September 2010 Archives

Profit Taking Weighs Down Markets

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Profit taking amidst concerns over the faltering European economy weighed the markets down to a lower close with the Dow falling 47 points to 10,788. Nasdaq lost 7 points to 2368.

On the upside

Education Management (Nasdaq: EDMC) submitted two letters to the Senate Committee that is conducting a hearing on for-profit educators to clarify the testimony of one of its employees about the company's career placement services.

Jefferies analyst Jesse Pichel lifted his earnings estimate for Yingli Green Energy (NYSE: YGE) and affirmed his Buy rating on the photovoltaic products company.

Molycorp (NYSE: MCP) named Stan Trout, Ph.D. to the position of Director of Magnet Manufacturing.

On the downside

LodgeNet Interactive (Nasdaq: LNET) withdrew its proposed senior secured notes offering saying that the pricing terms were unacceptable.

Omnova Solutions (NYSE: OMN) disappointed with lower third quarter earnings due to one time charges.

Analysts do not expect Symantec (Nasdaq: SYMC) to be acquired in the near future.

In the broad market, advancing issues were on par with decliners on the NYSE while decliners barely edged out advancers by slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 676.

A downgrade of Spain's credit rating sent the markets lower during the midday with the Dow losing 22 points to 10,812. Nasdaq slipped a point to 2374.

On the upside

Jefferies upgraded Canadian Solar (Nasdaq: CSIQ) to a Buy rating.

Covance (NYSE: CVD) signed a 10-year agreement to provide drug development services to Sanofi-Aventis (NYSE: SNY) for approximately $2.2 billion.

Wilmington Trust (NYSE: WT) will serve as the collateral agent for the construction of the largest solar power plant in Colorado.

On the downside

Xyratex (Nasdaq: XRTX) reported higher third quarter earnings but the data storage solutions company forecast fourth quarter revenue below estimates.

Dollar Thrifty Automotive (NYSE: DTG) delayed voting by shareholders on Hertz' (NYSE: HTZ) $1.5 billion acquisition offer.

Shares of Satyam (NYSE: SAY) continued to fall after reporting significant losses for fiscal 2010 yesterday.

In the broad market, advancing issues edged out decliners by a slim margin of nearly 10 to 9 on the NYSE while decliners outpaced advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 676.


Initial applications for unemployment benefits unexpectedly fell to lift the markets to a higher open with the Dow gaining 49 points to 10,884. Nasdaq rose 10 points to 2386.

On the upside

Electronic payment solutions firm Hypercom (NYSE: HYC) rejected rival VeriFone's (NYSE: PAY) unsolicited cash offer of approximately $290 million as too low.

American International Group (NYSE: AIG) finalized a plan to repay the government in full for bailing out the insurer two year ago.

Manitowoc (NYSE: MTW) will issue up to $500 million in senior unsecured notes.

On the downside

The Central Bank of Ireland informed Allied Irish Bank (NYSE: AIB) that it must raise another 3 billion euros by the end of the year.

Prudential Financial (NYSE: PRU) will pay approximately $4.8 billion to acquire two American International Group (NYSE: AIG) life insurance businesses in Japan.

Oppenheimer & Co. analyst G. Scott Burk cut his earnings estimate on offshore drilling services company Noble (NYSE: NE) citing two rigs that are sitting idle.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 5 points to 683.

Protests against financial reform measures in Europe sparked fears of a deepening financial crises to weigh the markets down to a lower close with the Dow falling 22 points to 10,835. Nasdaq slipped 3 points to 2376.

On the upside

A rumor circulated on TheFlyontheWall that Eli Lilly (NYSE: LLY) may be interested in acquiring Mannkind (Nasdaq: MNKD).

Callon Petroleum (NYSE: CPE) will increase production in the Wolfberry trend of the Permian Basin in Texas.

MKM Partners initiated coverage of GMX Resources (NYSE: GMXR) with a Buy rating.

On the downside

Moduslink Global Solutions (Nasdaq: MLNK) widened fourth quarter losses despite higher revenue as expenses increased.

Slowing sales in September weighed down shares of Urban Outfitters (Nasdaq: URBN).

A bankruptcy hearing for American Safety Razor revealed that Energizer Holdings (NYSE: ENR) made a $301 million cash offer to acquire American Safety.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 677.

