Markets Recover Over Wal-Mart's $10 Toy Promotional

September 30, 2009 10:31 AM |
The markets recovered to post a modest gain during the midday with the Dow adding 14 points to 9756 after Wal-Mart announced that it will sell over 100 toys for $10 during the holiday shopping season.  Nasdaq rose 8 points to 2132.

On the upside 

Tianwei New Energy Holdings will receive a majority stake in Hoku Scientific (Nasdaq: HOKU) for financing a polysilicon production facility.

AT&T (NYSE: T) will sell TerreStar's (Nasdaq: TSTR) satellite smart phone.

Ameriprise Financial (NYSE: AMP) will acquire Bank of America's (NYSE: BAC) Columbia Management for approximately $1 billion.

On the downside

Noble Financial downgraded Frontier Financial (Nasdaq: FTBK).

Worthington Industries (NYSE: WOR) reported sharply lower first quarter earnings.

Colonial Properties Trust (NYSE: CLP) will offer 9 million shares of common stock.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 602.

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