Stocks Open Higher Ahead of Fed Meeting

September 22, 2009 6:42 AM |
Investors were in the buying mood ahead of a Federal Reserve policy meeting.  Meanwhile, oil prices rose while the U.S. dollar dropped to a 1-year low against the euro.  The Dow rose 18 points to 9797.  Nasdaq rose again up 7 points to 2145.

On the upside 

Car dealership operator Carmax (NYSE: KMX) posted higher 2nd quarter revenues and profits due to higher used car sales.

Carnival Corp. (NYSE: CCL) announced lower quarterly profits as revenues fell, but raised the outlook for booking volume of cruises.

Shares of Verichip (Nasdaq: CHIP) continued to rally after the company secured an exclusive  license to patents to track biological viruses.

On the downside

ConAgra Foods (NYSE: CAG) posted lower 1st quarter revenues and profits.

Diedrich Coffee (Nasdaq: DDRX) announced higher 4th quarter revenues and a profit.  Investors took profit following a powerful summer rally lifting coffee companies.

An analyst downgraded Great Atlantic & Pacific Tea Company (NYSE: GAP).

In the broad market, advancing issues outpaced decliners by a margin of more than 3 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 added 4 points to 620.

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This page contains a single entry by published on September 22, 2009 6:42 AM.

Technology Stocks Gain While Blue Chips Slip was the previous entry in this blog.

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