The markets traded lower during the midday with the Dow losing 16 points to 10,841 over concerns that protests in Europe will derail financial measures necessary to shore up unstable economies. Nasdaq slipped 4 points to 2375.

On the upside

Satcon (Nasdaq: SATC) entered a strategic manufacturing agreement with GCL Solar Systems to produce Satcon's PowerGate Plus solar PV inverters at a new GCL Solar plant in Nanjing, China.

Mad Money's Jim Cramer said that Cirrus Logic (Nasdaq: CRUS) stock is poised to double.

Acoustic hailing device maker LRAD (Nasdaq: LRAD) secured a $17.6 million military services contract for a foreign government.

On the downside

FalconStor Software (Nasdaq: FALC) president, chief executive and chairman ReiJane Huai resigned over allegations of improper payments made to one client.

Sealy (NYSE: ZZ) blamed higher expenses and lower sales for a third quarter loss.

In its first financial report since the corporate scandal in January 2009, Satyam (NYSE: SAY) disappointed with losses for fiscal 2010.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 678.

Protestors across Europe expressed displeasure with their governments for bailing out banks while slashing pensions and raising taxes. U. S. markets opened lower with the Dow slipping 8 points to 10,849 while Nasdaq lost 11 points to 2368.

On the upside

Danaher (NYSE: DHR) will acquire Keithley Instruments (NYSE: KEI) in an all cash deal valued at approximately $300 million.

Newpark Resources (NYSE: NR) will offer up to $150 million in convertible senior notes.

Family Dollar Store (NYSE: FDO) reported higher fourth quarter earnings that topped analyst estimates as revenue rose and the discount retailer forecast 2011 results ahead of expectations.

On the downside

The Securities and Exchange Commission launched an inquiry into Green Mountain Coffee Roasters' (Nasdaq: GMCR) revenue accounting practices.

Apricus Biosciences (Nasdaq: APRI) priced its offering of more than 1.7 million units at $5.40 per unit.

The Madras High Court ordered Sterlite Industries (NYSE: SLT) to close its copper smelting plant in Tuticorin.

In the broad market, declining issues outpaced advancers by a margin of 9 to 7 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 673.

The markets closed modestly higher with the Dow climbing 46 points to 10,858 as investors anticipate an infusion of cash by the Federal Reserve to bolster the faltering economy. Nasdaq gained 9 points to 2379.

On the upside

Raymond James analyst Pavel Molchanov said that General Electric (NYSE: GE) was rumored to be exploring a possible acquisition of Broadwind Energy (Nasdaq: BWEN).

Long term data from a clinical trial demonstrated that implantable cardioverter defibrillators saved one life for every eight patients implanted with the medical device, lifting shares of medical device maker Boston Scientific (NYSE: BSX) higher.

Cognex (Nasdaq: CGNX) lifted its third quarter revenue outlook.

On the downside

Newpark Resources (NYSE: NR) will offer $150 million in convertible senior notes.

HSBC Securities downgraded LDK Solar (NYSE: LDK) to an Underweight rating.

Associated Estates Realty (NYSE: AEC) priced its offering of 8 million common shares at $13.60 per sahre.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 7 points to 675.

Markets Rebound At Midday

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The markets rebounded during the midday with the Dow rising 33 points to 10,845 despite a sharper than expected drop in consumer confidence. Nasdaq added 4 points to 2375.

On the upside

Blackstone Group's (NYSE: BX) refining joint venture PBF Energy will pay approximately $360 million for Valero Energy's (NYSE: VLO) refinery in Paulsboro, New Jersey.

Standard & Poor's will replace AmeriCredit (NYSE: ACF), which is being acquired by General Motors, with Rackspace Hosting (NYSE: RAX) in the S&P MidCap 400 after market close on Thursday, September 30.

Harvest Natural Resources (NYSE: HNR) retained the services of Bank of America Merrill Lynch to explore strategic alternatives to increase shareholder value including the possible sale of the energy company.

On the downside

The Department of Justice demanded documents related to clinical and business operations from Amedisys (Nasdaq: AMED) for its Medicare fraud investigation into the home health services provider.

Entropic Communications (Nasdaq: ENTR) will raise funds through the offering of 11.5 million common shares.

Monsanto's (NYSE: MON) new genetically modified corn seed product SmartStax failed to produce the crop yields that were expected.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 668.

The markets opened lower with the Dow dropping 68 points to 10,743 over expectations that consumer confidence will fall. Nasdaq tumbled 28 points to 2341.

