July 2009 Archives

The markets closed mixed with the Dow gaining 17 points to 9171 while Nasdaq slipped 5 points to 1978 as rising oil prices tempered news that the nation's economy contracted at a smaller than expected pace in the second quarter.

On the upside

OfficeMax (NYSE: OMX) narrowed second quarter losses as the company lowered expenses prompting an upgrade.

Tenneco (NYSE: TEN) reported a second quarter loss that was smaller than expected.

GrafTech International (NYSE: GTI) swung to a loss for the second quarter as revenue plunged but the results were better than expected.

On the downside

YRC Worldwide (Nasdaq: YRCW) disappointed with a much wider than expected loss for the second quarter.

Level 3 Communications (Nasdaq: LVLT) reported second quarter earnings that fell short of estimates and cut its 2009 guidance.

Moody's Investors Service placed Las Vegas Sands' (NYSE: LVS) ratings on review for a possible downgrade.

In the broad market, advancing issues outpaced decliners by a margin of more than 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 556.

A report that the nation's economy shrank at a smaller than expected pace for the second quarter sparked hopes that the recession may be easing. The Dow added 13 points to 9167 while Nasdaq added 2 points to 1987.

On the upside

The Food and Drug Administration approved the design of Anadys Pharmaceuticals' (Nasdaq: ANDS) hepatitis C medication ANA598 drug trial.

Stone Energy (NYSE: SGY) reported lower second quarter earnings but the results beat expectations.

ArvinMeritor (NYSE: ARM) announced the closure of its Carroll County, Kentucky production plant by the end of the year.

On the downside

Synaptics (Nasdaq: SYNA) reported higher fourth quarter earnings as sales rose but the company forecast first quarter revenue that fell short of estimates prompting downgrades.

Merriman downgraded Ariad Pharmaceuticals (Nasdaq: ARIA) after the company widened second quarter losses.

Evergreen Solar (NYSE: ESLR) disappointed by widening second quarter losses.

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 a point to 559.

The government reported a 1% dip in the gross domestic product for the April-June quarter.  The decline was better than expected which suggested that the economy may be on the mend.  The Dow added 15 points to 9170 while Nasdaq rose 4 points to 1988.

On the upside

Abaxis (Nasdaq: ABAX) posted higher revenues and earnings due to strong sales of a blood testing equipment.

Shares of Novatel Wireless (Nasdaq: NVTL) surged after the wireless modem maker posted a narrow 2nd quarter loss that beat expectations.

On the downside

The Washington Post (NYSE: WPO) reported a 2nd quarter profit as results from the company's education and cable services offset declines from its newspaper unit.

Chevron (NYSE: CVX) posted a steeper than expected decline in 2nd quarter profits.  The 2nd largest U.S. oil company cited a drop in oil prices for a 51% decline in revenues.

Power company Constellation Energy Group (NYSE: CEG) posted lower revenues and earnings that beat expectations.  Nonetheless, the stock fell along with other utilities.

AutoNation (NYSE: AN) reported a dip in profits and lower revenues as fewer consumers bought cars.

Analysts had a negative view of Las Vegas Sands (NYSE: LVS) due to a likely need for capital raises. 

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 555.

Investors welcomed better than expected earnings reports to boost the markets to a higher close with the Dow climbing 83 points to 9154. Nasdaq gained 16 points to 1984.

On the upside

Brunswick (NYSE: BC) widened second quarter losses but improved its liquidity.

Georgia Gulf (NYSE: GGC) restructured its debt through a debt swap that slashed its debt load by half.

Second quarter earnings for Valassis Communications (NYSE: VCI) surged to beat expectations despite lower revenue as the company cut costs.

On the downside

Incyte (Nasdaq: INCY) posted a loss for the second quarter.

Second quarter earnings and revenue grew for Art Technology Group (Nasdaq: ARTG) but the stock price dropped.

Spirit AeroSystems Holdings (NYSE: SPR) swung to a loss for the second quarter due to charges.

In the broad market, advancing issues outpaced decliners 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 rose 9 points to 557.

Upbeat earnings news lifted the markets sharply higher during the midday with the Dow leaping 158 points to 9229. Nasdaq jumped 27 points to 1995.

On the upside

Although Goodyear Tire & Rubber (NYSE: GT) swung to a loss for the second quarter, the results were better than expected.

Hartford Financial Services Group (NYSE: HIG) swung to a second quarter loss due to investment losses and a drop in premiums but the results were not as bad as analysts expected.

Second quarter earnings plunged for Wynn Resorts (Nasdaq: WYNN) but the results beat expectations.

On the downside

Akamai Technologies (Nasdaq: AKAM) blamed pricing pressure for second quarter earnings that fell short of expectations. The company also forecast third quarter revenue below estimates prompting downgrades.

Level 3 Communications (Nasdaq: LVLT) widened second quarter losses as sales dropped to fall short of estimates.

Omnicare (NYSE: OCR) reported lower second quarter earnings and trimmed its full year outlook.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 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 558.

Investors snapped up stocks after the government reported fewer people collecting unemployment benefits.  The Dow surged 68 points to 9139 while Nasdaq leaped nearly 20 points to 1987.

On the upside

BT Group PLC (NYSE: BT) posted lower 1st quarter profits that beat expectations.  Britain's largest telecommunication company cited cost-cutting for the improvements.

Dow Chemical (NYSE: DOW) reported lower earnings, but an analyst upgraded the stock.

Shares of American Superconductor (Nasdaq: AMSC) soared after the company posted profits that surpassed estimates and raised its guidance for 2009.

The newspaper industry continued to rally.  Shares of A.H. Belo (NYSE: AHC) and McClatchy (NYSE: MNI) extended recent gains.

On the downside

Consumer products maker Colgate-Palmolive (NYSE: CL) posted higher 2nd quarter profits, but investors worried about the steeper than expected drop in revenues.

Symantec (Nasdaq: SYMC) reported a decline in revenues and earnings that disappointed investors.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points to 558.

Investors traded the markets lower with the Dow losing 26 points to 9070 in reaction to a disappointing Treasury auction and sharply lower durable goods orders. Nasdaq fell 7 points to 1967.

On the upside

Kulicke & Soffa Industries (Nasdaq: KLIC) widened third quarter losses but the results topped estimates.

American Axle (NYSE: AXL) continues negotiations with lenders to modify its revolving credit line.

Although second quarter earnings fell for Lazard (NYSE: LAZ) as revenue dropped, the results beat expectations.

On the downside

Frontier Financial (Nasdaq: FTBK) swung to a second quarter loss as loan loss provisions surged.

BorgWarner (NYSE: BWA) blamed restructuring charges for posting a loss for the second quarter.

Second quarter earnings for Sealed Air (NYSE: SEE) slipped as sales dropped.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 548.

A sharp drop in durable goods orders sent the markets lower during the midday with the Dow dropping 75 points to 9021. Nasdaq tumbled 20 points to 1955.

On the upside

The Food and Drug Administration gave formal clearance to Elron (Nasdaq: ELRN) to market its Solo MicroPump Insulin Delivery System in the U.S.

Conseco (NYSE: CNO) announced that it expects to report a second quarter profit as investment losses shrink.

ViroPharma (Nasdaq: VPHM) reported lower second quarter earnings but the results topped analyst expectations.

On the downside

Although THQ (Nasdaq: THQI) reported better than expected first quarter results, the video game developer forecast disappointing second quarter results and announced the offering of $90 million in senior convertible notes.

New York Community Bancorp (NYSE: NYB) reversed year ago losses to post a profit but the savings and loan announced that it will issue common shares.

Alvarion (Nasdaq: ALVR) widened second quarter losses as sales tumbled and announced the resignation of president and chief executive Tzvika Friedman. Friedman will remain with Alvarion until the company names a successor.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 548.

The latest report on U.S factory orders showed a steep 2.5% drop in June due to slumping demand for autos and aircraft. The Dow lost 42 points to 9054 while Nasdaq fell 12 points to 1963.

On the upside

Health insurer WellCare Health Plans (NYSE: WCG) posted higher 2nd quarter revenues and earnings that topped estimates while boosting its outlook for 2009.

Syntel (Nasdaq: SYNT) reported flat revenues and better profit margins.   The company provides information systems applications.

On the downside

Microsoft (Nasdaq: MSFT) struck an online search management deal with Yahoo (Nasdaq: YHOO).  Shares of Yahoo fell as investors ruled out the possibility of an outright acquisition.

