Gain In Factory Activity Lifts Markets

Mortgage delinquencies surged to record highs in the second quarter but an uptick in factory activity in the mid-Atlantic region lifted the markets to a higher close with the Dow gaining 70 points to 9350. Nasdaq climbed 19 points to 1989.

On the upside

Five Reddy Ice (NYSE: FRZ) executives will purchase company stock.

Although Regis (NYSE: RGS) swung to a fourth quarter loss, the results topped estimates as the company cut expenses and improved margins.

Bon-Ton Stores (Nasdaq: BONT) widened second quarter losses but the retailer lifted its full year guidance.

On the downside

Fourth quarter revenue for Quixote (Nasdaq: QUIX) fell.

Hampton Roads Bankshares (Nasdaq: STSA) withdrew its proposed offering of up to 32.5 million common shares.

First quarter earnings for NetApp (Nasdaq: NTAP) rose even as revenue fell but the stock price dropped after the data storage company failed to provide guidance for the current quarter.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 568.