europe after the European Medicines Agency recommended that all pain medication containing dextropropoxyphene by withdrawn due to possible fatal overdoses.

In the broad market, advancing issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 14 points to 509.

Upbeat earnings news boosted the markets higher uring the midday with the Dow surging 181 points to 8481. Nasdaq soared 34 points to 1827.
 

On the upside

Dress Barn (Nasdaq: DBRN) will acquire Tween Brands (NYSE: TWB) for approximately $157 million in stock.

Hertz Global (NYSE: HTZ) second quarter and full year results ahead of analyst expectations.

J. P. Morgan Securities analyst Andrew Wessel upgraded Sallie Mae (NYSE: SLM) citing recent government contracts.

On the downside

Acxiom (Nasdaq: ACXM) warned that first quarter revenue will drop to fall far short of analyst estimates.

ConAgra Foods (NYSE: CAG) disappointed with lower fourth quarter earnings even as revenue rose.

Fourth quarter earnings and revenue for Jackson Hewitt Tax Service (NYSE: JTX) dropped to fall short of estimates.

In the broad market, advancing issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 503.

An unexpected increase in jobless claims weighed the markets down to a lower open with the Dow losing 25 points to 8274. Nasdaq fell 8 points to 1783.
 

On the upside

Jazz Pharmaceuticals (Nasdaq: JAZZ) announced upbeat results from a Phase III clinical trial of its fibromyalgia treatment sodium oxybate.

China Architectural Engineering (Nasdaq: CAEI) won a contract valued at over $500 million to develop and build a resort for the Shanghai Nine Dragon Co.

Although Lennar (NYSE: LEN) widened second quarter losses, new home sales and orders rose compared with the first quarter.

On the downside

Insmed (Nasdaq: INSM) reported disappointing results from a Phase II clinical trial of its myotonic muscular dystrophy treatment IPLEX.

Red Hat (NYSE: RHT) posted higher first quarter earnings and revenue that topped estimates but the stock price fell as analysts noted the company's high valuation.

Fourth quarter earnings for Nike (NYSE: NKE) fell due to the economic slump.

In the broad market, declining issues barely edged out advancers by a slim margin on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 495.

It was a mixed close for the markets with the Dow losing 23 points to 8299 after the Federal Reserve held interest rates steady while reassuring investors that the weak economy will curb inflation. Nasdaq climbed 27 points to 1792.
 

On the upside

Spherix (Nasdaq: SPEX) reported positive Phase 2 clinical trial results for its Type 2 diabetes treatment Naturlose.

Unisys (NYSE: UIS) won a contract from the General Services Administration valued at approximately $17.4 million over five years to design, develop and maintain a freight transportation services purchasing system for the Defense Department.

A judge ordered Republic Engineered Products to resume steel shipments to American Axle & Manufacturing (NYSE: AXL).

On the downside

Jefferies & Co. analyst Laurence Alexander widened his 2009 loss outlook for Huntsman (NYSE: HUN) and lowered his 2010 earnings forecast.

Oppenheimer & Co. downgraded Tesoro (NYSE: TSO) citing weak demand amidst rising crude oil prices.

Omnova Solutions (NYSE: OMN) swung to a profit for the second quarter that topped analyst estimates as the specialty chemicals maker cut costs but the stock price fell.

In the broad market, advancing issues outpaced decliners 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 gained 5 points to 494.

Durable goods orders rose more than expected to lift the markets higher during the midday with the Dow gaining 55 points to 8378. Nasdaq soared 37 points to 1802.
 

On the upside

Although third quarter earnings and revenue slipped for Sonic (Nasdaq: SONC), the results surpassed expectations.

American Greetings (NYSE: AM) reported lower first quarter earnings but the results topped estimates as the greeting card company cut expenses.

The U. S. Navy selected Mobile Armor, which contracts with MTM Technologies (Nasdaq: MTMC), to provide data security software to protect data at rest.

On the downside

PetroQuest Energy (NYSE: PQ) will raise capital through the offering of 10 million common shares.

Janney Montgormery Scott analyst Thomas C. McCrohan downgraded Wright Express (NYSE: WXS) due to possible negative implications from a new banking rule.

Standard & Poor's lowered its ratings for Ambac Financial (NYSE: ABK) saying that the company's bond insurance unit will have trouble writing new business.

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 climbed 9 points to 499.

An unexpected gain in durable goods orders lifted the markets to a higher open with the Dow rising 53 points to 8376. Nasdaq climbed 21 points to 1786.
 

On the upside

MGM Mirage (NYSE: MGM) reassured investors that its recent stock and notes offering along with an amended credit agreement have erased concerns about the casino's ability to continue operations.

Barclays Capital upgraded AES (NYSE: AES).

Rite Aid (NYSE: RAD) narrowed first quarter losses even as revenue slipped.

On the downside

Supervalu (NYSE: SVU) blamed lower consumer spending amidst the recession for warning that first quarter earnings will fall far short of analyst estimates.

Jefferies & Co. analyst George Notter cited pricing pressures for downgrading Harmonic (NYSE: HLIT).

Legacy Reserves (Nasdaq: LGCY) announced that it will terminate discussions with Apollo Management to go private.

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 5 points to 495.

A disappointingly small increase in May existing home sales weighed down the markets to a modestly lower close with the Dow losing 16 points to 8322. Nasdaq eased a point to 1764.
 

On the upside

Navios Maritime (NYSE: NM) will purchase four new Capesize vessels and amended agreements to build three Capesize vessels.

The waiting period for the proposed merger between Alpha Natural Resources (NYSE: ANR) and Foundation Coal Holdings (NYSE: FCL) expired. Shareholders of record June 25, 2009 will vote on the proposed merger on July 31, 2009.

Republic Airways Holdings (Nasdaq: RJET) will acquire Midwest Airlines.

On the downside

Halozyme Therapeutics (Nasdaq: HALO) raised approximately $40 million through the sale of 6.15 million shares of common stock.

UBS Investment Research analyst Kevin Crissey cited continued weakness in air travel for lowering his estimate for US Airways (NYSE: LCC).

Actuant (NYSE: ATU) will raise capital to pay down debt through a public offering of 9 million common shares.

In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 489.

The markets traded near the flatline during the midday with the Dow slipping 5 points to 8333 as exiting home sales rose less than expected in May. Nasdaq added a point to 1768.
 

On the upside

Compugen (Nasdaq: CGEN) reported that its novel peptide antagonist demonstrated positive effects in an animal model of inflammatory bowel disease.

Boston Scientific (NYSE: BSX) reported upbeat results from a study of its heart resynchronization implant device.

Mechel's (NYSE: MTL) majority owner Igor Zyuzin used nearly 38% of company stock as collateral to borrow funds.

On the downside

United Airlines parent UAL (Nasdaq: UAUA) blamed the sluggish economy for placing another 600 flight attendants on furloughs.

Cytec Industries (Nasdaq: CYT) said that falling demand prompted the specialty chemicals maker to halve its profit outlook for 2009.

Pacific Capital Bancorp (Nasdaq: PCBC) suspended dividends for both common as well as preferred stock and deferred interest payments on its notes prompting a downgrade.