On the upside

Fourth quarter earnings for Walgreen (NYSE: WAG) rose to top analyst estimates as prescription drug sales increased.

DryShips (Nasdaq: DRYS) won a $135 million drilling services contract for four wells off the coast of West Africa.

Endo Pharmaceuticals (Nasdaq: ENDP) will pay approximately $1.2 billion to acquire Qualitest Pharmaceuticals.

On the downside

American Capital Agency (Nasdaq: AGNC) priced its public offering of 11.5 million common shares at $26.00 per share.

Pacific Ethanol (NYSE: PEIX) will raise approximately $53.5 million through the sale of senior convertible notes and by selling its minority stake in Front Range Energy.

Associated Estates Realty (NYSE: AEC) priced its public offering of 8 million common shares at $13.60 per share.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the both NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 662.

Profit Taking Weighs Down Stocks

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The markets closed lower with the Dow falling 48 points to 10,812 despite merger and acquisition activity as investors locked in profits from four weeks of market gains. Nasdaq dropped 11 points to 2369.

On the upside

NetSol Technologies (Nasdaq: NTWK) regained compliance with Nasdaq listing requirements.

Shares of Dynegy (NYSE: DYN) climbed in hopes that Blackstone Group will increase its $4.50 per share offer for the company.

MGM (NYSE: MGM) filed for an initial public offering of its Macau operations on the Hong Kong Stock Exchange.

On the downside

Kaufman Bros. analyst Karl Keirstead downgraded CSG Systems International (NYSE: CSGS) saying that the company's business has not expanded as much as he had expected after the company acquired Intec for $372 million.

Bridgepoint Education (NYSE: BPI) announced two new Master of Arts in Education specializations but the stock price fell over concerns that more stringent lending rules for federal student aid may negatively impact enrollment.

Stifel Nicolaus said that IBM (NYSE: IBM) is not likely to acquire Brocade Communications Systems (Nasdaq: BRCD) since IBM announced that it is purchasing Blade Network Technologies.

In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 668.

Merger and acquisition activity failed to trigger a buying trend as investors adopted a cautious approach to the markets. The Dow slipped 22 points to 10,837 while Nasdaq lost 7 points to 2373 during the midday.

On the upside

Virtual Radiologic will acquire NightHawk Radiology (Nasdaq: NHWK) in an all cash deal valued at approximately $170 million.

BioFuel Energy (Nasdaq: BIOF) secured a six month bridge loan agreement for $19.4 million.

LDK Solar (NYSE: LDK) signed a five-year credit facility with China Development Bank for $8.9 billion.

On the downside

The Wall Street Journal reported that negotiations for M&T Bank's (NYSE: MTB) acquisition of Sovereign Bank stalled again as the parties disagreed on the management of the combined company.

Goldman Sachs analyst Simona Jankowski downgraded Infinera (Nasdaq: INFN) to a Sell rating saying that the stock price has doubled in the last three months.

Merriman Capital analyst Richard Fetyko downgraded ValueClick (NYSE: VCLK) saying that the combined Yahoo (Nasdaq: YHOO) and Microsoft (Nasdaq: MSFT) search platform will increase costs for advertisers.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 666.

The markets markets opened lower with the Dow losing 26 points to 10,834 despite merger and acquisition activity as investors remain concerned about the sluggish economy. Nasdaq slipped 6 points to 2375.

On the upside

AirTran Holdings (NYSE: AAI) will be acquired by Southwest Airlines (NYSE: LUV) for approximately $1.04 billion in cash and stock.

Consumer goods company Unilever (NYSE: UL) will pay approximately $3.7 billion in cash to acquire beauty care products company Alberto Culver (NYSE: ACV).

Seattle Genetics (Nasdaq: SGEN) reported positive results from a clinical trial of its Hodgkin's lymphoma treatment SGN-35.

On the downside

A Food and Drug Administration advisory panel recommended approval for Hologic's (Nasdaq: HOLX) 3-D Selenia Digital Breast Tomosynthesis System for breast cancer detection but the stock price fell.

Bernstein Research analyst Pierre Ferragu downgraded Nokia (NYSE: NOK) to an Underperform rating and cut his price target for the mobile device maker to $6.67 citing strong competition from Android amidst a challenging market.

Wunderlich downgraded BPZ Resources (NYSE: BPZ).

