New Home Construction Rises More Than Expected

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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.

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

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