Modestly Higher Close Despite Higher Unemployment

November 6, 2009 1:41 PM |
Despite a gain in the unemployment rate, the markets rose to close modestly higher with the Dow climbing 17 points to 10,023 as crude oil prices slipped. Nasdaq rose 7 points to 2112.

On the upside

Magna International (NYSE: MGA) reported an unexpected profit for the third quarter prompting an upgrade.

Shares of airline stocks AirTran Holdings (NYSE: AAI), Continental Airlines (NYSE: CAL) and US Airways Group (NYSE: LCC) all rose as crude oil prices retreated.

KeyBanc Capital Markets analyst Tahira Afzal upgraded Willbros Group (NYSE: WG) citing improving operations.

On the downside

Move (Nasdaq: MOVE) reported lower third quarter revenue prompting a downgrade.

Sapient (Nasdaq: SAPE) blamed special charges for third quarter earnings that plummeted.

Red Robin Gourmet Burgers (NYSE: RRGB) blamed the economic downturn for lower third quarter revenue and earnings.

In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE and while decliners edged out advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 580.

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This page contains a single entry by published on November 6, 2009 1:41 PM.

Markets Modestly Higher Over Upbeat Earnings was the previous entry in this blog.

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