In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 7 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 669.

The markets surged to close sharply higher with the Dow leaping 197 points to 10,860 on news that durable goods orders climbed more than expected in August. Nasdaq soared 54 points to 2381.

On the upside

Zale (NYSE: ZLC) extended and amended its contract with Citibank (NYSE: C) to continue providing private label credit cards under the Zales, Zales Outlet and Gordon's brands.

Grubb & Ellis (NYSE: GBE) chief executive Thomas P. D'Arcy will present at The Second Annual JMP Securities Real Estate Brokerage Bonanza next Wednesday, September 29.

Speculation that Oracle (Nasdaq: ORCL) may acquire MIPS Technologies (Nasdaq: MIPS) lifted shares of the embedded processor firm.

On the downside

Kraton Performance Polymers (Nasdaq: KRA) launched a secondary offering of 8 million shares priced at $26.50 per share.

Singaporean commodity trader Olam International entered preliminary negotiations with French agricultural trading firm Louis Dreyfus Commodites for a possible merger that will compete with Archer-Daniels-Midlands (NYSE: ADM).

Itau Securities downgraded steel products company Gerdau (NYSE: GGB) saying that the markets remain weak in the second half of the year.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 21 points to 670.

Business confidence in Germany surged to allay investors concerns about the health of the European economy. The markets extended their gains during the midday with the Dow jumping 190 points to 10,853 while Nasdaq leaped 48 points to 2375.

On the upside

Hertz (NYSE: HTZ) will not increase its offer for Dollar Thrifty (NYSE: DTG). Avis (NYSE: CAR) raised its bid yesterday above Hertz's last offer.

ING U. S. (NYSE: ING) chief executive Robert Leary will discuss retirement and life insurance planning in a keynote speech to the U. S. Hispanic Chamber of Commerce National Convention tomorrow evening, Saturday September 25.

Shares of business software company SciQuest (Nasdaq: SQI) surged on its first trading day.

On the downside

Oncothyreon (Nasdaq: ONTY) priced its private placement offering of 4.24 units at $3.50 per unit.

New Oriental Education and Technology Group (NYSE: EDU) announced preliminary first quarter results that missed expectations by a wide margin.

The New York Stock Exchange Regulation accepted Jackson Hewitt Tax Service's (NYSE: JTX) plan to remain listed on the exchange but the stock price fell.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 15 points to 664.

Durable goods orders surged in August more than expected to lift the markets to a higher open with the Dow soaring 159 points to 10,822. Nasdaq jumped 37 points to 2364.

On the upside

Alcatel-Lucent (NYSE: ALU) and Blue Coat Systems (Nasdaq: BCSI) partnered to provide global web caching and content delivery solutions.

Tibco Software (Nasdaq: TIBX) reported higher third quarter earnings that topped analyst estimates and acquired software provider to gas and oil firms OpenSpirit.

Advanced Micro Devices (NYSE: AMD) blamed weak laptop sales for lowering its guidance for the third quarter but the stock price rose. Analysts were expecting the outlook adjustment.

On the downside

Vical (Nasdaq: VICL) priced its offering of 15 million common shares at $2.25 per share.

Finish Line (Nasdaq: FINL) reversed year ago losses but the results fell short of estimates.

Satyam (NYSE: SAY) said that it will most likely miss its October 15 deadline to restate its 2009 annual report and will be delisted from the New York Stock Exchange for noncompliance.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 1 and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points to 659.

Rising jobless claims and renewed concerns about European debt weighed the markets down to a lower close with the Dow falling 76 points to 10,662. Nasdaq lost 7 points to 2327.

On the upside

White Oak Solar Energy selected SunPower (Nasdaq: SPWRA) to build, operate and maintain a 10-megawatt solar park in Dover, Delaware.

The Chinese denied that it was retaliating against Japan for detaining a Chinese fishing boat captain by banning rare earth exports to the island nation. Shares of U. S. based rare earth oxides developer Molycorp (NYSE: MCP) rose on rumors of the ban by China.

Shares of National Gas (NYSE: NFG) continued climbing after reporting successful results yesterday from two wells drilled in the Marellus Shale property in Pennsylvania.

On the downside

General Maritime (Nasdaq: GMR) entered into one-year time charter contracts with Trafigura for six of its vessels.

A Seeking Alpha article suggested that Hovnanian (NYSE: HOV) may not survive the current housing slump.

