Markets Soar As Bernanke Affirms Need For Low Rates
On the upside
Bakers Footwear Group (Nasdaq: BKRS) reported a surge in fourth quarter profit and amended its debt covenant.
Fourth quarter earnings for Lululemon Athletica (Nasdaq: LULU) nearly tripled to top estimates as revenue climbed.
The European Union approved SciClone Pharmaceuticals' (Nasdaq: SCLN) chemotherapy induced nausea treatment ondansetron RapidFilm.
On the downside
IncrediMail (Nasdaq: MAIL) disappointed with sharply lower fourth quarter earnings.
Although UTi Worldwide (Nasdaq: UTIW) swung to a fourth quarter profit, the results fell short of estimates.
Citigroup downgraded RRI Energy (NYSE: RRI) to a Sell rating.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 688.