In the broad market, advancing issues edged out decliners by a margin of nearly 10 to 9 on the NYSE while decliners outpaced advancers by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 492.

The markets opened higher after yesterday's sell-off with the Dow adding 8 points to 8347 as bargain hunters snapped up deals. Nasdaq rose 7 points to 1773.
 

On the upside

Italy's only telecom selected Alvarion (Nasdaq: ALVR) to deploy a nationwide wireless network.

LabCorp will pay approximately $106.7 million to acquire Monogram Biosciences (Nasdaq: MGRM).

Standard & Poor's will replace Tyco Electronics (NYSE: TEL), which is being reincorporated in Switzerland, with MetroPCS (NYSE: PCS) on the S&P 500 index.

On the downside

Rambus (Nasdaq: RMBS) cut its second quarter revenue forecast and warned of higher litigation expenses.

Although fourth quarter earnings for Smith & Wesson (Nasdaq: SWHC) more than doubled to beat expectations, the firearms maker said that order backlogs will fall in the first quarter.

Boeing (NYSE: BA) once again postponed the initial test flight of its next generation 787 jetliner saying that a section of the aircraft must be reinforced.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 2 points to 495.

The World Bank warned that the global economy will shrink further in 2009 sending the markets tumbling to a sharply lower close with the Dow slumping 200 points to 8339. Nasdaq skidded 61 points to 1766.
 

On the upside

Finish Line (Nasdaq: FINL) will no longer maintain the Man Alive business, which has seen sales plunge.

The U. S. Supreme Court upheld Coeur d'Alene Mines' (NYSE: CDE) permit to dump gold mine rock waste in a lake in Alaska.

On the downside

Rex Energy (Nasdaq: REXX) sold 50% of its stake in Marcellus shale to Williams (NYSE: N) for approximately $33 million.

Allis-Chalmers Energy (NYSE: ALY) extended the expiration date for two tender offers for senior notes.

Last week, Maguire Properties (NYSE: MGP) announced the extension of the debt maturity on a construction loan.A federal jury ordered Headwaters (NYSE: HW) to pay $8.7 million plaintiffs in a class action lawsuit.

In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 19 points to 492.

The markets extended its losses during the midday with the Dow skidding 186 points to 8353 over concerns that the global economy continues to shrink. Nasdaq plummeted 58 points to 1769.
 

On the upside

Medarex (Nasdaq: MEDX) indicated that its prostate cancer treatment showed promise.

Level 3 Communications (Nasdaq: LVLT) signed an agreement to exchange cash and a new issue of senior convertible notes for part of an existing convertible subordinated notes and convertible senior notes held by institutional investors.

Oncothyreon (Nasdaq: ONTY) launched a global Phase 3 clinical trial of the cancer vaccine Stimuvax.

On the downside

Merrill Lynch downgraded Alcatel-Lucent (NYSE: ALU) saying that there was little upside to the stock price.

Last week, Whiting Petroleum (NYSE: WLL) priced an offering of up to 3 million perpetual preferred stock at $100 per share.

Shares of DryShips (Nasdaq: DRYS) tumbled after FBR Capital Markets analyst Robert Mackenzie downgraded the dry bulk shipping secto

In the broad market, declining issues outpaced advancers by a margin of 6 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 15 points to 496.

The World Bank warned that the global economy will shrink by 2.9% in 2009 sending oil prices lower and raising worries of a stalled economic recovery in the U.S.  The Dow lost 78 points to 8461 while Nasdaq dropped 22 points to 1805.
 

On the upside

Apple (Nasdaq: AAPL) announced that it had sold more than 1 million units of its newest iPhones in 3 days.  Subscribers reported some start-up delays due to backlogs at the phone carrier AT&T (NYSE:T).

Specialty Underwriters' Alliance (Nasdaq: SUAI) received an all-stock offer of $107 million from Tower Group (Nasdaq: TWGP) to combine its insurance sales operations.

On the downside

Drugstore retailer Walgreen (NYSE: WAG) posted higher 3rd quarter revenues and lower earnings due to reorganization expenses.

LodgeNet Interactive (Nasdaq: LNET) announced a $50 million offering of preferred convertible stock.

Shares of Manulife Financial (NYSE: MFC), Canada's largest insurer, continued to sell off after the company receive a notice from Ontario Securities Commission last week to investigate the risk exposure of its products.

The energy sector sagged as oil prices fell below $68 a barrel.  Shares of Chevron (NYSE: CVX) and Exxon Mobile (NYSE: XOM) lost ground.

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

Concerns about a stalled economic recovery weighed down blue chips with the Dow falling 15 points to 8539. Nasdaq gained 19 points to 1827.

 

On the upside

Wyndham Worldwide (NYSE: WYN) affirmed its outlook for the second quarter as well as the full year.

Barclays Capital analyst Brian Johnson upgraded ArvinMeritor (NYSE: ARM) saying that earnings will rebound in 2011.

Merchant service provider Central Payment will market Hypercom's (NYSE: HYC) high security T4205  transaction terminal.

Cell Therapeutics (NYSE: CTIC) was listed among the top ten stock searches at TheStreet.com.

On the downside

PAETEC (Nasdaq: PAET) will raise $350 million through a private offering of senior secured notes.

Shares of Research in Motion (Nasdaq: RIMM) continued falling after the BlackBerry maker forecast disappointing second quarter as well as full year results.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by a margin of more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 512.

The markets traded mixed during the midday with the Dow losing 14 points to 8541 as the price of a barrel of crude oil rose. Nasdaq climbed 17 points to 1825.

 

On the upside

Solutia (NYSE: SOA) raised approximately $103 million through the public offering of about 20 million common shares.

Oculus Innovative Sciences (Nasdaq: OCLS) reported promising preliminary results for its acne treatment Microcyn hydrogel.

The Chinese government's support of solar technology boosted shares of Yingli Green Energy (NYSE: YGE). Investors expect solar incentives to direct more than $10 billion to the solar sector in the next three years.

On the downside

The South Financial Group (Nasdaq: TSFG) will offer 75 million common shares at a discounted price of $1 per share.

Several institutional investors agreed to purchase $40 million in senior convertible notes and warrants from A-Power Energy Generation Systems (Nasdaq: APWR).

Ambac Financial (NYSE: ABK) postponed the launch of Everspan Financial Guarantee after failing to raise enough capital to achieve sufficient financial strength ratings.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by a margin of nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 513.

Investors snapped up shares of health care and financial services companies and making bets on their recovery along with the rest of the economy.  The Dow rose 49 points to 8605 while Nasdaq surged 22 points to 1830.

On the upside

The new 3G S iPhone went on sale at Apple (Nasdaq: AAPL) and AT&T (NYSE: T) stores this morning.

Sealy Corp. (NYSE: ZZ) offered solid guidance for its mattress business to surpass analysts' expectations.

Shares of Smith & Wesson (Nasdaq: SWHC) surged after the firearms maker posted higher revenues.   Analysts promptly upgraded the stock.

Auto retailer CarMax (NYSE: KMX) posted lower 1st quarter revenues and profits, but the results beat expectations.

On the downside

E-Trade Financial (Nasdaq: ETFC) priced a public offering of 435 million shares of common stock at $1.10 per share.