Sprint Nextel (NYSE: S) posted a wider than expected loss as revenues and its subscriber base continued to shrink.

ConocoPhillips (NYSE: COP) posted a smaller 2nd profit with results that surpassed expectations as oil production increased.  However, investors focused on lower oil prices and losses from the company's refinery business.

Shares of General Dynamics (NYSE: GD) lost after the defense contractor reported slightly lower earnings that beat estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 545.

The markets closed near the flatline as improving home prices tempered a greater than expected drop in consumer confidence. The Dow slipped 11 points to 9096 while Nasdaq gained 7 points to 1975.

On the upside

Shares of Antigenics (Nasdaq: AGEN) surged ahead of its earnings release on Thursday.

While Masco (NYSE: MAS) reported sharply lower second quarter earnings due to charges, the results beat expectations and the company increased its sales expectations. 

Textron (NYSE: TXT) posted a second quarter loss that was narrower than expected and said that the jet market is expected to improve.

On the downside

Wedbush Morgan analyst J. Derrick Wood downgraded CDC (Nasdaq: CHINA) citing recent gains in its stock price as well as slow growth of its online games.

Olin (NYSE: OLN) disappointed with lower second quarter earnings and revenue.

Trident Microsystems (NYSE: TRID) widened fourth quarter losses as revenue plunged.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 551.

A surprisingly sharp drop in consumer confidence in June sent the markets lower during the midday with the Dow losing 55 points to 9053. Nasdaq slipped 4 points to 1963.

On the upside

Ariad Pharmaceuticals (Nasdaq: ARIA) reported positive mid-stage test results for its breast cancer drug ridaforolimus.

Sprint Nextel (NYSE: S) announced that it will acquire Virgin Mobile (NYSE: VM) for approximately $483 million. 

AVI BioPharma (Nasdaq: AVII) and Action Duchenne teamed to support continued  development of AVI's Duchenne Muscular Dystrophy treatment.

On the downside

Anixter (NYSE: AXE) disappointed by swinging to a second quarter loss as revenue fell to miss estimates.

Second quarter earnings for Paccar (Nasdaq: PCAR) plummeted as revenue slumped amidst the economic downturn.

Manitowoc (NYSE: MTW) blamed charges for swinging to a second quarter loss.

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 fell 3 points to 547.

The markets opened lower as weak corporate earnings weighed on investors. The Dow lost 17 points to 9091 while Nasdaq fell 3 points to 1964.

On the upside

IBM (NYSE: IBM) will pay approximately $1.2 billion to acquire SPSS (Nasdaq: SPSS) .

While Tenet Healthcare (NYSE: THC) warned of a second quarter loss, the hospital operator lifted its full year forecast. 

KKR Financial Holdings (NYSE: KFN) expects to post a profit for the second quarter.

On the downside

The Department of Energy denied USEC's (NYSE: USU) application for a $2 billion loan guarantee.

Office Depot (NYSE: ODP) widened second quarter losses by a larger than expected amount as sales plunged amidst the slumping economy.

Second quarter earnings for Interpublic Group (NYSE: IPG) plummeted due to the global recession.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE while advancers edged out decliners by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 550.

A late afternoon rally lifted the markets to a modestly higher close with the Dow adding 15 points to 9108 as new home sales surged. Nasdaq edged up a point to 1967.

On the upside

Gannett (NYSE: GCI) will launch the e-Edition of USA Today which will contain exclusive as well as interactive content in addition to content from its paper edition.

Shares of Select Comfort (Nasdaq: SCSS) surged after narrowing second quarter losses even as revenue dropped. 

Acco Brands (NYSE: ABD) reported better than expected second quarter results and expects improvements in its sales decline in the second half of the year.

On the downside

Analysts expect Activision Blizzard (Nasdaq: ATVI) to delay the release of Starcraft 2: Wings of Liberty, which is set for an October launch.

Stifel Nicolaus cut its full year earnings expectation for American Express (NYSE: AXP) as consumers continue to spend cautiously.

Citigroup (NYSE: C) exchanged $20.3 billion worth of convertible and non-convertible securities for 5.83 billion shares of common stock.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 547.

While new home sales surged last month, prices tumbled to weigh down the markets during the midday with the Dow falling 37 points to 9055. Nasdaq dropped 10 points to 1955.

On the upside

Ariad Pharmaceuticals (Nasdaq: ARIA) reported upbeat initial results from an advanced blood cancer treatment.

Private equity firm Warburg Pincus will pay $115 million for 11.5 million shares of Webster Bank (NYSE: WBS). 

Shares of Novavax (Nasdaq: NVAX) soared on expectations that swine vaccines will be approved before safety data and efficacy results are reviewed.

On the downside

The Pittsburgh Post-Gazette reported that Mylan (Nasdaq: MYL) staff violated government quality control measures at its Morgantown, West Virginia manufacturing plant.

Lazard Capital Markets downgraded Coach (NYSE: COH) a day before the handbag and accesories retailer releases earnings.

While Cott (NYSE: COT) swung to a second quarter profit, revenue fell and teh private label soft drink maker warned that profit growth may be pressured by strong competition amidst the global recession.

In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE, but were edged out by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 547.

Investors studied the latest batch of corporate earnings news while analysts wondered if the two week rally would continue this week.  The Dow lost 2 points to 9091 while Nasdaq slipped 5 points to 1960.

On the upside

Varian (Nasdaq: VARI) received a $1.5 billion cash offer from scientific instrument maker Agilent Technologies (NYSE: A).

Shares of Acadia Pharmaceuticals (Nasdaq: ACAD) rallied for a 2nd day after the company announced positive late-stage trial results for its Parkinson's disease treatment. NBTY

Vitamin supplement maker NBTY (Nasdaq: NBTY) reported higher revenues and flat earnings that beat expectations.

On the downside

Shares of Aetna (NYSE: AET) fell after the health insurance provider reported higher revenues and flat membership growth.  Higher expenses trimmed earnings.

Specialty glass maker Corning (NYSE: GLW) posted lower revenues and earnings that beat expectations, but analysts noted most of the demand came from smaller and mid-size displays with tighter margins.

Verizon Communications (NYSE: VZ) reported slightly higher revenues and lower profits despite adding 1.1 million subscribers in the quarter.

In the broad market, declining issues outpaced advancers by a slim margin on the NYSE, but were edged out by a narrow margin on Nasdaq. The Russell 2000 which tracks small cap stocks was unchanged at 548.

The Dow rose 23 points to close at 9093 while Nasdaq fell 7 points to 1965 as Microsoft earnings fell short of expectations due to a surprising drop in sales.

On the upside

LDK Solar (NYSE: LDK) lifted its revenue and shipment outlooks for the second quarter.

Analysts upgraded RadioShack (NYSE: RSH) citing improvements to the company's wireless business.

Con-way (NYSE: CNW) reported second quarter earnings that beat expectations prompting an upgrade.

On the downside

Morgan Keegan analyst Tavis C. McCourt downgraded Premiere Global Services (NYSE: PGI) after the company reported lower second quarter earnings.

Ashland (NYSE: ASH) reported lower preliminary earnings that fell short of expectations.

Western Alliance Bancorporation (NYSE: WAL) swung to a second quarter loss.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap added 2 points to 548.

Disappointing earnings weighed down the technology sector while blue chips advanced modestly during the midday. The Dow added 9 points to 9078 while Nasdaq lost 12 points to 1960.

On the upside

Second quarter earnings for SunPower (Nasdaq: SPWRA) slipped but the results soundly beat expectations prompting an upgrade.

While CA (Nasdaq: CA) reported flat earnings, revenue rose to top estimates and the business management software company forecast 2010 full year results ahead of expectations.

US Airways (NYSE: LCC) swung to a profit for the second quarter.

On the downside

Riverbed Technology (Nasdaq: RVBD) narrowed second quarter losses but the results still fell short.

Earnings tumbled for Broadcom (Nasdaq: BRCM) while margin concerns weighed down shares of the chipmaker.

Second quarter earnings for MEMC Electronic Materials (NYSE: WFR) plummeted as sales plunged due to the sluggish economy.

In the broad market, declining issues barely edged out advancers on the NYSE while decliners outpaced advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap eased a fraction to 545.

