Markets Up With Interest Rates Poised To Remain Low

November 11, 2009 9:58 AM |
The markets traded modestly higher during the midday with the Dow gaining 41 points to 10,288 over indications that the Federal Reserve will continue to hold down interest rates. Nasdaq rose 13 points to 2164.

On the upside

Third quarter earnings surged for China Housing & Land Development (Nasdaq: CHLN) as revenue tripled.

Deutsche Bank upgraded Smithfield Foods (NYSE: SFD) to a Buy rating and lifted its price target on the company.

Sanofi-Aventis (NYSE: SNY) extended its development deal with Regeneron Pharmaceuticals(Nasdaq: REGN) through 2017.

On the downside

While JA Solar (Nasdaq: JASO) reversed year ago losses to swing to a third quarter profit, the company reported lower revenue and warned that prices will continue to drop in the fourth quarter.

Collins Stewart downgraded Sigma Designs (Nasdaq: SIGM) to a Sell rating saying that the chip maker may lose market share to rival Broadcom (Nasdaq: BRCM).

Although Macy's (NYSE: M) narrowed third quarter losses, the department store forecast fourth quarter results well below analyst estimates.  

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 4 points to 591.

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