Manufacturing Activity Tops Estimates, Markets Advance

The markets advanced during the midday with the Dow gaining 55 points to 10,191 as manufacturing activity topped expectations. Nasdaq rose 6 points to 2263.

On the upside

Mediacom Communications (Nasdaq: MCCC) chief executive Rocco Comisso offered $6 per share to take the company private.

Second quarter earnings for Bank of Nova Scotia (NYSE: BNS) surpassed analyst expectations and the bank declared a quarterly dividend payable on July 28, 2010 to shareholders of record July 6, 2010.

Ener1's (Nasdaq: HEV) prinicipal shareholder Ener1 Group will invest $65 million in the company.

On the downside

Marshall Edwards' (Nasdaq: MSHL) cancer treatment phenoxodiol failed a late stage clinical trial.

Last week, Flagstar Bancorp (NYSE: FBC) announced a 1-for-10 reverse stock split.

Tenet Healthcare (NYSE: THC) confirmed reports that it engaged in discussions to acquire Australian hospital operator Healthscope.

In the broad market, declining issues outpaced advancers by a margin of more than  2 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 651.