Microsoft and Amazon.com reported disappointing results that weighed down the tech sector.  Meanwhile, oil prices remained above $67 a barrel as investors remained optimistic about a global economic recovery.  The Dow lost 31 points to 9038 while Nasdaq tumbled 23 points to 1949.

On the upside

CIT Group (NYSE: CIT) sweetened terms of its $1 billion debt buy-back offer.  Investors hope that the small business lender can avert bankruptcy.

CyberSource (Nasdaq: CYBS) posted higher revenues and a profit. An analyst promptly upgraded the electronic payment provider.

On the downside

Schlumberger (NYSE: SLB) posted lower revenues and earnings that beat expectations.  However, its guidance for drilling activity was neutral.

Microsoft (Nasdaq: MSFT) announced lower revenue that missed analysts' estimates.

Amazon.com (Nasdaq: AMZN) posted higher sales, but the results were not as robust as investors had hoped given the fact that the stock had risen 80% so far this year.

Rigel Pharmaceuticals (Nasdaq: RIGL) announced that its rheumatoid arthritis drug candidate missed Phase II study goals.

In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to 540.

A greater than expected gain in existing home sales lifted the markets to a sharply higher close with the Dow leaping 188 points to 9069. Nasdaq surged 47 points to 1973.

On the upside

Affymetrix (Nasdaq: AFFX) reversed year ago losses to post a second quarter profit that surpassed analyst expectations.

Intuitive Surgical (NYSE: ISRG) reported better than expected second quarter earnings and revenue.

A jury awarded Valassis Communications (Nasdaq: VCI) $300 million in a lawsuit against News America Marketing.

On the downside

Repros Therapeutics (Nasdaq: RPRX) reported that patients in a uterine fibroid treatment study who experienced adverse effects continue to have elevated levels of liver enzymes.

Second quarter earnings for Goodrich (NYSE: GR) slipped due to the launch of a joint venture.

Reliance Steel & Aluminum (NYSE: RS) posted its first ever quarterly loss as a publicly traded company.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 17 points to 545.

Rising Home Sales Boost Markets

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The markets surged during the midday with the Dow soaring 174 points to 9055 as investors embraced news that existing home sales rose more than expected. Nasdaq surged 46 points to 1972.

On the upside

Celgene (Nasdaq: CELG) reported positive trial results for its multiple myeloma treatment Revlimid. The biotechnology company also posted higher second quarter income that met expectations.

International Game Technology (NYSE: IGT) reported lower third quarter income but the results surpassed analyst expectations.

Although Hercules Offshore (Nasdaq: HERO) swung to a loss for the second quarter, the results were better than expected.

On the downside

Although second quarter earnings rose for Safeway (NYSE: SWY), the grocery chain lowered its full year forecast as sales slipped.

An insurance firm owned by billionaire Warren Buffett sold nearly 8 million shares of Moody's (NYSE: MCO) prompting a downgrade.

Celera (Nasdaq: CRA) disappointed with a second quarter revenue outlook below expectations and by withdrawing its full year revenue guidance.

In the broad market, advancing issues outpaced decliners 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 jumped 17 points to 545.

Upbeat corporate earnings lifted the markets to a higher open with the Dow climbing 61 points to 8943. Nasdaq gained 16 points to 1942.

On the upside

Medarex (Nasdaq: MEDX) will be acquired by Bristol-Myers (NYSE: BMY) in an all cash $2.1 billion deal.

Fifth Third Bancorp (Nasdaq: FITB) reversed year ago losses to swing to a second quarter profit due to the sale of its controlling interest in a processing business.

Although second quarter earnings fell for Thermo Fisher Scientific (NYSE: TMO), revenue topped estimates and the scientific instrument maker lifted its full year earnings and revenue outlook.

On the downside

FreeSeas (Nasdaq: FREE) will offer approximately 8.7 million common shares at $1.80 per share to raise capital.

Cell Therapeutics (Nasdaq: CTIC) plans to offer approximately 29.3 million common shares.

While SanDisk (NYSE: SNDK) swung to a second quarter profit, the memory chip maker forecast third quarter revenue that fell short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 531.

It was a mixed close for the markets with the Dow falling 34 points to 8881 while Nasdaq climbed 10 points to 1926 over uneven earnings news.

On the upside

ClickSoftware Technologies (Nasdaq: CKSW) reported higher second quarter earnings that topped estimates.

Bankrate (Nasdaq: RATE) will be taken private by Apax Partners in a deal valued at approximately $571 million.

Media General (NYSE: MEG) reversed year ago losses to post a profit in the second quarter despite sharply lower ad revenue.

On the downside

While United Airlines parent UAL (Nasdaq: UAUA) swung to a second quarter profit, the airliner warned that international capacity will be cut.

Although second quarter earnings for St. Jude (Nasdaq: STJ) rose, revenue dropped to fall short of estimates as sales of implantable cardioverter defibrillators slipped.

Whirlpool (NYSE: WHR) reported sharply lower second quarter earnings as revenue tumbled amidst falling consumer demand.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 528.

The markets traded near the flatline during the midday over mixed earnings news.  The Dow slipped 5 points to 8910 while Nasdaq gained 10 points to 1926.

On the upside

Starbucks (Nasdaq: SBUX) swung to a better than expected third quarter profit as the company closed stores and cut costs.

Second quarter earnings for Gentex (Nasdaq: GNTX) plunged as revenue tumbled but the results topped estimates.

KeyCorp (NYSE: KEY) narrowed second quarter losses.

On the downside

Pharmaceutical Product Development (Nasdaq: PPDI) reported lower second quarter earnings and revenue due to high contract cancellations.

Genzyme (Nasdaq: GENZ) reported sharply higher second quarter income but cited production problems at a Boston manufacturing site for slashing its full year forecast.

Allegheny Technologies (NYSE: ATI) swung to a loss for the second quarter as revenue dropped to fall below expectations.

In the broad market, advanicng issues outpaced decliners by a margin of 5 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 530.

Banks delivered better than expected results in the 2nd quarter, but investors worried about continued credit losses and their impact on consumer spending.  The Dow lost 25 points to 8890 while Nasdaq slipped a point to 1916.

On the upside

Boeing (NYSE: BA) posted slightly higher revenues and 2nd quarter profits versus year-ago results which were weighed down by one-time charges.

Pfizer (NYSE: PFE) reported lower revenues and 2nd quarter profits due to a strong dollar reducing overseas results.

Onyx Pharmaceuticals (Nasdaq: ONXX) reported positive results for its drug candidate that treats patients with advanced breast cancer.

On the downside

Shares of Wells Fargo (NYSE: WFC) fell after the banking giant posted higher profits, but potential real estate losses nagged investors.

Morgan Stanley (NYSE: MS) reported a loss despite strong trading volume and fixed income sales.

Shares of Advanced Micro Devices (NYSE: AMD) lost ground after the chip maker posted a narrowing loss that missed expectations.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE, but were narrowly edged out on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 523.

Upbeat earnings news along with reassurances from Federal Reserve Chairman Ben Bernanke that the economy is poised to recover this year lifted the markets to a higher close with the Dow gaining 67 points to 8915. Nasdaq rose 6 points to 1916.

On the upside

Analysts upgraded Human Genome Sciences (Nasdaq: HGSI) after the company reported surprisingly upbeat late stage drug trial results for its lupus treatment.

BioCryst Pharmaceuticals (Nasdaq: BCRX) stock continued soaring after reporting positive trial results for its flu treatment last week.

The Chinese government launched its Golden Sun program to provide subsidies for solar projects. Shares of Yingli Green Energy (NYSE: YGE), Trina Solar (NYSE: TSL) and Suntech Power Holdings (NYSE: STP) all surged.

On the downside

Sterling Financial (Nasdaq: STSA) updated its shelf registration to offer up to $500 million in securities.

Lockheed Martin (NYSE: LMT) blamed significant pension expenses for sharply lower second quarter earnings.

Second quarter earnings for Arbitron (NYSE: ARB) surged to top estimates but the media and marketing information services company lowered its full year revenue outlook.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners edged out advancers by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 525.

Congress Questions Fed

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The markets turned negative during the midday with the Dow losing 10 points to 8837 as Congress questioned the ability of the Federal Reserve to regulate financial companies and manage the stimulus package. Nasdaq dropped 11 points to 1897.

On the upside

The Food and Drug Administration and Incyte (Nasdaq: INCY) agreed on the goals of a late stage clinical trial for the myelofibrosis treatment INCB18424.