Teekay Tankers (NYSE: TNK) offered 7 million common shares to buy a tanker and pay down debt.

In the broad market, advancing issues outpaced decliners by a margin of 3 to 1 on the NYSE and by a margin of 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 517.

A slight decline in the number of people receiving unemployment benefits boosted the markets to a higher close with the Dow rising 58 points to 8555. Nasdaq eased a fraction to 1807.

On the upside

Shares of American Capital (Nasdaq: ACAS) surged over optimism that the company will be able to renegotiate the terms of its loans.

The U. S. government awarded Nelnet (NYSE: NNI) and three other firms a loan servicing contract for $550 billion in student loans.

Shares of Cigna (NYSE: CI) and Health Net (NYSE: HNT) rose as Congressional committees working on health care reform fell behind schedule.

On the downside

Caterpillar (NYSE: CAT) reported that global sales plunged 43% in the quarter ended May.

Hospitality Properties Trust (NYSE: HPT) will offer 15 million shares of common stock to raise capital in order to pay down debt.

While first quarter earnings for Research in Motion (Nasdaq: RIMM) rose to beat expectations as sales climbed, the BlackBerry maker forecast disappointing second quarter results.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 3 on the NYSE and by a margin of 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 2 points to 509.

Falling mortgage rates tempered rising oil prices to lift the markets higher during the midday with the Dow gaining 63 points to 8560. Nasdaq added a point to 1809.

On the upside

Deutsche Bank North American analyst Karen Tang upgraded Melco Crown Entertainment (Nasdaq: MPEL).

Although Carnival (NYSE: CCL) reported lower second quarter earnings, the results topped analyst estimates.

Analysts upgraded National Penn Bancshares (Nasdaq: NPBC).

On the downside

Liz Claiborne (NYSE: LIZ) warned that its loss for the second quarter would be wider than expected.

Macy's (NYSE: M) announced a voluntary recall of 33,000 children's hooded sweatshirts with hood drawstrings that may be a strangulation hazard.

In lieu of contributing $83 million to its pension plan, YRC Worldwide (Nasdaq: YRCW) used real estate as collateral for the payment.

In the broad market, advancing issues outpaced decliners by a margin of 4 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 added a point to 508.

The total number of people on the unemployment rolls fell even as 1st time jobless claims rose for the latest week.  The Dow edged up a point to 8498 while Nasdaq lost 6 points to 1801.

On the upside

Discover Financial Services (NYSE: DFS) posted a profit due to a one-time payment from the settlement of a lawsuit with rivals.

An analyst upgraded Atheros Communications (Nasdaq: ATHR), a chip maker pursuing the mobile market.

Shares of Sallie Mae (NYSE: SLM) soared after the company won a 5-year government loan-servicing contract.

On the downside

Winnebago Industries (NYSE: WGO) posted sharply lower revenues and a loss as tight credit made it harder for consumers to buy its recreational vehicles.

NBC Universal announced plans to use online ad sales software provided by Microsoft (Nasdaq: MSFT).   NBC Universal is owned by General Electric (NYSE: GE).

Hospitality Properties Trust (NYSE: HPT) announced the sale of 15 million shares raising funds to pay down debt.

In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by a margin of more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 502.

It was a mixed close for the markets as Standard & Poor's downgraded the credit ratings on 18 banks while consumer prices rose modestly. The Dow slipped 7 points to 8497 while Nasdaq rose 11 points to 1808.

On the upside

Although Actuant (NYSE: ATU) swung to a loss for the third quarter, the results topped analyst expectations and the company forecast upbeat fourth quarter earnings.

Shares of Pier 1 Imports (NYSE: PIR) rose ahead of its earnings release tomorrow.

Employers Holdings (Nasdaq: EIG) will be added to the S&P SmallCap 600 Index.

On the downside

Standard & Poor's cited continued weakness in the financial services sector for lowering the ratings on Citizens Republic Bancorp (Nasdaq: CRBC).

Standard & Poor's downgraded Beazer Homes' (NYSE: BZH) corporate credit rating further into junk status.

Potash (NYSE: POT) will cut 2009 production by another 0.8 million metric tons making the total 2009 production reduction 5.5 million metric tons.

In the broad market, declining issues outpaced advancers by a margin of 4 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 rose 3 points to 507.

Despite a disappointingly small gain in consumer prices, the markets rose during the midday with the Dow climbing 20 points to 8525 as oil prices retreated. Nasdaq gained 13 points to 1809.

On the upside

Badger Meter (Nasdaq: BMI) will replace WMS Industries (NYSE: WMS) on the S&P SmallCap 600.

Genesee & Wyoming (NYSE: GWR) priced its offering of 4 million common shares at $24.50 per share.

Molecular Insight Pharma (Nasdaq: MIPI) reported that its Trofex imaging compound may be able to detect and treat prostate cancer.

On the downside

E-Trade Financial (Nasdaq: ETFC) will offer common stock to raise approximately $400 million.

Cell Therapeutics (Nasdaq: CTIC) reduced $54.8 million in debt through the exchange of $7.4 million in cash and 25.1 million shares of stock.

Patriot Coal (NYSE: PCX) priced its offering of 12 million common shares at $7.90 per share.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 506.

A slight uptick in consumer prices lifted the markets to modestly higher open with the Dow gaining 11 points to 8516. Nasdaq added a point to 1797.

On the upside

A Food and Drug administration advisory panel recommended approval for Savient Pharmaceuticals' (Nasdaq: SVNT) gout treatment prompting an upgrade.

Antigenics (Nasdaq: AGEN) will begin a Phase 3 clinical trial of its malaria vaccine RTS,S, which is the most advanced malaria vaccine in development.

Alvarion (Nasdaq: ALVR) secured a five year $100 million contract to provide wireless broadband network service to Open Range Communications.

On the downside

A jury ruled that two patents owned by Star Scientific (Nasdaq: STSI) were not infringed upon by RJ Reynolds (NYSE: RAI).

Standard & Poor's cut its ratings on KeyCorp (NYSE: KEY).

FedEx (NYSE: FDX) widened fourth quarter losses as revenue fell and warned that the global economic crises will continue to negatively impact results.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 499.

A disappointing drop in industrial production sent the markets tumbling to a lower close with the Dow falling 107 points to 8504. Nasdaq lost 20 points to 1796.

On the upside

Alexza Pharmaceuticals (Nasdaq: ALXA) will acquire Symphony Allegro.

La-Z-Boy (NYSE: LZB) reversed year ago losses to post a profit for the fourth quarter that topped analyst estimates.

Collins Stewart upgraded Force Protection (Nasdaq: FRPT).

On the downside

The Food and Drug Administration warned that use of Matrixx Initiatives' (Nasdaq: MTXX) Zicam Cold Remedy products may permanently damage a person's sense of smell.

A-Power Energy Generation Systems (Nasdaq: APWR) disappointed with sharply lower first quarter earnings that fell short of expectations.

Patriot Coal (NYSE: PCX) will sell approximately 12 million common shares to raise $107 million.

