Industrial Production Rises, Markets Up
March industrial production inched up 0.1% to give the markets a boost during the midday with the Dow rising 16 points to 11,139. Nasdaq gained 9 points to 2514.
On the upside
Cardica (Nasdaq: CRDC) published a study affirming the safety and efficacy of the company's stapling devices in beating-heart bypass procedures.
The Food and Drug Administration approved Akorn's (Nasdaq: AKRX) generic version of the pain treatment Dilaudid-HP.
The European Medicines Agency advised AEterna Zentaris (Nasdaq: AEZS) that the Phase III study of its cancer treatment perifosine is acceptable.
On the downside
Titan Machinery (Nasdaq: TITN) disappointed with lower than expected fourth quarter earnings and forecast 2011 results below expectations.
Macerich (NYSE: MAC) priced its offering of 30 million common shares at $41 per share.
Medical Properties Trust (NYSE: MPW) priced its offering of 26 million common shares at $9.75 per share.
In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 723.
