Airline Consolidation Lifts Markets To Higher Close

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A $3 billion consolidation deal between United and Continental Airlines boosted investor enthusiasm lifting the markets to a sharply higher close with the Dow soaring 143 points to 11,151. Nasdaq surged 37 points to 2498.

On the upside

New York Stock Exchange notified Ambac Financial (NYSE: ABK) that it regained compliance with the minimum listing requirement of $1.00 per share.

Administaff (NYSE: ASF) surprised with a first quarter profit.

Seanergy Maritime (Nasdaq: SHIP) signed a letter of intent to acquire a 51% interest in Maritime Capital Shipping.

On the downside

CapitalSource (NYSE: CSE) widened first quarter losses more than expected as loan loss provisions climbed.

Smithtown Bancorp (Nasdaq: SMTB) disappointed with a loss for the first quarter.

Agilysys (Nasdaq: AGYS) lowered its sales outlook for the fourth quarter.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 16 points to 732.

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This page contains a single entry by published on May 3, 2010 1:33 PM.

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