Markets Rise As Trade Deficit Narrows

October 9, 2009 10:02 AM |
An unexpected drop in the nation's trade deficit in August lifted the markets higher during the midday with the Dow gaining 44 points to 9830.  Nasdaq rose 8 points to 2132.

On the upside 

Sunrise Senior Living (NYSE: SRZ) will sell 21 of its senior living communities to Brookdale Senior Living for approximately $204 million.

Monterey Gourmet Foods (Nasdaq: PSTA) will be acquired by Pulmuone USA for approximately $45.8 million.

The Phoenix Companies (NYSE: PNX) will release third quarter earning on Tuesday, November 3.

On the downside

The Food and Drug Administration advisory panel questioned the safety of Acorda's (Nasdaq: ACOR) multiple sclerosis treatment Fampridine-SR.

Lexicon Pharmaceuticals (Nasdaq: LXRX) will offer over 30 millin shares of common stock in order to raise approximately $50 million.

Sterne Agee downgraded Discover Financial Services (NYSE: DFS).

In the broad market, declining issues barely edged out advancers on the NYSE while advancers outpaced decliners by a margin of 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 611.

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