Deutsche Bank cited improving conditions in the containerboard industry for upgrading International Paper (NYSE: IP).

Although second quarter earnings for Merck & Co. (NYSE: MRK) dropped due to falling revenue, the results beat analyst expectations.

On the downside

Regions Financial (NYSE: RF) blamed hefty loan loss provisions for swinging to a wider than expected second quarter loss.

Continental Airlines (NYSE: CAL) widened second quarter losses as business travelers curtailed trips amidst the economic downturn and fears of the swine flu. The airliner announced the elimination of 1,700 jobs and a $5 increase in domestic checked bag fees.

Comerica (NYSE: CMA) swung to a second quarter loss as loan loss provisions climbed and the bank made preferred dividend payments to the government.

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 dropped 7 points to 519.

Solid earnings stabilized investor confidence in blue chip stocks, but the technology sector wavered.   The Dow rose 36 points to 8884 while Nasdaq fell 10 points to 1898.

On the upside

Construction equipment maker Caterpillar (NYSE: CAT) posted lower 2nd quarter profits, but boosted its 2009 profit forecast citing particularly strong demand in China.

Shares of JDA Software Group (Nasdaq: JDAS) surged after the company reported higher revenues and earnings that nearly tripled versus year-ago levels.

Dow Agrosciences, a unit of Dow Chemical (NYSE: DOW) and Monsato (NYSE: MON) received approval from the U.S. Environmental Protection Agency for a new corn seed.

On the downside

Coca-Cola (NYSE: KO) posted lower 2nd quarter earnings that beat expectations.  However, investors focused on lower revenues in North America and single-digit growth guidance.

Printer and copier maker Lexmark International (NYSE: LXK) reported sharply lower profits and revised its 3rd quarter outlook due to sluggish consumer demand.

Shares of Zions Bank (Nasdaq: ZION) fell after the regional bank reported a 2nd quarter loss due to loan losses.  An analyst downgraded the stock.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE, but were edged out by a margin of 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 526.

CIT Receives Lifeline

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A last minute rescue of CIT Group along with upbeat economic news lifted the markets to a higher close with the Dow soaring 104 points to 8848.  Nasdaq climbed 22 points to 1909.

On the upside
 
June MacBook sales surged 16%, well over the 5% that analysts were expecting.  Shares of Apple (Nasdaq: AAPL) rose.

 

Deutsche Bank analyst Brian Modoff expects Apple's (Nasdaq: AAPL) iPhone and Research in Motion's (NYSE: RIMM) Blackberry to grow from 3% of the global cellphone market to 5% while global operating profits will increase from 35% to 58% of profits.

FBR Capital Markets analyst Craig Berger upgraded Advanced Micro Devices (NYSE: AMD) to Outperform. 

On the downside

Harman International (NYSE: HAR) denied rumors that it received a buyout offer.

Fox-Pitt Kelton analyst Andrew Marquardt cut his rating on Bank of America (NYSE: BAC).

Analysts downgraded Nokia (NYSE: NOK) .

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 526.

The Conference Board's index of leading economic indicators rose more than expected to lift the markets higher during the midday with the Dow climbing 68 points to 8812.  Nasdaq gained 15 points to 1901.

On the upside

Orexigen Therapeutics (Nasdaq: OREX) reported upbeat trial results for its obesity treatment Contrave.

Bloomberg News reported that Las Vegas Sands (NYSE: LVS) will launch an initial public offering in Hong Kong next month for its Macau casinos.

UBS upgraded Elan (NYSE: ELN). 

On the downside

Jefferies & Co. analyst George Notter downgraded Infinera (Nasdaq: INFN) saying that competition will increase.

Rochdale Securities analyst Richard Bove slashed his full year earnings outlook for 2009 through 2011 for Citigroup (NYSE: C).

The Food and Drug Administration issued a response letter to Labopharm (Nasdaq: DDSS) stating that its new drug application for the antidepressant trazodone could not be approved due to deficiencies at Labopharm's manufacturing facility.

In the broad market, advancing issues outpaced decliners 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 added 4 points to 523.

Stocks Open Higher on CIT Deal

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A likely rescue of CIT Group boosted investor optimism as the Dow rose more than 50 points to 8798.  Nasdaq climbed 15 points to 1901.

On the upside

Commerical lender CIT Group  (NYSE: CIT) reportedly approved a deal with bondholders to secure $3 billion in funding possibly to avert a bankruptcy filing.

Shares of Human Genome Sciences (Nasdaq: HGSI) soared after the drug maker reported positive results for its lupus drug treatment.   The company has partnered with GlaxoSmithKline (NYSE: GSK) to develop and market the product.

Oil services provider Halliburton (NYSE: HAL) posted lower 2nd quarter profits, but the results beat expectations. 

On the downside

Weatherford International (NYSE: WFT) posted lower 2nd quarter profits mostly due to weak commodity prices.

An analyst downgraded Tyson Foods (NYSE: TSN) and Sanderson Farms (Nasdaq: SAFM).  The two stocks promptly fell.

Shares of Ruby Tuesday (NYSE: RT) slipped after the casual dining chain announced a stock offering of 10 million shares.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 4 points to 523.

The markets posted modest gains even as crude oil prices rose with the Dow gaining 32 points to 8743 as earnings news lifted investor sentiment. Nasdaq added a point to 1886.

On the upside

Korn Ferry International (NYSE: KFY) chief executive Gary Burnison said that hiring in the financial services and health care sectors is climbing.

Cytec (NYSE: CYT) forecast upbeat results for 2009 as demand rises.

UnitedHealth (NYSE: UNH) entered negotiations to acquire Health Net's (NYSE: HNT) operations in the Northeast.

On the downside

Electro-Optical Sciences (Nasdaq: MELA) will offer 2.4 million common shares at a discount in order to raise $15 million.

Regency Centers (NYSE: REG) lowered its funds from operations for the second quarter due to impairment charges.

Popular (Nasdaq: POP) swung to a second quarter loss as loan loss provisions surged and the housing market in Puerto Rico continued to slump. 

In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased 2 points to 519.

Mixed Earnings, Mixed Markets

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The markets traded mixed during the midday with the Dow adding 8 points to 8720 while Nasdaq slipped 2 points to 1882.  Earnings news continues to weigh on investors.

On the upside

BioCryst Pharmaceuticals (Nasdaq: BCRX) reported promising results from its experimental flu treatment peramivir.

Webster Financial (NYSE: WBS) swung to a profit for the second quarter as deposits increased.

Wedbush Morgan upgraded CDC (Nasdaq: CHINA).

On the downside

Associated Banc-Corp (Nasdaq: ASBC) blamed higher loan loss provisions for swinging to a second quarter loss.

Wave Systems (Nasdaq: WAVX) will raise over $3 million through an offering of common shares.

Wilmington Trust (NYSE: WL) warned that second quarter earnings will drop to fall short of expectations as loan loss provisions climb. 

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 518.

The markets opened lower as investors digested a mixed batch of corporate profit reports.  The Dow lost 13 points to 8697 while Nasdaq fell 6 points to 1878.

On the upside

AO Smith (NYSE: AOS) posted lower profits that beat estimates.  The company makes water heating equipment and electric motors.

Investors were surprised by Citigroup's (NYSE: C) latest quarterly profit, much of it due to gains from the sale of its Smith Barney unit.

On the downside

Marshall & Isley (NYSE: MI) posted a smaller loss than expected as the financial services company wrote down problem credit issues.

Bank of America (NYSE: BAC) reported a sizable quarterly profit, but warned of continued weakness in its credit portfolio.

General Electric (NYSE: GE) posted lower profits due to eroding performance at its finance and industrial goods units. 

Google (Nasdaq: GOOG) posted higher revenues and profits, but investors focused on the search engine's slowing rate of growth.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 518.

The markets recovered to close higher with the Dow climbing 95 points to 8711 over upbeat earnings and lower first time applications for unemployment benefits. Nasdaq gained 22 points to 1885.

On the upside

Hong Kong software and online services company CDC (Nasdaq: CHINA) will make an initial public offering of 4.8 million American Depositary Shares of its subsidiary CDC Software.

Analysts expect Human Genome Sciences (Nasdaq: HGSI) to report disappointing results from its lupus drug trial on Monday but speculators sent the stock price up.

