Global Economic Recovery Lifts Stocks to a Higher Open

October 26, 2009 6:50 AM |
The markets opened higher after Asian nations offered fresh evidence of an economic recovery.  The Dow climbed 68 points to 10,040 while Nasdaq surged 22 points to 2176.

On the upside

DVD rental company Netflix (Nasdaq: NFLX) announced plans to work with Sony to stream video content through Sony's PlayStation game consoles.

BioCryst Pharmaceuticals (Nasdaq: BCRX) received FDA approval for its experimental drug to be used as emergency treatment for swine flu.

Shares of Amazon.com (Nasdaq: AMZN) rallied to a new all-time high on continued optimism for the upcoming holiday shopping season.

On the downside

Verizon Communications (NYSE: VZ) posted higher revenues and lower profits due to increased costs.

Telecommunications services provider FairPoint Communications (NYSE: FRP) filed for bankruptcy unable to service its debt load and to increase revenues.

An analyst downgraded KBR (NYSE: KBR) due to loss of engineering projects resulting from the U.S. military's exit from Iraq.

In the broad market, advancing issues outpaced decliners by a margin of 3 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 9 points to 609.

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This page contains a single entry by published on October 26, 2009 6:50 AM.

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