Stocks Open Lower on Global Economic Recovery Hopes

August 24, 2009 6:45 AM |
The major indexes rose to their highest levels of the year on investor optimism for a global economic recovery.  Meanwhile, oil prices edged toward the $74 a barrel level.  The Dow gained 40 points to 9546 while Nasdaq added 6 points to 2027.

On the upside

Warner Chilcott (Nasdaq: WCRX) offered $3.1 billion to buy the prescription drug unit from Procter & Gamble (NYSE: PG).

Financial services companies rose across the board following analyst upgrades.  Shares of Citigroup (NYSE:C), Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) rose sharply on heavy volume.

Shares of Charlotte Russe Holding (Nasdaq: CHIC) surged after the women's clothing retailer arranged its sale to a private equity firm for $380 million.

An analyst upgraded Advanced Micro Devices (NYSE: AMD) citing increased business with PC maker Hewlett Packard (NYSE: HPQ).

On the downside

Standard & Poor's Ratings Services lowered the credit rating of American Capital (Nasdaq: ACAS), a private equity and venture capital firm.

Shares of Smith & Wesson (Nasdaq: SWHC) eased after an analyst downgraded the stock citing slowing demand for firearms.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 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 584.

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