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

Rising Oil Weighs Down Dow

|
Despite upbeat economic data, the Dow turned negative by losing 20 points to 8591 as oil prices rose. Nasdaq gained 5 points to 1821.

On the upside

EMCORE (Nasdaq: EMKR) secured a contract valued at approximately $5 million to manufacture, test and deliver solar panels to NASA.

Yingli Green Energy (NYSE: YGE) expects shipments in the second quarter to surge 70% over the first quarter.

Mechel OAO (NYSE: MTL) reported a high production capacity utilizatin of over 94% for steel making and over 95% for metallurgical commodity products in the month of May.

On the downside

Capstone Turbine (Nasdaq: CPST) widened fourth quarter losses despite higher revenue as manufacturing expenses climbed.

Robert W. Baird downgraded Ashford Hospitality Trust (NYSE: AHT).

McMoRan Exploration (NYSE: MMR) offered 11 million shares of common stock to raise capital.

In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while advancers outpaced decliners by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 511

New home construction in May and rising requests for building permits lifted stocks following yesterday's sell-off.  Meanwhile, wholesale inflation posted a modest 0.2% increase in May.  The Dow added 18 points to 8630 while Nasdaq rose nearly 10 points to 1825.

On the upside

Shares of STEC (Nasdaq: STEC) surged after the data storage equipment maker raised its guidance for the current quarter.

Analysts upgraded Goldcorp (NYSE: GG) whose sector is benefiting from a surge in commodity prices.

Tyco Electronics (NYSE: TEL) raised its outlook for the 3rd quarter due to rising revenues and a favorable currency exchange rate.

On the downside

Home electronics retailer Best Buy (NYSE: BBY) posted lower profits that beat expectations. However, the company did not raise guidance for the rest of the year which disappointed investors.

Genzyme (Nasdaq: GENZ) faced production delays after a virus was detected at one of its plants.

FactSet Research Systems (NYSE: FDS) posted higher quarterly sales and earnings while raising its outlook.  Nonetheless, its share fell in early trading.

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 3 points to 514.

Record credit card defaults and falling commodities prices sent the markets tumbling to a sharply lower close with the Dow skidding 187 points to 8612. Nasdaq plunged 42 points to 1816.

On the upside

Maguire Properties (NYSE: MPG) engaged in discussions with the special servicer to amend a commercial mortgage backed securities loan.

AEterna Zentaris (Nasdaq: AEZS) will report data from a late stage clinical trial of its enlarged prostate medication in the third quarter rather than in the fourth quarter.

Vishay Intertechnology (NYSE: VSH) launched its Alternative Energy Virtual Trade Show on its website.

On the downside

China Direct Industries (Nasdaq: CDII) will sell common shares and warrants to raise $5 million.

LaSalle Hotel (NYSE: LHO) declared a quarterly dividend of a penny per share payable on July 15, 2009 to shareholders of record June 30, 2009.

Although Standard & Poor's raised its rating for Hartford Financial (NYSE: HIG), the stock price dropped.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 15 points to 511.

Stocks remained in lower territory with a strong dollar fueling a sell-off among oil and materials producers that spread to virtually all sectors.  The Dow tumbled more than 200 points to 8597 while Nasdaq lost 50 points to 1808.

On the upside

Southern Energy Homes Inc., a subsidiary of Clayton Homes, offered $2.75 a share to buy Cavalier Homes (Amex: CAV).

An analyst upgraded Spartech Corp. (NYSE: SEH), a maker of thermoplastic products.

On the downside

Shares of Alcoa (NYSE: AA) fell sharply as aluminum prices lost ground.

Casino stocks fell sharply.  Joining the sell-off was Las Vegas Sands (NYSE:LVS) and Wynn Resorts (Nasdaq: WYNN).

An analyst downgraded Columbia Banking System (Nasdaq: COLB) which operates commercial banks in the states of Washington and Oregon.

Salesforce.com (NYSE: CRM) launched its Force.com cloud computing platform, but the stock was unable to resist the sell-off in the overall market.

In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 18 points to 508.

Falling commodities prices weighed down the markets to a lower open with the Dow tumbling 142 points to 8656. Nasdaq dropped 34 points to 1824.

On the upside

Jazz Pharmaceuticals (Nasdaq: JAZZ) reported upbeat results from a late stage clinical trial of its fibromyalgia pain treatment sodium oxybate.

The Food and Drug Administration and BioDelivery Sciences International (NYSE: BDSI) reached an agreement on BioDelivery's New Drug Application for ONSOLIS.

Cell Therapeutics (Nasdaq: CTIC) is on the shortlist for possible addition to the Russell 3000 Index and the Russell Global Index.

On the downside

Advanced Battery Technologies (Nasdaq: ABAT) will raise $7 million through the sale of convertible preferred stock and warrants to three institutional investors.

Barclays Capital downgraded Lear (NYSE: LEA).

As part of its efforts to raise capital, Lincoln National (NYSE: LNC) will sell stock and debt offerings to raise $2 billion, will apply for government assistance through the Troubled Asset Relief Program and will sell its operation in the United Kingdom to Sun Life Financial.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 9 points to 517.

It was a mixed close for the markets as consumer sentiment rose but not as much as economists expected. The Dow gained 28 points to 8799 while Nasdaq lost 3 points to 1858.

On the upside

WSP Holdings (NYSE: WH) is in the process of acquiring steel billet manufacturing assets.

CB Richard Ellis (NYSE: CBG) will raise up to $550 million through the sale of stock and bonds.

Stahler Group said that Atlas Pipeline Partners (NYSE: APL) is a good value.

On the downside

JPMorgan analyst Jeffrey J. Zekauskas expects Cabot (NYSE: CBT) to lower its dividend due to disappointing results.

Tenet Healthcare (NYSE: THC) purchased $891.4 million in senior notes and expects to buy as much as $1 billion in senior notes through an offering that ends June 25.

Satyam Computer's (NYSE: SAY) cost saving program to manage employees may affect up to 10,000 workers.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 526.

Although consumer sentiment rose in June, the gain was below analyst estimates sending the markets lower during the midday with the Dow slipping 12 points to 8758. Nasdaq dropped 23 points to 1839.

On the upside

Vulcan Materials (NYSE: VMC) will offer 11.5 million common shares at $41.00 per share.

Synovus Financial (NYSE: SNV) declared a quarterly dividend of a penny per share payable on July 1, 2009 to shareholders of record June 18, 2009.

According to a Wall Street Journal article on Wednesday, E-Trade (NYSE: ETFC) is in discussions with shareholder Citadel Investment to improve its financial position.

On the downside

National Semiconductor (NYSE: NSM) swung to a loss for the fourth quarter as revenue plunged.

Although Hoku Scientific (Nasdaq: HOKU) narrowed fourth quarter losses, the company warned that it may not be able to fund operations over the next twelve months.

Ameriprise (NYSE: AMP) will offer 36 million common shares at $25 per share.

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 fell 5 points to 520.

Higher commodity prices raised concerns of inflation derailing a possible economic recovery. Investors mostly stayed on the sidelines as the Dow lost 27 points to 8743 while the tech-heavy Nasdaq fell a steeper 15 points to 1847.