Although MGIC Investment (NYSE: MTG) widened second quarter losses, revenue rose to top estimates.

On the downside

Fitch Ratings slashed the rating of UCBH (Nasdaq: UCBH) further into speculative territory after the parent of United Commercial Bank suspended dividends on both its common and preferred stock.

Ivanhoe Mines (NYSE: IVN) warned that there will be further discussions with the Mongolian parliament over development of its Oyu Tolgoi mine.

CapitalSource (NYSE: CSE) will offer 17.5 million common shares at $4.10 per share.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by a more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 6 points to 522.

A drop in initial jobless claims lifted the markets modestly higher during the midday with the Dow gaining 14 points to 8631. Nasdaq rose 6 points to 1869.

On the upside

The Food and Drug Administration approved mixing BioForm Medical's (Nasdaq: BFRM) RADIESSE dermal filler with lidocaine.

The Estrado de S. Paulo newspaper reported that Brazilian iron ore miner Vale (NYSE: VALE) may be interested in acquiring Mosaic (NYSE: MOS).

The Food and Drug Administration approved Angiotech Pharmaceuticals' (Nasdaq: ANPI) TAXUS Liberte Long Stent.

On the downside

Sterlite Industries (NYSE: SLT) raised $1.5 billion through the sale of the largest American Depositary Shares sale by an Indian company in two years.

Second quarter earnings for Marriott International (NYSE: MAR) plunged due to the slumping global economy.

Resources Connection (Nasdaq: RECN) swung to a fourth quarter loss due to lower revenue and restructuring charges.

In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and by a nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 514.

Investors took a breather from yesterday's rally to digest the latest batch of corporate earnings news.  The Dow slipped 13 points to 8602 while Nasdaq held steady at 1861.

On the upside

Memory chip maker STEC (Nasdaq: STEC) boosted its sales forecast.  Investors immediately snapped up the stock.

Universal Forest Products (Nasdaq: UFPI) posted lower revenues and higher profits due to aggressive cost-cutting measures.

East West Bancorp (Nasdaq: EWBC) reported a loss due to one-time charges while highlighting a decline in delinquent loans.

On the downside

JP Morgan Chase (NYSE: JPM) announced solid profits for the latest quarter, but warned of a weak consumer credit portfolio.

Investors all but gave up hope on the federal government giving CIT Group (NYSE: CIT) a lifeline to avoid bankruptcy.

Nokia (NYSE: NOK) posted a shar drop in earnings due to falling sales and tough competition from Apple (Nasdaq: AAPL) and Research in Motion (Nasdaq: RIMM).

In the broad market, advancing issues edged out decliners by a narrow margin on the NYSE, but were outpaced by a margin of 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 514.

Better than expected earnings sent the markets soaring to a sharply higher close with the Dow rocketing 256 points to 8616. Nasdaq leaped 63 points to 1862.

On the upside

Converted Organics (Nasdaq: COIN) announced that it produced 64% more liquid organic fertilizer at its Gonzales, CA facility in the first six months of 2009 than the same period in 2008.

Citigroup initiated coverage of Cisco Systems (Nasdaq: CSCO) and Juniper Networks (Nasdaq: JNPR) with Buy ratings.

Las Vegas Sands (NYSE: LVS) extended the employment contract of Senior Vice President Robert Goldstein and promoted him to Executive Vice President.

Shares of JPMorgan Chase (NYSE: JPM) rose ahead of its earnings release tomorrow.

American Express (NYSE: AXP) reported lower credit card defaults in June and said that business will improve in the second half of the year.

NBC and the NHL extended their television contract for two years.  General Electric (NYSE: GE) is the parent company of NBC.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 1 on the NYSE and by a margin of nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 19 points to 515.

Strong earnings news boosted investor sentiment to send the markets soaring during the midday with the Dow leaping 192 points to 8552. Nasdaq jumped 50 points to 1849.

On the upside

Brigham Exploration (Nasdaq: BEXP) announced that its Strobeck 27-34 #1H Three Forks well produced 2,021 barrels of oil equivalent during its early 24 hour flow back period.

Bank of America upgraded Alcatel-Lucent (NYSE: ALU).

Northland Securities initiated coverage of MGIC Investment (NYSE: MTG) with an Outperform rating.

On the downside

J. B. Hunt (Nasdaq: JBHT) disappointed with sharply lower second quarter earnings as revenue tumbled.

OXiGENE (Nasdaq: OXGN) will raise $10 million through a registered direct offering.

UCBH (Nasdaq: UCBH) announced that it will suspend dividends on both its common stock as well as preferred shares and will also defer interest payments on notes prompting a downgrade.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 1 on the NYSE and by a margin of more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 14 points to 510.

Investors snapped up technology and financial services stocks as companies continued to report their latest quarterly results.   Meanwhile, consumer prices rose in June due to a big jump in gasoline prices.  The Dow surged more than 100 points to 8463 while Nasdaq leaped 38 points to 1837.

On the upside

Chip giant Intel (NYSE: INTC) posted lower revenues and a modest loss that beat expectation.  Without the fine imposed by the EU, the company would have posted a profit.  Shares of rival Advanced Micro Devices (NYSE: AMD) also rose.

The financial services sector scored gains with shares of Goldman Sachs (NYSE: GS) and Wells Fargo (NYSE: WFC) edging higher.

Shares of Targacept (Nasdaq: TRGT) surged after the drug research company reported positive mid-stage results for its treatment of depression.

Gannett (NYSE: GCI) posted lower revenues, but managed to eke out a profit.  Investors were surprised by the results in an industry that had been buffeted by reduced newspaper readership.

On the downside

Mutual fund company Janus Capital Group (NYSE: JNS) reported lower profits while replacing its CEO.

Data storage company 3Par (NYSE: PAR) posted quarterly results that missed estimates citing lower demand for its products.

Shares of CoBiz Financial (Nasdaq: COBZ) extended losses after issuing more shares to raise $57 million.

In the broad market, advancing issues outpaced decliners by a margin of nearly 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 climbed 6 points to 503.

Upbeat earnings and retail sales lifted the markets to a modestly higher close with the Dow gaining 27 points to 8359. Nasdaq rose 6 points to 1799.

On the upside

Fourth quarter earnings for Hi-Tech Pharmacal (Nasdaq: HITK) surged as generic drug sales leaped.

TerreStar (Nasdaq: TSTR) successfully deployed the world's largest and most advanced commercial communications satellite TerreStar-1.

Advantage Oil (NYSE: AAV) began trading on the Toronto Stock Exchange and the New York Stock Exchange.

On the downside

CoBiz Financial (Nasdaq: COBZ) swung to a second quarter loss as it increased its loan loss provisions and wrote off more debt.

Ardour Capital downgraded Hoku Scientific (NYSE: HOKU).

Shares of Centennial Communications (Nasdaq: CYCL) tumbled as the close of its $944 million acquisition by AT&T (NYSE: T) approached.

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 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 3 points to 496.

Better than expected retail sales lifted the markets modestly higher during the midday with the Dow rising 6 points to 8338. Nasdaq added 3 points to 1796.

On the upside

Rising shipping rates lifted shares of Excel Maritime (NYSE: EXM) and Genco (NYSE: GNK).

CSX (NYSE: CSX) reported lower second quarter earnings but the results topped analyst estimates.

Shares of Gannett (Nasdaq: GCI) rose ahead of its earnings release tomorrow.

On the downside

Sinclair Broadcast (Nasdaq: SBGI) warned that it may file for Chapter 11 bankruptcy protection as advertising revenue continues falling and the television station owner must carry a heavy debt load.

Central Pacific Financial (NYSE: CPF) warned of a wider than expected loss for the second quarter due to higher credit expenses. The company said it will offer $100 million worth of common shares in order to raise capital.

Dell (Nasdaq: DELL) warned that while business is expected to improve next year, margins will continue to be pressured.

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 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 495.

Wholesale prices rose sharply in June due to higher energy prices, but retail sales grew.  Meanwhile, investors kept an eye on the latest batch of corporate earnings news.  The Dow slipped 8 points to 8323 while Nasdaq gave up a point to 1792.

On the upside

Shares of CIT Group (NYSE: CIT) rebounded as the commercial lender continued to negotiate with the FDIC for loan guarantees in order to stave off bankruptcy.

Johnson & Johnson (NYSE: JNJ) posted higher revenues and lower profits that beat expectations.

