Stronger Than Expected Manufacturing Activity Lifts Markets

January 4, 2010 10:21 AM | | TrackBacks (0)
A stronger than expected gain in manufacturing activity lifted the markets higher during the midday with the Dow jumping 161 points to 10,589. Nasdaq surged 38 points to 2307.

 

On the upside

China Direct Industries (Nasdaq: CDII) cited improved visibility for providing an annual financial guidance.

Kandi Technologies (Nasdaq: KNDI) announced strategic alliances with China Potevio/CNOOC New Energy and Power, Ltd. and Tianneng Power International, Ltd. to design and market new electronic vehicles in China.

UBS analyst Robin Farley upgraded Las Vegas Sands (NYSE: LVS) saying that gaming revenue in Macau will continue to grow.

On the downside

Nokia (NYSE: NOK) said that its smartphone market share in Latin America will be on par with Research in Motion (Nasdaq: RIMM) in 2011.

Freddie Mac (NYSE: FRE) sold $3 billion worth of bills at interest rates lower than previous auctions.

Jefferies & Co. analyst Randal Konik downgraded AnnTaylor Stores (NYSE: ANN) to Underperform citing greater cost pressures.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks advanced 13 points to 638.

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This page contains a single entry by published on January 4, 2010 10:21 AM.

Markets Open Strong As Manufacturing Activity Impresses was the previous entry in this blog.

Upbeat Manufacturing Activity Boosts Markets is the next entry in this blog.

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