On the upside

An FDA memo reaffirmed the efficacy of a gout drug treatment developed by Savient Pharmaceutical (Nasdaq: SVNT), but identified other risks to patients.

Rambus (Nasdaq: RMBS) reached a settlement with European Union regulators for alleged abuses from the company's efforts to standardize its DRAM memory chip patents and to charge royalties for them.

An analyst upgraded high-end retailer Saks (NYSE: SKS) with the company's prospects tied to an eventual recovery of consumer spending.

On the downside

U.S. fund manager BlackRock (NYSE: BLK) offered $13.5 billion to buy the global investment arm of U.K.-based Barclays (NYSE: BCS).

Ezcorp. (Nasdaq: EZPW) lowered guidance for the rest of the year due to weak demand for its pawn shop and paycheck loan services.

Insurer Hartford Financial Services Group (NYSE: HIG) offered $750 million in a new stock offering while tapping the federal government for $3.4 billion in TARP funds.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 521.

Rising oil prices tempered a better than expected jobless claims report to lift the markets to a modestly higher close with the Dow rising 31 points to 8770. Nasdaq gained 9 points to 1862.

On the upside

American Capital (Nasdaq: ACAS) declared a quarterly dividend of $1.07 per share payable on August 7, 2009 to shareholders of record June 22, 2009.

First Commercial Bank of Florida extended and expanded its agreement with Level 3 Communications (Nasdaq: LVLT) to provide Internet connectivity, data storage services and to connect all ten locations of the bank through a virtual private network.

Chindex International (Nasdaq: CHDX) reversed year ago losses to post a profit for the fourth quarter as revenue surged.

On the downside

Barnes Group (NYSE: B) withdrew its outlook for the year citing the uncertain economy prompting a downgrade.

Symantec (Nasdaq: SYMC) warned that profit margins will be pressured this year.

Ford (NYSE: F) will meet with the Canadian Auto Workers to negotiate new labor agreements.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 526.

Initial applications for unemployment benefits fell more than expected while retail sales rose lifting the markets higher during the midday with the Dow soaring 114 points to 8853. Nasdaq climbed 23 points to 1876.

On the upside

The Food and Drug Administration approved Staar Surgical's (Nasdaq: STAA) injector system for use with implantable lenses to treat cataracts.

KV Pharmaceutical (NYSE: KV-A) agreed that it infringed on Purdue Pharma's OxyContin patent and was granted limited rights to market a generic version of pain medication.

Synovus (NYSE: SNV) declared a quarterly dividend of a penny per share to be paid on July 1, 2009 to shareholders of record June 18, 2009.

On the downside

Wendy's/Arby's Group (NYSE: WEN) will offer $550 million in senior unsecured notes to raise capital to prepay debt.

UBS downgraded Temple-Inland (NYSE: TIN).

Satyam Computer (NYSE: SAY) launched a program to manage staffing expenses while retaining talent.

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 rose 5 points to 529.

Oil prices rose to their highest levels of the year above $72 a barrel on the belief that strength in the Chinese economy can spark a global economic recovery.  Meanwhile, 1st time unemployment claims in the U.S. fell again this week even as new job creation remained elusive.  The Dow climbed 40 points to 8779 while Nasdaq added 5 points to 1858.

On the upside

Human Genome Sciences (Nasdaq: HGSI) announced positive results for its drug candidate in reducing symptoms of lupus.

An analyst upgraded HSBC Holdings (NYSE: HBC), a global financial services company.

Del Monte Foods (NYSE: DLM) posted higher 4th quarter profits while boosting its fiscal year outlook for 2010.

On the downside

Lululemon Athletica (Nasdaq: LULU) posted higher revenues and lower profits that beat estimates, but same-store sales continued to fall.

An analyst downgraded UnitedHealth Group (NYSE: UNH) citing unrealistic Medicare reimbursement goals to boost profits.

Vulcan Materials (NYSE: VMC) lowered its 2009 profit outlook while slashing its dividend in half.  The construction supply company also offered 11.5 million shares to raise $500 million.

In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 3 points to 527.

A weak auction of 10-year Treasury notes sparked fears of rising interest rates. The markets closed lower with the Dow falling 24 points to 8739.  Nasdaq slipped 7 points to 1853.

On the upside

News that Fiat completed its acquisition of Chrysler's assets lifted shares of auto parts suppliers Lear (NYSE: LEA) and American Axle & Manufacturing (NYSE: AXL).

While LDK Solar (Nasdaq: LDK) warned of low gross margins for the next quarter, the solar wafer maker expects to increase production by the end of the third quarter.

Level 3 Communications (Nasdaq: LVLT) and Sprint (NYSE: S) engaged in early stage discussions to form a joint venture.

 

On the downside

UTStarcom (Nasdaq: UTSI) will host a conference call tomorrow to discuss company initiatives.
 
Ameriprise Financial (NYSE: AMP) will issue stock to raise $900 million.
 
NCI Building Systems (NYSE: NCS) swung to a greater than expected loss for the second quarter as sales plunged.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 523.
Crude oil prices surged to a new high for the year sending the markets lower during the midday with the Dow losing 37 points to 8725.  Nasdaq fell 16 points to 1843.

On the upside

Jazz Pharmaceuticals (Nasdaq: JAZZ) will present data from a Phase III clinical trial of its fibromyalgia treatment sodium oxybate.

Atlantic Tele-Network (Nasdaq: ATNI) will pay $200 million to acquire wireless assets from Verizon Wireless.

99 Cents Only Stores (NYSE: NDN) reported higher fourth quarter earnings and revenue that beat expectations.

 

On the downside

SatCon Technology (Nasdaq: SATC) will raise $20.2 million through the sale of 15.6 million common shares priced at $1.30 per share.
Fitch Ratings downgraded Colonial BancGroup's (NYSE: CNB) rating further into junk status after the bank agreed to comply with regulator's cease-and-desist order.
 
LaSalle Hotel Properties (NYSE: LHO) announced plans to offer 10 million common shares at $14.75 per share to raise capital to repay part of an unsecured credit agreement.

In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 522.
Stocks open higher after the nation's largest home improvement retailer raised earnings expectations.  Meanwhile, oil prices rose to their highest levels of the year topping the $70 a barrel mark.  The Dow rose 35 points to 8798.  Nasdaq climbed 11 points to 1872.

On the upside

Home Depot (NYSE: HD) raised its full-year earnings outlook aiming to maintain its profit margin despite slowing sales.

Citigroup (NYSE: C) announced a series of public exchange offers that would swap up to $58 billion in preferred stock held by the U.S. government in exchange for an equity stake of up to 34% in the troubled bank.  Citigroup's market capitalization is currently less than $20 billion.

The New York Times (NYSE: NYT) hired Goldman Sachs (NYSE: GS) to explore the possible sale of The Boston Globe.

Isle of Capri Casinos (Nasdaq: ISLE) posted flat revenues and a profit that beat expectations.

On the downside

Drug developer MDRNA (Nasdaq: MRNA) announced a stock offering of $10.5 million at $2 a share.

Chinese Internet portal Sina Corp. (Nasdaq: SINA) posted higher revenues and lower earnings that missed expectations due to a slowdown in ad sales in China.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 533.
It was a mixed close for the markets with the Dow easing a point to 8763 as banks begin repaying their government bailout loans. Nasdaq climbed 17 points to 1860.

