Markets Open Higher Ahead Of Bernanke's Testimony

February 24, 2010 6:44 AM |
The markets opened modestly higher with the Dow gaining 31 points to 10,313 ahead of Federal Reserve Chairman Ben Bernanke's testimony before Congress about the economic health of the nation. Nasdaq rose 13 points to 2227.

 

On the upside

R. R. Donnelley (Nasdaq: RRD) will pay approximately $481 million in cash to acquire Bowne & Co. (NYSE: BNE), which values the company at a 65% premium over Tuesday's closing price.

A Food and Drug Administration advisory panel recommended approval for Salix Pharmaceuticals' (Nasdaq: SLXP) Xifaxan to treat a liver disorder.

Autodesk (Nasdaq: ADSK) swung to a profit that beat analyst expectations prompting an upgrade.

On the downside

Although Stec (Nasdaq: STEC) reversed year ago losses to post a fourth quarter profit, earnings fell short of estimates and the company warned of losses in the first quarter.

Century Aluminum (Nasdaq: CENX) narrowed fourth quarter losses but missed expectations.

While fourth quarter earnings for Garmin (Nasdaq: GRMN) beat expectations, the navigation device maker warned that margins will drop in 2010 due to lower prices and increased competition. 

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 629.

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This page contains a single entry by published on February 24, 2010 6:44 AM.

Markets Close Lower As Consumer Confidence Tumbles was the previous entry in this blog.

Bernanke Expects Interest Rates To Remain Low, Markets Climb is the next entry in this blog.

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