Strong Manufacturing Activity Lifts Markets To Higher Close

Manufacturing activity posted its strongest month in nearly six years sending the markets up to a sharply higher close with the Dow soaring 118 points to 10,185. Nasdaq leaped 23 points to 2171. 


On the upside

Leap Wireless (Nasdaq: LEAP) is exploring strategic options including the sale of the company or a merger with one of its competitors.

Callon Petroleum (NYSE: CPE) completed a $100 million credit agreement with Regions Bank.

Deutsche Bank analyst Rod Lache upgraded Autoliv (NYSE: ALV) citing the company's higher than expected fourth quarter earnings and upbeat forecast.

On the downside

Smithtown Bancorp (Nasdaq: SMTB) swung to a fourth quarter loss as loan loss provisions soared.

While Haemonetics (NYSE: HAE) reported higher third quarter earnings, the results fell short of estimates and the company announced an all cash $60 million deal to acquire Global Med Technologies.

B. Riley & Co. downgraded Central Pacific Financial (NYSE: CPF) after the company reported significant fourth quarter as well as full year losses last week.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 609.

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This page contains a single entry by published on February 1, 2010 1:37 PM.

Markets Soar Over Strong Growth In Manufacturing Activity was the previous entry in this blog.

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