On the upside

The European Union approved STAAR Surgical's (Nasdaq: STAA) KS-X Preloaded Hydrophobic Acrylic Injector device to be used in cataract surgeries.

Although first quarter earnings for Men's Wearhouse (NYSE: MW) fell, the results topped estimates as the clothing retailer cut expenses.

KeyBanc Capital Markets analyst Brett D. Hoselton reiterated his Buy rating for Tenneco (NYSE: TEN) saying that the auto parts supplier is well positioned to weather the auto industry downturn.

On the downside

CBL & Associates Properties (NYSE: CBL) will sell 50 million common shares through a public offering and expects to extend its credit line of $560 million.

El Paso Pipeline Partners (NYSE: EPB) will raise approximately $206.8 million through a public offering of 11 million common shares.

Investors locked in their profits for Angiotech (Nasdaq: ANPI), whose shares surged yesterday after the FDA approved themedical products company's Option Inferior Vena Cava filter to prevent pulmonary embolism.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by a margin of more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 527.

The markets traded mixed during the midday with the Dow slipping 7 points to 8757 as wholesales inventories tumbled by a larger than expected 1.4% in April. Nasdaq gained 15 points to 1857.

On the upside

JMP Securities upgraded Marvell Technology (Nasdaq: MRVL) saying that more smartphones are using its controller technology.

Satyam Computer (NYSE: SAY) reported earnings of $33.5 million for the December quarter.

FuelCell Energy (Nasdaq: FCEL) narrowed second quarter losses even as revenue fell.

On the downside

Quiksilver (NYSE: ZQK) agreed to a five year $150 million loan and entered into three year $200 million credit facility.

Callaway Golf (NYSE: ELY) slashed its quarterly dividend payable on July 15 to shareholders of record June 26 from 7 cents per share to 1 cent per share.

Popular (Nasdaq: BPOP) will offer up to 390 million common shares in exchange for Series A Preferred Stock, Series B Preferred Stock and Trust Preferred Securities.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by a margin of more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 528.

Investors gravitated towards financial institutions that announced plans to pay back federal bailout money.   The Dow rose 5 points to 8770 while the tech-heavy Nasdaq climbed 12 points to 1855.

On the upside

Texas Instruments (NYSE: TXN) raised its profit targets for the quarter as demand for its chip products stabilized.

An analyst upgraded Greif (NYSE: GEF), an industrial packaging products maker.

Shares of MDRNA (Nasdaq: MRNA) soared after the FDA approved its generic osteoporosis nasal spray.

On the downside

F.N.B. Corp. (NYSE: FNB) announced plans to sell $115 million in new stock to strengthen the bank's balance sheet.

An analyst downgraded chipmaker Jabil Circuit (NYSE: JBL).

Ceramics manufacturer Ceradyne (Nasdaq: CRDN) set lower guidance for 2009 due to reduced global demand for its products.

In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 3 points to 528.

Flat Close For Markets

|
Despite a promise by President Obama to create 600,000 jobs, the markets closed flat with the Dow adding a point to 8764 as commodities prices retreated. Nasdaq lost 7 points to 1842.

On the upside

Arena Pharmaceuticals (Nasdaq: ARNA) reported positive results from a late stage clinical trial of its obesity treatment lorcaserin.

MannKind (Nasdaq: MNKD) reported upbeat study results for its inhalable insulin Afresa.

China Housing & Land Development (Nasdaq: CHLN) began construction of its Puhua residential community project in China.

On the downside

Emisphere Technologies (Nasdaq: EMIS) was warned by Nasdaq that it will be delisted from the exchange due to its low stock price.

Shares of Continental Airlines (NYSE: CAL) and American Airlines parent AMR (NYSE: AMR) fell after the International Air Transport Association doubled its expected losses for the year for global airlines.

Headwaters (NYSE: HW) proposed amendments to change its senior credit facility.

In the broad market, declining issues outpaced advancers 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 lost 5 points to 524.

Fallling commodities prices weighed down the markets during the midday with the Dow tumbling 99 points to 8663. Nasdaq fell 24points to 1824.

On the upside

Keryx Biopharmaceuticals (Nasdaq: KERX) reported positive results for a Phase 2 clinical trial of its end-stage renal disease treatment Zerenex.

XOMA (Nasdaq: XOMA) presented new upbeat results from Phase 1 studies of its Type 2 diabetes medication.

William Blair & Co. analyst David Long expects Sallie Mae (NYSE: SLM) to continue servicing student loans even if the government takes over student lending.

On the downside

A Russian court may force Telenor to sell its stake in Vimpel Communications (NYSE: VIP) in order to pay a $1.7 billion fine.

Standard & Poor's downgraded Ireland's long term credit rating sending shares of Allied Irish Banks (NYSE: AIB) tumbling.

In its latest stock sale, Lloyds Banking (NYSE: LYG) sold 87% of its offering and will use the proceeds to pay back some of the government loans it received.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 520.

Investors took their cues from Europe which fell in overnight trading.   Meanwhile, oil prices drifted below $68 a barrel.  The Dow lost nearly 100 points to 8668 while Nasdaq dropped 25 points to 1824.

On the upside

The FDA approved a pulmonary embolism device to be made by Angiotech Pharmaceuticals (Nasdaq: ANPI).

Biotechnology company Micromet (Nasdaq: MITI) reported positive results for its drug candidate that treats leukemia.

On the downside

McDonald's (NYSE: MCD) reported higher May same-store sales rising 5.1%, but warned of slower growth in the U.S.

Palm (Nasdaq: PALM) attracted strong foot traffic over the weekend at Sprint (NYSE: S) stores, but analysts were concerned about the limited supply of Pre smart phones.

Barnes Group (NYSE: B) was downgraded by an analyst on concerns that turmoil in the automotive industry may affect the component manufacturer.

Shares of DuPont (NYSE: DD) fell despite an analyst reiterating his rating for the chemical company.  Investors worried about reduced purchases from General Motors. 

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 7 points to 522.

The markets closed mixed with the Dow adding 12 points to 8763 as the nation's unemployment rate surged to a 25-year high while the layoff rate slowed more than expected.  Nasdaq eased a fraction to 1849.

On the upside

Jackson Hewitt Tax Services (NYSE: JTX) appointed Harry Buckley, former H&R Block Tax Services (NYSE: HRB) chief executive, to the position of chief executive prompting an upgrade.

American Axle (NYSE: AXL) said that sales will drop due to bankruptcy filings of automakers but the auto parts supplier reassured investors that the company will remain viable.

Clear Channel Outdoor Holdings (NYSE: CCO) appointed Chet Kwasniak as the new executive vice president and chief financial officer for the outdoor advertising company's Americas unit.

On the downside

Hansen Natural (Nasdaq: HANS) said that sales dropped last month prompting Stifel Nicolaus analyst Mark Astrachan to lower his earnings estimates for 2009 as well as for 2010.

ThinkEquity downgraded Human Genome Sciences (Nasdaq: HGSI).

May same store sales for Saks (NYSE: SKS) plunged 26.6%.

