Markets Modestly Higher Over Upbeat Earnings

November 6, 2009 10:24 AM |
Upbeat earnings reports and retreating oil prices tempered news that the nation's unemployment rate surged to a 26 year high.  The markets traded modestly higher during the midday with the Dow rising 12 points to 10,018 while Nasdaq added 5 points to 2110.

On the upside

Analysts upgraded General Electric (NYSE: GE) and raised their price targets for the company.

Blackstone Group (NYSE: BX) reversed year ago losses to post a better than expected profit for the third quarter.

Ocean Power Technologies (Nasdaq: OPTT) won a grant from the Australian government to build a wave energy project.

On the downside

Although a one time tax gain boosted third quarter earnings for Crocs (Nasdaq: CROX), the plastic shoe maker warned of greater than expected losses for the fourth quarter.

AIG (NYSE: AIG) reversed year ago losses to post a profit for the third quarter but warned of continued weakness.

Sunoco (NYSE: SUN) disappointed by swinging to a sharp loss for the third quarter due to weak margins.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 577.

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