Markets Post Modest Gains Despite Drop In New Home Sales

December 23, 2009 1:25 PM |
The markets posted modest gains to close slightly higher with the Dow adding a point to 10,466 despite an unexpected drop in new home sales as Wells Fargo repaid the government $25 billion.  Nasdaq climbed 16 points to 2269.
 

On the upside

FSI International (Nasdaq: FSII) narrowed first quarter losses as revenue rose and the company expects to post a profit for the second quarter.

Wells Fargo Securities analyst John Janedis upgraded New York Times (NYSE: NYT) saying that newspaper advertising revenue has improved.

Ballard Power Systems (Nasdaq: BLDP) will supply Daimler AG with fuel cell products.

On the downside

Ruth's Hospitality Group (Nasdaq: RUTH) entered new credit agreements with new as well as current lenders.

Sprint Nextel (NYSE: S) announced a cash bonus plan to retain chief financial officer Robert Brust until a new chief financial officer is named.

Fannie Mae (Nasdaq: FNM) sold $3 billion in three and six month bills.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 7 points to 630.

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