EU Bailout Of Greece Eases Default Fears, Markets Soar

February 11, 2010 1:31 PM |
The European Union's bailout of Greece eased investor fears of a default sending the markets soaring to a sharply higher close with the Dow leaping 105 points to 10,144. Nasdaq jumped 29 points to 2177.

 

On the upside

Shares of MGM Mirage (NYSE: MGM) rose ahead of its earnings release next week.

Tekelec (Nasdaq: TKLC) reported higher fourth quarter earnings that topped analyst expectations and forecast full year income ahead of estimates.

Fourth quarter earnings slipped for Geeknet (Nasdaq: LNUX) but revenue surged.

On the downside

Fourth quarter earnings for TradeStation Group (Nasdaq: TRAD) plummeted due to lower commissions and fees and the company forecast current quarter income below expectations.

Administaff (NYSE: ASF) blamed greater than expected health care expenses for swinging to a fourth quarter loss.

Although Ecolab (NYSE: ECL) reported higher fourth quarter income, the results fell short of expectations. 

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 9 points to 605.

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Unexpected Drop In Jobless Claims Lifts Markets was the previous entry in this blog.

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