Late Afternoon Rally Lifts Markets To Modestly Higher Close
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.