Noven Pharmaceuticals (Nasdaq: NOVN) received a $428 million cash offer from Japan-based Hisamitsu Pharmaceutical.

On the downside

Goldman Sachs (NYSE: GS) posted quarterly earnings that surpassed expectations as well as year-ago quarter results.  Investors already anticipated the solid performance.

The Pentagon decided not to renew its military health care contracts with Humana (NYSE: HUM) and Health Net (NYSE: HNT).  The contracts would go to Aetna (NYSE: AET) and UnitedHealth Group (NYSE: UNH) instead.

Shares of Take-Two Interactive Software (Nasdaq: TTWO) fell after the video game maker lowered its outlook due to slowing consumer demand and the delayed release of BioShock 2 until next year.

In the broad market, advancing issues outpaced decliners by a narrow margin on the NYSE, but were edged out by a margin of 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 491.

Investor sentiment was buoyed by encouraging remarks from analysts about the financial services sector to lift the markets to a sharply higher close with the Dow jumping 185 points to 8331. Nasdaq leaped 37 points to 1793.

On the upside

Shares of Territorial Bancorp (Nasdaq: TBNK) surged on its first day of trading.

Analysts expect solid earnings from banks. Shares of Fifth Third Bancorp (Nasdaq: FITB) and J.P. Morgan (NYSE: JPM) climbed.

Fidelity increased its stake in Starbucks (Nasdaq: SBUX) from 4.1% to over 10%.

On the downside

American Axle & Manufacturing (NYSE: AXL) is exploring restructuring options.

Dell (Nasdaq: DELL) warned of a slight drop in gross margins for the second quarter.

Sinclair Broadcast (Nasdaq: SBGI) met with note holders in order to restructure debt.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 12 points to 493.

Optimism Lifts Markets

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Optimism that the financial services sector may be improving lifted the markets higher during the midday with the Dow surging 137 points to 8283. Nasdaq soared 24 points to 1780.

On the upside

Charles Schwab (Nasdaq: SCHW) told Barron's that it expects assets to increase 8% to 10% per year.

IBasis (Nasdaq: IBAS) received an all cash buyout offer from majority shareholder Royal KPN for $1.55 per share.

Robert W. Baird upgraded First Midwest Bancorp (Nasdaq: FMBI).

On the downside

American Dairy (NYSE: ADY) forecast 2009 revenue well below analyst expectations.

CapitalSource (NYSE: CSE) will offer 17.5 million shares of common stock and $300 million in senior notes to raise funds.

Oppenheimer downgraded Compass Minerals (NYSE: CMP).

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 6 points to 487.

An analyst offered upbeat comments about Goldman Sachs and the banking sector, but most of the markets continued to lag ahead of corporate earnings news this week.  The Dow rose 16 points to 8161 while Nasdaq was unchanged at 1751.

On the upside

Shares of Goldman Sachs (NYSE: GS) rose ahead of Tuesday's earnings report.   Investors also picked up shares of Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC).

Unisys (NYSE: UIS) offered upbeat guidance for the 2nd quarter including a possible pre-tax profit.

An analyst upgraded Trinity Industries (NYSE: TRN), a railcar maker and leasing company.

On the downside

Microsoft (NYSE: MSFT) announced plans to offer an Internet-based version of its Office suite for free.

Shares of CIT Group (NYSE: CIT) fell on word that it may file for bankruptcy if the commercial lender is unable to shore up its balance sheet.

Shares of CardioNet (Nasdaq: BEAT) tumbled after the company revealed that Medicare will lower reimbursement rates for its heart monitor devices.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 481.

Growing concerns about corporate earnings and an increasingly protracted recession sent the Dow lower with the blue chip index falling 36 points to 8146. Nasdaq added 3 points to 1756.

On the upside

Continental Airlines (NYSE: CAL) was granted immunity from antitrust laws by the Transportation Department in order for the airliner to join the Star Alliance to service international routes.

Goldman Sachs analyst David C. Bailey upgraded Seagate Technology (Nasdaq: STX) to a Buy rating saying that IT spending will increase next year.

Thomas Weisel analyst Christa Quarles upgraded Yahoo (Nasdaq: YHOO) citing organizational changes that will improve the company's efficiency.

On the downside

YRC Worldwide (Nasdaq: YRCW) and the Teamsters Union announced a tentative agreement but analysts say more is needed for the transportation services company to remain solvent.

Suntech Power Holdings (NYSE: STP) will receive a $50 million convertible loan from IFC to transition to highly effecient Pluto technology and to repay debt.

Shares of 3Com (Nasdaq: COMS) continued to fall after forecasting disappointing first quarter results.

In the broad market, declining issues outpaced advancers by a margin of nearly 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 point to 480.

Earnings concerns weighed down the markets during the midday with the Dow dropping 60 points to 8123. Nasdaq slipped a point to 1751.

On the upside

A-Power Energy (Nasdaq: APWR) will build a $1.5 billion offshore liquefied natural gas complex for Macau Natural Gas.

Barclays Capital upgraded Dana Holding (NYSE: DAN).

American International Group (NYSE: AIG) is scheduled to pay $2.4 million in bonuses delayed from 2008 and is seeking government approval of the payments in order to avoid outcry from the public.

On the downside

Susquehanna Bancshares (Nasdaq: SUSQ) warned that second quarter results will fall short of expectations due to higher loan loss provisions.

Reports that a Russian company agreed to provide Indian clients with potash at nearly one third less than the going rate sent shares of Potash of Saskatchewan (NYSE: POT) tumbling.

PriceSmart (Nasdaq: PSMT) disappointed with lower third quarter earnings that fell short of estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 478.

Investors worried about volatile oil prices hurting the performance of oil companies.  Meanwhile, the technology sector rallied.  The Dow lost 25 points to 8158 while Nasdaq added 5 points to 1757.

On the upside

Rosetta Stone (NYSE: RST) sued Google (Nasdaq: GOOG) for letting advertisers use the former's trademarks in text ads.

An analyst upgraded Dell (Nasdaq: DELL).

Shares of Rigel Pharmaceuticals (Nasdaq: RIGL) extended yesterday's rally following a promising report on its rheumatoid arthritis drug candidate.

Kennametal (NYSE: KMT) offered 6.5 million new shares to pay down debt.   The company makes highway construction equipment.

On the downside

Shares of PriceSmart (Nasdaq: PSMT) fell after the bulk retail goods chain in Central America posted higher revenues and lower earnings.

Investors worried that the federal government may not guarantee CIT Group's bond offering (NYSE: CIT).

Construction and engineering company Shaw Group (NYSE: SGR) posted lower profits as revenues remained flat.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE, but were narrowly edged out on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a fraction to 479.

A better than expected start to earnings season along with a drop in jobless claims lifted the markets to a modestly higher close with the Dow adding 4 points to 8183. Nasdaq rose 5 points to 1752.
 

On the upside

DineEquity (NYSE: DIN) appointed Daniel J. Brestle of Estee Lauder to its Board of Directors.

GlaxoSmithKline extended its contract with Satyam Computer Services (NYSE: SAY) for SAP and other critical systems support.

Deluxe (NYSE: DLX) lifted its earnings outlook for the second quarter.

On the downside

Kennametal (NYSE: KMT) will raise funds to pay down debt through the offering of 6.5 million shares of common stock.

General Motors is pursuing ways to cancel its multimillion dollar contract to purchase palladium and rhodium from Stillwater Mining (NYSE: SWC).

Natixis Bleichroeder downgraded Merck (NYSE: MRK) after the pharmaceutical ended a study of its cholesterol drug Zetia.

In the broad market, advancing issues outpaced decliners by a margin of more than 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 fraction to 479.

General Motors' emergence from bankruptcy after a mere 36 days lifted the markets modestly higher during the midday with the Dow adding 11 points to 8189. Nasdaq gained 11 points to 1758.
 

On the upside

The European Medicines Agency will meet with Cell Therapeutics (Nasdaq: CTIC) in September, 2009 to discuss the company's Marketing Authorization Application for its lung cancer treatment OPAXIO.

Credit Suisse upgraded KB Home (NYSE: KBH) citing valuation and improving order trends.

Shares of Las Vegas Sands (NYSE: LVS) rose after the Nevada Gaming Control Board reported a smaller than expected drop in gaming revenue for May. The casino operator also affirmed the opening of its Singapore resort in early 2010.