In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 530.
Although the nation's unemployement rate surged, the markets traded higher during the midday with the Dow gaining 62 points to 8813 as layoffs slowed.  Nasdaq added 4 points to 1854.

On the upside

The Food and Drug Administration conditionally approved XTENT's (Nasdaq: XTNT) application to begin clinical trials for its drug eluting stent system.

Somaxon Pharmaceuticals (Nasdaq: SOMX) resubmitted its application to the Food and Drug Administration for its insomnia treatment Silenor with additional statistical analyses.

The Food and Drug Administration approved Palomar Medical Technologies' (Nasdaq: PMTI) at-home laser system to treat eye wrinkles.

On the downside

Exide Technologies (Nasdaq: XIDE) blamed lower prices and one time charges for swinging to a fourth quarter loss.

Cal Dive International's (NYSE: DVR) majority shareholder Helix Energy (NYSE: HLX) will sell 20 million on its shares at a 5% discount to the offshore energy services firm closing price  yesterday.

United PanAm Financial (Nasdaq: UPFC) will voluntarily delist its stock from Nasdaq and deregister its stock.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 533.
U.S. employers cut 345,000 jobs in May, the lowest pace since September of last year.  However, the unemployment rate jumped to 9.4% as job creation remained elusive.  Meanwhile, oil prices edged toward the $70 a barrel mark.  The Dow rose 44 points to 8794 while Nasdaq added 5 points to 1854.

On the upside

Steve Jobs was reportedly ready to return from his medical leave in July.  Investors lifted shares of Apple (Nasdaq: AAPL).

The FDA approved a wrinkle removal device for home use that can be purchased over the counter.  Shares of Palomar Medical Technologies (Nasdaq: PMTI) surged.

Ulta Salon, Cosmetics & Fragrance (Nasdaq: ULTA) posted higher revenues and earnings.  An analyst promptly upgraded the stock.

On the downside

Western Refining (NYSE: WNR) expanded its stock offering to 20 million shares priced at $9 a share.

XOMA (Nasdaq: XOMA) announced a $12 million stock offering.  The drug research firm focuses on autoimmune diseases.

Shares of Cascade Corp. (NYSE: CAE) fell after the trucking equipment maker posted sharply lower 1st quarter sales and an overall loss.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by 8 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 534.

A drop is initial jobless claims tempered news of rising oil prices to lift the markets to a higher close with the Dow gaining 74 points to 8750.  Nasdaq climbed 24 points to 1850.

On the upside

Rite Aid (NYSE: RAD) reported a 0.6% increase in same store sales for May as pharmacy sales rose.

ArvinMeritor (NYSE: ARM) regained compliance with the NYSE's continued listing standards.

Cowen Group (Nasdaq: COWN) announced an all stock merger agreement with privately held Ramius LLC.

On the downside

A federal judged ruled against Odyssey Marine Exploration (Nasdaq: OMEX) and recommeded that the shipwreck exploration company return $500 million worth of treasure found on a sunken Spanish warship to the Spanish government.

The Food and Drug Administration requested another clinical study of ViroPharma's (Nasdaq: VPHM) hereditary angioedema drug Cinryze.

May same store sales for Nordstrom (NYSE: JWN) plunged by a greater than expected 13.1%.

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 climbed 8 points to 531.

Despite lower May retail sales, the markets traded modestly higher during the midday with the Dow rising 35 points to 8711 as initial jobless claims dropped.  Nasdaq gained 11 points to 1837.

On the upside

Novavax (Nasdaq: NVAX) will work with the National Institutes of Health to evaluate a virus-like particle vaccine against the swine flu, influenza A (H1N1), virus.

First Industrial Realty Trust (NYSE: FR) closed three secured financing transactions for a total of $154 million.

RBC Capital Markets upgraded KeyCorp (NYSE: KEY) from sector perform to top pick.

On the downside

Compass Diversified Holdings (Nasdaq: CODI) priced its offering of 5.1 million trust shares at $8.85 per share.

Gap (NYSE: GPS) disappointed with a larger than expected 6% drop in same store sales in May.

Macy's (NYSE: M) reported that May same store sales tumbled 9.1%.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 527.

1st-time unemployment claims eased for the latest week while retailers reported lower same-store sales in May.  A mixed batch of economic data kept investors on the sidelines as the Dow lost 30 points to 8644 while Nasdaq edged up a point to 1827.

On the upside

Chip maker Intel (Nasdaq: INTC) offered $884 million to buy testing and development software maker Wind River Systems (Nasdaq: WIND).

The FDA approved a bacteria cleanser applied to wounds developed by Oculus Innovative Sciences (Nasdaq: OCLS).

Sycamore Networks (Nasdaq: SCMR) posted higher quarterly revenues and a small loss that beat expectations.   The company makes bandwidth management solutions for the telecommunications industry.

On the downside

Hartford Financial Services Group (NYSE: HIG) announced plans to find a successor for its chairman and CEO by the end of the year.

Shares of Odyssey Marine Exploration (Nasdaq: OMEX) tumbled after a court ruled that a shipwreck recovered by the company be returned to Spain.  The company plans to file an objection.

Shares of Abercrombie & Fitch (NYSE: ANF) fell after the trendy youth apparel retailer posted same-store sales decline of more than 25% in May.

In the broad market, advancing issues outpaced decliners by a slim margin on the NYSE, but were narrowly edged out on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 520.

Disappointing factory orders and services sector activity sent the markets down to a lower close with the Dow falling 65 points to 8675. Nasdaq lost 10 points to 1825.

On the upside

Angiotech Pharmaceuticals (Nasdaq: ANPI) entered a license, distribution and supply agreement for Haemacure's proprietary fibrin and thrombin technology.

Raymond James analyst Budd Bugatch upgraded La-Z-Boy (NYSE: LZB) saying that the company's prices will attract consumers once the economy recovers.

KeyBanc Capital Markets analyst Todd Fowler upgraded Hub Group (Nasdaq: HUBG) .

On the downside

Western Refining (NYSE: WNR) forecast second quarter results that fall far short of analyst expectations.

Shares of CIT Group (NYSE: CIT) continued to fall after Fitch Ratings cut the financial services firm's senior debt ratings.

Although Mechel OAO (NYSE: MTL) reported higher 2008 earnings, the results missed estimates by a wide margin. 

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 522.

While factory orders rose in April, the increase fell short of expectations sending the Dow tumbling 109 points to 8630 at midday.  Nasdaq dropped 22 points to 1814.

On the upside

TiVo (Nasdaq: TIVO) was awarded $103 million in a patent infringement case against Dish Network (Nasdaq: DISH).

Dynavax (Nasdaq: DVAX) reported upbeat Phase III results for its hepatitis B vaccine Heplisav.

Fourth quarter earnings for Bob Evans Farms (Nasdaq: BOBE) rose to beat expectations despite lower sales as the company cut expenses.

On the downside

JetBlue (Nasdaq: JBLU) announced plans to sell 20 million shares of common stock and $150 million in convertible debentures.

Tesoro (NYSE: TSO) priced its offering of $300 million in senior notes.

Hecla Mining (NYSE: HL) will raise $60 million through a private placement. 

