Unexpected Gain In Construction Spending Lifts Markets
An unexpected increase in construction spending lifted the markets to a higher open with the Dow soaring 94 points to 11,103. Nasdaq climbed 21 points to 2482.
On the upside
Pozen (Nasdaq: POZN) is hosting a converence call this morning to discuss updates of its pain medication Vimovo in delayed release form.
Jackson Hewitt Tax Service (NYSE: JTX) amended its credit agreement and eliminated 15% of its workers.
Avis Budget Group (NYSE: CAR) indicated that it may make a counter offer for Dollar Thrifty Automotive Group (NYSE: DTG), which accepted an acquisition offer from Hertz Global (NYSE: HTZ) last month.
On the downside
Cantor Fitzgerald downgraded Doral Financial (NYSE: DRL) to a Sell rating after the Federal Deposit Insurance Corp. seized and sold the banking operations of three Puerto Rican banks on Friday.
BP (NYSE: BP) pledged to pay for all costs to clean up the massive oil spill from the Deepwater Horizon well in the Gulf of Mexico.
CapitalSource (NYSE: CSE) widened first quarter losses as loan loss provisions soared.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 724.