On the downside

Verigy (Nasdaq: VRGY) will offer $110 million of convertible senior notes.

Saks (NYSE: SKS) disappointed with a 4.4% drop in same store sales for June.

Citigroup analyst Joshua Shanker issued a client note saying that American International Group (NYSE: AIG) stock may drop to zero due to additional credit default swap losses.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 482.

The Labor Department reported a drop in initial jobless claims last week to their lowest levels since January.  The Dow rose 15 points to 8193 while Nasdaq added 5 points to 1752.
 

On the upside

Alcoa (NYSE: AA) reported a smaller than expected loss as the metals market stabilized.

An analyst upgraded Blue Nile (Nasdaq: NILE), an online retailer for jewelry.

Rigel Pharmaceuticals (Nasdaq: RIGL) reported positive results for its rheumatoid arthritis drug candidate.

On the downside

An analyst downgraded Valeant Pharmaceuticals (NYSE: VRX).

Network equipment maker Emulex (NYSE: ELX) turned down a sweetened buy-out offer from Broadcom (Nasdaq: BRCM).

3COM (Nasdaq: COMS) posted earnings that beat expectations, but quarterly revenues declined versus year-ago levels.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 480.

Despite concerns that the global economy remains in a recession, upbeat earnings lifted the markets to a modestly higher close with the Dow adding 14 points to 8178. Nasdaq edged up a point to 1747.
 

On the upside

Gravity (Nasdaq: GRVY) reported sharply higher first quarter revenue.

DynCorp (NYSE: DCP) won a $1.5 billion contract to provide support services to the U. S. Army in Afghanistan.

Steak n Shake (NYSE: TRGT) reported a 5% jump in same store sales for the third quarter as customer traffic surged 13.4%.

On the downside

Genworth Financial (Nasdaq: GNW) closed its public offering of 44.7 million shares of common stock of its Canadian unit.

Somaxon Pharmaceuticals (Nasdaq: SOMX) completed a 5.1 million common share private placement.

Huntington Bancshares (Nasdaq: HBAN) granted new Chief Risk Officer Kevin Blakely 40,000 shares of restricted stock.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 4 points to 479.

The International Monetary Fund said that while the global economy continues to be in a recession, it is moving closer to a recovery and that government stimulus is still necessary. The Dow fell 43 points to 8119 while Nasdaq dropped 13 points to 1733.
 

On the upside

Tractor Supply (Nasdaq: TSCO) lifted its full year outlook and forecast second quarter results ahead of expectations.

Goldman Sachs upgraded Peabody Energy (NYSE: BTU) and lifted its price target on the company.

AstraZeneca will continue to develop Targacept's (Nasdaq: TRGT) attention deficit/hyperactivity disorder treatment AZD3480 and Alzheimer's medication AZD1446.  AstraZeneca will also make a $10 million milestone payment to Targacept.

On the downside

ARYx Therapeutics (Nasdaq: ARYX) reported that its experimental blood clot treatment tecarfarin failed a late stage clinical trial.

XenoPort (Nasdaq: XNPT) priced its 2.5 million offering at $19 per share.

Websense (Nasdaq: WBSN) forecast second quarter earnings in line with estimates but sales below analyst expectations.

In the broad market, advancing 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 lost 7 points to 477.

Investors turned their attention to corporate earnings for signs of an economic recovery.  Meanwhile, oil prices continued to retreat settling below the $62 a barrel mark.  The Dow rose 42 points to 8206 while Nasdaq added 6 points to 1752.
 

On the upside

Amgen (Nasdaq: AMGN) announced reaching a goal for a bone drug treatment for breast cancer patients.

Private equity firm Symphony Technology Group offered $360 million in cash to buy MSC Software (Nasdaq: MSCS), a software testing company.

Family Dollar Stores (NYSE: FDO) posted quarterly profits that beat expectations.

On the downside

Shares of Microsoft (Nasdaq: MSFT) fell following an announcement by Google (Nasdaq: GOOG) that it would ship its own operating system for personal computers in 2010.

Arena Pharmaceuticals (Nasdaq: ARNA) announced that it would raise $52 million by issuing new stock.

Regulators may be considering limits on commodities trading which would hinder growth prospects for IntercontinentalExchange (NYSE: ICE).

In the broad market, advancing issues outpaced advancers by a margin of more than 5 to 4 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 485.

The markets closed sharply lower with the Dow plunging 161 points to 8163 after auto parts supplier Lear filed for Chapter 11 bankruptcy protection. Nasdaq plummeted 41 points to 1746.

On the upside

Fortune ranked The Female Health Co. (Nasdaq: FHCO) eighth among the top 100 fastest growing publicly traded small companies in America.

Cigna (NYSE: CI) announced that its customer service centers will be staffed 24 hours a day, seven days a week to handle inquiries about its medical, dental and pharmacy benefits beginning on July 24.

Keefe, Bruyette & Woods upgraded KeyCorp (NYSE: KEY) citing the company's valuation and strong capital levels.

On the downside

YRC Worldwide (Nasdaq: YRCW) will resume negotiations with the Teamsters tomorrow.

A federal jury said that an investment firm controlled by former American International Group (NYSE: AIG) chief executive Maurice Greenburg does not have to repay AIG $4.3 billion in stock.

T. Boone Pickens cancelled plans to build the world's largest wind farm.  Pickens had ordered $2 billion in turbines from General Electric (NYSE: GE).

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 484.

Discussions of another stimulus package sparked fears of a protracted recession sending the markets lower with the Dow tumbling 102 points to 8222. Nasdaq dropped 25 points to 1761.

On the upside

Jazz Pharmaceuticals (Nasdaq: JAZZ) made interest payments to senior secured notes holders raised $7 million through a private placement.

Shares of insurers Aetna (NYSE: AET) and UnitedHealth (NYSE: UNH) rose as government negotiators neared a deal with hospitals to reduce costs as part of the government's health care reform.

GenCorp (NYSE: GY) reported higher second quarter earnings even as sales slipped.

On the downside

Pain Therapeutics (Nasdaq: PTIE) will resubmit its application to the Food and Drug Administration for its pain medication Remoxy in 2010. The FDA requested more data on Remoxy at the end of 2008.

The Wall Street Journal reported that the Department of Justice is investigating possible antitrust violations among mobile service providers. Shares of BlackBerry maker Research in Motion (Nasdaq: RIMM), Apple (Nasdaq: AAPL) and Sprint Nextel (NYSE: S) all fell.

PMI (NYSE: PMI) released its Market Risk Index which forecast lower housing prices in 85% of the nation's real estate markets over the next two years.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 489.

Investors mostly stayed on the sidelines as stocks drifted lower on the absence of positive economic signals.  The Dow lost 39 points to 8285 while Nasdaq fell 5 points to 1781.

On the upside

Trinity Biotech (Nasdaq: TRIB) received FDA approval for its drug diagnostic device.

Shares of LittelFuse (Nasdaq: LFUS) surged after the electronic components maker raised its 2nd quarter outlook.

Shares of casual dining chain Ruby Tuesday (NYSE: RT) rose ahead of the company's earnings report after the close of market today.

On the downside

Discover Financial Services (NYSE: DFS) raised $500 million in an offering of new shares.

Hansen Medical (Nasdaq: HNSN), a medical robotics company, offered lowered guidance for the quarter.  An analyst promptly downgraded the stock.

Investors remained concerned about the future of American Axle & Manufacturing (NYSE: AXL) after its peers in the automotive parts industry filed for bankruptcy.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 492.

Dow Recovers To Close Higher

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The Dow recovered in late afternoon trading to close up 44 points to 8324 as crude oil prices tumbled. Nasdaq fell 9 points to 1787.

On the upside

Lazard Capital Markets upgraded SonicWALL (Nasdaq: SNWL).

KeyBanc analyst Steve Barger upgraded Oshkosh (NYSE: OSK) after the company landed a $1.06 billion Pentagon contract.

On the downside

Several class action lawsuits related to Matrixx's (Nasdaq: MTXX) withdrawn cold medication Zicam were filed against the company.

Shares of CIT Group (NYSE: CIT) fell after Kainos Partners, which operates 56 Dunkin' Donuts franchises, filed for bankruptcy. Kainos owes CIT approximately $25 million.

Falling drybulk shipping rates weighed down shares of DryShips (Nasdaq: DRYS).

