Stocks Open Higher on Investor Optimism

September 18, 2009 6:48 AM |
With no major economic reports on today's calendar, investors moved more money into blue chips, but some analysts questioned the sustainability of the recent rally.  The Dow rose 40 points to 9824 while Nasdaq added 4 points to 2131.

On the upside 

SXC Health Solutions (Nasdaq: SXCI) increased the size of its stock offering.  The company provides pharmacy benefit management services.

An analyst upgraded Magma Design Automation (Nasdaq: LAVA).   The company makes design software for the semiconductor industry.

Shares of InterOil (NYSE: IOC) continued to rally after the company drilled and found the top of the reef in Papua New Guinea sooner than expected which suggest greater output.

On the downside

Georgia Gulf (NYSE: GGC) expanded the number of new shares to be issued to 100 million.

Arena Pharmaceuticals (Nasdaq: ARNA) announced positive results for its anti-obesity drug, but the treatment was not as effective as other competing drug candidates.

An analyst downgraded Fuqi International (Nasdaq: FUQI).  The company sells jewelry through distributors in China.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by a margin of 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 617.

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