Sharply Higher Close On Upbeat Earnings
Upbeat earnings news lifted the markets to a sharply higher close with the Dow soaring 103 points to 11,123. Nasdaq leaped 38 points to 2504.
On the upside
Samsung's new line of 3D LED/LCD TVs are equipped with Silicon Image's (Nasdaq: SIMG) enhanced InstaPort switching technology.
BB&T Capital Markets initiated coverage of Pier 1 Imports (NYSE: PIR) with a Buy rating.
Goldman Sachs upgraded Allied Irish Banks (NYSE: AIB) to a Buy rating.
On the downside
Bull & Lifshitz launched an investigation into the merger between Mirant (NYSE: MIR) and RRI Energy (NYSE: RRI) merger for possible breaches of fiduciary duty.
The compensation package of UnitedHealth (NYSE: UNH) chief executive Stephen J. Hemsley more than doubled to $8.9 million in 2009.
Verizon (NYSE: VZ) will begin accepting pre-orders for the Droid Incredible but the stock price fell.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 15 points to 722.