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 519.

Employment decreased by 532,000 in May compared to a drop of 545,000 in April, according to the latest ADP National Employment Report.  Investors took a pause from the 4-day rally sending the Dow down more than 50 points to 8689.  Nasdaq lost 15 points to 1820.

On the upside

Shares of Antigenics (Nasdaq: AGEN) soared after the drug research company reported positive results for its treatment of patients with kidney cancer.

An analyst upgraded Hub Group (Nasdaq: HUBG), a freight delivery service provider in North America.

On the downside

Valero Energy (NYSE: VLO) announced a public offering of 40 million common shares.  Meanwhile, the company lowered guidance to a likely 2nd quarter loss.

AIG (NYSE: AIG) announced the sale of its New York headquarters and a nearby building.  The federal government owns 80% of the beleaguered insurer.

An analyst downgraded Pacer International (Nasdaq: PACR), a freight delivery service in North America. 

An analyst upgrade of Wynn Resorts (Nasdaq: WYNN) failed to lift its shares.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 520.

A surge in pending home sales lifted the markets to a modestly higher close with the Dow rising 19 points to 8740. Nasdaq gained 8 points to 1836.

On the upside

Clear Channel Outdoor Holdings (NYSE: CCO) is exploring alternatives as the maturity date on an intercompany note looms.

Satyam Computer (NYSE: SAY) appointed new executives to lead its Australia and New Zealand region.

Solutia (Nasdaq: SOA) completed the sale of its integrated nylon business to private investment firm SK Capital Partners.

On the downside

Synta Pharmaceucticals (Nasdaq: SNTA) said that its cancer treatment elesclomol failed a late stage clinical trial. 

Fitch Ratings lowered the senior debt ratings of CIT Group (NYSE: CIT) and placed all of the firm's ratings on negative watch.

MasTec (NYSE: MTZ) priced its convertible note offering.

In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 526.

The markets traded mixed during the midday with the Dow losing 5 points to 8716 even as pending home sales surged by the largest amount in almost eight years. Nasdaq added a fraction to 1829.

On the upside

J.P. Morgan upgraded Continental Airlines (NYSE: CAL) citing declines in the airliner's stock price.

Morgan Keegan upgraded SunTrust Banks (NYSE: STI) due to its attractive valuation.

Technitrol (NYSE: TNL) will sell its Medtech components business to Altor Fund III for $200 million in cash.

On the downside

Daktronics (Nasdaq: DAKT) reported sharply lower fourth quarter earnings that fell short of analyst estimates. 

ProLogis (NYSE: PLD) declared a dividend of $1.0675 per Series C preferred share payable on June 30, 2009 to shareholders of record June 15, 2009.

DCT Industrial Trust (NYSE: DCT) priced its offering of 24 million shares of common stock at $4.25 per share.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 524.

The markets opened higher with the Dow climbing 54 points to 8775 as General Motors announced the possible sale of its Hummer brand. Nasdaq gained 16 points to 1845.

On the upside

EMC offered approximately $1.8 billion to acquire Data Domain (Nasdaq: DDUP), topping NetApp's bid.

Converted Organics (Nasdaq: COIN) announced that May shipments of its organic fertilizer reached a record high of nearly a quarter million gallons.

Cameron International (NYSE: CAM) will acquire Natco Group (NYSE: NTG) for approximately $780 million in an all stock deal.

On the downside

Quantum (NYSE: QTM) extended the deadline for its tender offer of convertible subordinated notes. 

International Petroleum Investment announced that it will sell 1.3 billion shares of Barclays(NYSE: BCS).

Cardinal Health (NYSE: CAH) will increase its quarterly dividend to 17.5 cents per share from 14 cents per share payable on July 15, 2009 to shareholders of record July 1, 2009.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 519.

Upbeat economic data boosted investor sentiment and the markets with the Dow rocketing 221 points to 8721. Nasdaq leaped 54 points to 1828.

On the upside

Air Transport Services Group (Nasdaq: ATSG) completed a leasing agreement with principal client DHL.

Merge Healthcare will acquire Etrials Worldwide (Nasdaq: ETWC) in a cash and stock deal valued at approximately $18.3 million.

UBS analyst Michael Morris upgraded CBS (NYSE: CBS).

Aeterna Zentaris (Nasdaq: AEZS) reported upbeat Phase II clinical trial results for its colon and kidney cancer treatment Perifosine.

On the downside

Regions Financial (Nasdaq: RF) canceled an appearance at the Sanford C. Bernstein & Co. Strategic Decisions Conference last Friday. 

Synta Pharmaceuticals (Nasdaq: SNTA) said that its melanoma treatment elesclomol failed a late stage clinical trial.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 19 points to 521.

A surprising increase in construction spending sent the markets soaring during the midday with the Dow leaping 214 points to 8714. Nasdaq jumped 54 points to 1829.

On the upside

PMI Group's (NYSE: PMI) Amended and Restated Credit Agreement came into effect after the company satisfied all necessary conditions.

Lululemon athletica (Nasdaq: LULU) announced its first quarter conference call to be held on Thursday, June 11, 2009 at 9:00am EST.

Celldex Therapeutics (Nasdaq: CLDX) announced upbeat results from two Phase 1 clinical studies of its cancer treatment CDX-1307.

On the downside

The Food and Drug Administration requested more information and additional studies from ARCA Biopharma (Nasdaq: ABIO) for its heart failure medication Gencaro. 

Colonial BancGroup (NYSE: CNB) founder and chief executive Robert E. Lowder will retire after completing the capital infusion deal with Taylor Bean & Whitaker Mortgage Corp.

While DryShips (Nasdaq: DRYS) said that it currently has no plans to offer more stock, the shipping company still needs covenant waivers for approximately $200 million in debt.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 19 points to 520.

Better than expected manufacturing reports from Asia and Europe provided investors with a reason to buy stocks again.  Meanwhile, oil prices rose above the $68 a barrel mark.  The Dow soared more than 150 points to 8660 while Nasdaq surged nearly 40 points to 1815.

On the upside

Ireland-based Elan Corp. (NYSE: ELN) was reportedly in talks to sell a stake to Bristol-Myers Squibb (NYSE: BMY).

Shares of Freeport-McMoran Copper and Gold (NYSE: FCX) surged as investors anticipated a rally in commodity prices.

The airline sector rose on an analyst upgrade.  Shares of Delta Air lines (NYSE: DAL) and AMR Corp. (NYSE: AMR) posted solid gains.

Shares of Cisco Systems (Nasdaq: CSCO) joined the market-wide rally.  There was also speculation that the networking equipment giant may join the esteemed Dow Jones Industrials as a replacement for General Motors (NYSE: GM).

On the downside

Shares of General Motors (NYSE: GM) tumbled to new lows as the beleaguered automaker proceeded with plans to file for bankruptcy. 

OncoGenex Pharmaceuticals (Nasdaq: OGXI) reported positive results for its prostate cancer drug trials, but investors were lukewarm with the unusual weekend announcement.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 13 points to 514.

About this Archive

This page is an archive of entries from June 2009 listed from newest to oldest.

May 2009 is the previous archive.

July 2009 is the next archive.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12