New Home Construction Rises More Than Expected


A better than expected gain in new home construction lifted the markets to a higher open with the Dow climbing 55 points to 10,681. Nasdaq rose 5 points to 2359.

On the upside

Forest Laboratories (NYSE: FRX) announced a stock repurchase plan for up to 50 million common shares.

MGM Mirgae (NYSE: MGM) countersued Perini Building Co. for defective work and mishandled billing related to the new CityCenter resort in Las Vegas.

First quarter earnings for Sina (Nasdaq: SINA) more than doubled to surpass expectations due to an investment gain.

On the downside

Ambac (NYSE: ABK) widened first quarter losses.

A consortium negotiating to acquire Fidelity National Services (NYSE: FIS) ended discussions to purchase the payment processor.

Aegean Marine Petroleum (NYSE: ANW) announced an offering of 4 million common shares.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 705.

About this Entry

This page contains a single entry by published on May 18, 2010 6:39 AM.

Markets Recover Losses To Close Flat was the previous entry in this blog.

Sliding Euro Weighs Down Stocks is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12