Deutsche Securities upgraded Freeport-McMoRan (NYSE: FCX) but the stock price fell.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 494.

Despite retreating oil prices and better than expected reading of the nation's services sector, the markets traded lower during the midday with the Dow falling 25 points to 8254. Nasdaq dropped 24 points to 1772.

On the upside

Technology Business Research ranked Dell (Nasdaq: DELL) number one in customer satisfaction for the first quarter of 2009 for all categories.

Auriga U.S.A. upgraded Sprint Nextel (NYSE: S).

On the downside

Avondale Partners downgraded Republic Airways (Nasdaq: RJET).

Sealy (NYSE: ZZ) announced that it raised approximately $173 million through the sale of senior secured notes.

While Yingli Green Energy (NYSE: YGE) paid off debt early and secured two credit facilities, the solar cell maker also issued approximately $29.4 million in senior convertible notes.

Bloomberg.com reported that Bank of America's (NYSE: BAC) bad loans will increase 10% in the second quarter to approximately $7.6 billion.

In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 489.

The markets opened lower on worries about the economic recovery.  A positive report from the Institute for Supply Management failed to pare losses.  The Dow lost 62 points to 8317 while Nasdaq tumbled 18 points to 1778.

On the upside

In a protracted bidding war among data storage companies, EMC (NYSE: EMC) raised its offer for Data Domain (Nasdaq: DDUP) to $33.50 a share over that made by rival NetApp (Nasdaq: NTAP).

Shares of Ford (NYSE: F) rose on hopes that GM's emergence from bankruptcy would stabilize the auto industry's supply chain.

On the downside

Mining company Rio Tinto (NYSE: RTP) sold a division of its Alcan unit for $1.2 billion to Bemis (NYSE: BMS).

Oil prices fell to the $63 a barrel level to weigh down shares of Exxon Mobil (NYSE: XOM).

Shares of Spectrum Pharmaceuticals (Nasdaq: SPPI) fell after the FDA asked for more data about the company's blood cancer drug candidate.

Regis Corp. (NYSE: RGS) reported lower overall revenues and same-store sales.   Meanwhile, the hair salon operator offered new shares and notes to finance $367 million in debt.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 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 490.

Markets Closed

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U. S. markets are closed in observance of the Independence Day holiday.
Despite a strong increase in factory orders, the markets plunged to close sharply lower with the Dow skidding 223 points to 8280 as soaring unemployment stocked fears of a protracted recession. Nasdaq collapsed 49 points to 1796.

On the upside

Navisite (Nasdaq: NAVI) settled an arbitration dispute with La Touraine.

JMP Securities initiated coverage of Symantec (Nasdaq: SYMC) with a Market Outperform rating.

On the downside

Fifth Third Bancorp (Nasdaq: FITB) completed the sale of its 51 percent ownership in Fifth Third Processing Solutions to Advent International.

Bank of America (NYSE: BAC) will pay $713 million in dividends to the government under the Troubled Asset Relief Program.

Wells Fargo (NYSE: WFC) said that it will accept IOUs issued by the state of California while the state legislature continues negotiations to resolve the budget deficit.

Retreating oil prices weighed down shares of Exxon Mobil (NYSE: XOM).

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks sank 20 points to 497.

A soaring unemployment rate dampened investor enthusiasm to send the markets tumbling during the midday with the Dow plunging 177 points to 8326. Nasdaq plummeted 43 points to 1802.

On the upside

J.P. Morgan initiated coverage of Energy Conversion Devices (Nasdaq: ENER).

Pacer International (Nasdaq: PACR) amended its credit agreement.

Shares of Potash (NYSE: POT) rose after Bloomberg reported that Russian potash producer Uralkali increased its prices due to stronger demand.

On the downside

Discovery Laboratories (Nasdaq: DSCO) warned that the Food and Drug Administration most likely will not approve its lung medication surfaxin prompting a downgrade.

Flagstone Reinsurance (NYSE: FSR) offered $1.88 billion to acquire IPC Re (Nasdaq: IPCR), which received an unsolicited take over bid from Validus Holdings (NYSE: VR).

The Food and Drug Administration is requiring Pfizer (NYSE: PFE) and GlaxoSmithKline (NYSE: GSK) to add "black box" warnings to alert consumers of possible mental health problems including depression and suicidal thoughts to their smoking cessation drugs.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 17 points to 500.

U.S. employers cut 467,000 jobs in June raising the unemployment rate to 9.5%, a 26-year high.  The Dow fell nearly 150 points to 8355 while Nasdaq tumbled 40 points to 1805.

On the upside

Shares of Ireland-based Elan (NYSE: ELN) surged after Johnson & Johnson (NYSE: JNJ) paid $1 billion to take an 18% stake in the drug research firm.

An analyst upgraded Evergreen Solar (Nasdaq: ESLR).

On the downside

Exelon (NYSE: EXC) offered $8 billion in stock to buy NRG (NYSE: NRG) in a hostile bid to combine the two power generating businesses.

Illumina (Nasdaq: ILMN) lowered its outlook due to reduced demand for its genetic testing services.

A federal appeals court allowed subscribers to Dish Network (Nasdaq: DISH) to continue using digital recording technology that TiVo (Nasdaq: TIVO) is challenging.

The FDA stopped sleep aid drug trials aimed at children.  Shares of Sepracor (Nasdaq: SEPR) promptly fell.

In the broad market, declining issues outpaced advancers by a margin of 5 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 12 points to 504.

The markets closed modestly higher with the Dow climbing 57 points to 8504 after the Institute for Supply Management reported that its manufacturing index rose. Nasdaq rose 10 points to 1845.
 

On the upside

Shares of LogMeIn (Nasdaq: LOGM) surged on its first day of trading.

MoneyGram International (NYSE: MGI) will provide money transfer services at Saudi Arabia's National Commercial Bank.

American International Group (NYSE: AIG) executed a 1-for-20 reverse stock split.

On the downside

Repros Therapeutics (Nasdaq: RPRX) halted the use of a higher 50 mg dose of its endometriosis treatment Proellex after an increase in liver enzymes in a few patients.

Acorda Therapeutics (Nasdaq: ACOR) sold the overseas rights to its multiple sclerosis treatment Fampridine-SR to Biogen Idec (Nasdaq: BIIB).

Immersion (Nasdaq: IMMR) initiated an internal review of certain revenue transactions.

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 gained 9 points to 517.

Rising pending home sales boosted the markets higher during the midday with the Dow soaring 102 points to 8549. Nasdaq gained 23 points to 1858.
 

On the upside

Unisys (NYSE: UIS) commenced private exchange offers and consent solicitations for senior notes.

Although first quarter earnings for Constellation Brands (NYSE: STZ) slipped, the results topped estimates.

Synnex (NYSE: SNX) reported higher second quarter earnings that beat expectations.

On the downside

Force Protection (Nasdaq: FRPT) warned of a soft level of operating profit for the second quarter after losing a $1.1 billion contract.

Myriad Genetics (Nasdaq: MYGN) warned that 2009 revenue from its molecular diagnostics unit will fall short.

Spectrum Pharmaceuticals (Nasdaq: SPPI) will raise $21 million through a registered direct offering.

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 10 points to 519.

The U.S. economy continued to cut jobs in June, but the pace was slower.  Meanwhile, a drop in crude inventories drove oil prices above the $71 a barrel mark.  The Dow gained 92 points to 8539 while Nasdaq climbed 19 points to 1854.
 

On the upside

Oshkosh Corporation (NYSE: OSK) completed the sale of its Netherlands-based commercial vehicles unit to a private equity firm.

U.K.-based Micro Focus raised its offer for U.S.-based Borland Software (Nasdaq: BORL) to $1.50 a share.

Freddie Mac (NYSE: FRE) received another $6.1 billion in federal funds to shore up its balance sheet.

On the downside

Shares of wireless heart monitor maker CardioNet (Nasdaq: BEAT) tumbled after the company lowered its revenue and profit outlook for the year.

Dow Chemical (NYSE: DOW) announced plans to shut down three Louisiana plants and relocate the jobs at the sites.  The company recently acquired Rohm & Haas for more than $16 billion.

MetroPCS (NYSE: PCS) offered an unlimited international calling plan for $5 a month to open a price war among wireless carriers.   Shares of rival Sprint (NYSE: S) fell.

In the broad market, advancing issues outpaced decliners 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 added 6 points to 515.

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