Credit Suisse analyst David Gagliano said that third quarter, fourth quarter and full year income must be trimmed for U. S. Steel (NYSE: X) due to weaker than expected demand.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 648.


The markets traded mixed during the midday with the Dow slipping 16 points to 10,722 as European debt concerns tempered news that home sales rose in August. Nasdaq rose 8 points to 2343.

On the upside

The Food and Drug Administration accepted Bionovo's (Nasdaq: BNVID) manufacturing plan for its menopausal hot flash treatment Menerba.

As an Official Office Products Partner of NASCAR, Office Depot (NYSE: ODP) announced the two finalists in its "Official Small Business of NASCAR, Courtesy of Office Depot" sweepstakes on the air and will announce the winner on ESPN this weekend.

Steelcase (NYSE: SCS) posted a second quarter profit that surpassed analyst estimates as revenue rose.

On the downside

Copart (Nasdaq: CPRT) disappointed with fourth quarter earnings that fell short of expectations.

Shares of Allied Irish Banks (NYSE: AIB) and The Governor and Company of The Bank of Ireland (NYSE: IRE) fell as the cost of insuring Irish debt surged again.

UBS analyst Nikos Theodosospoulos dismissed rumors that Brocade (Nasdaq: BRCD) would be acquiredc.

In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE while advancers edged out decliners by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 657.

An unexpected increase in jobless claims weighed the markets down to a lower open with the Dow losing 36 points to 10,702. Nasdaq added a point to 2336.

On the upside

Aspen Technology (Nasdaq: AZPN) increased its secondary offering to 18 million common shares from 15 million and priced the offering at $9.00 per share.

The Food and Drug Administratin conditionally approved a clinical trial by Edwards Lifesciences (NYSE: EW) for its next generation Edwards SAPIEN XT transcatheter heart valve.

Second quarter earnings slipped for Red Hat (NYSE: RHT) but the results topped analyst estimates.

On the downside

Rite Aid (NYSE: RAD) widened second quarter losses as revenue fell prompting the drugstore chain to lower its full year revenue outlook.

Reuters reported that private equity firms balked at Novell's (Nasdaq: NOVL) asking price for its NetWare and identity management units.

BioMed Realty (NYSE: BMR) priced its offering of 15 million common shares at $17.50 per share.

In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 655.

The markets closed lower with the Dow slipping 21 points to 10,739 as investors sought refuge from the weak economy by investing in gold. Nasdaq lost 14 points to 2334.

On the upside

Shares of Rite Aid (NYSE: RAD) rose ahead of its earnings release tomorrow morning before market open.

National Fuel Gas (NYSE: NFG) reported high flow rates at two new Marcellus Shale wells and announced plans to pursue joint-ventures to explore the entire Marcellus Shale property.

Oracle (Nasdaq: ORCL) introduced its new Sustainability Data Management solution which enables clients to manage environmental programs. Oracle also extended its support of Java and Open Source with new tools for developers.

On the downside

Bank of America/Merrill Lynch downgraded Advanced Energy Industries(Nasdaq: AEIS).

Winthrop Realty Trust (NYSE: FUR) increased its offering of common stock to 5 million shares from 3 million and priced the offering at $12.25 per share.

New York Times (NYSE: NYT) warned of of losses for the third quarter as revenue is expected to drop.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 656.

The Federal Reserve acknowledged yesterday that more aggressive measures must be taken to bolster the slow pace of the economic recovery but took no immediate action sending the markets down during the midday with the Dow losing 42 points to 10,718. Nasdaq fell 24 points to 2325 .

On the upside

The United Kingdom Ministry of Defense selected a subsidiary of Force Protection (Nasdaq: FRPT) as the preferred bidder for its Light Patrol Vehicle program with training scheduled to begin in 2011.

A joint venture between Alcoa (NYSE: AA) and Saudi Arabia Mining will begin production in 2013.

Bloomberg reported that Satyam Computer (NYSE: SAY) will release an annual earnings report for the first time in two years after its corporate fraud scandal stunned the world.

On the downside

Law firm Robbins Umeda LLP launched an investigation into Arena Pharmaceuticals (Nasdaq: ARNA) for possible breaches of fiduciary duty related to the company's obesity treatment Lorqess, which was rejected by a Food and Drug Administration advisory panel.

PMC-Sierra (Nasdaq: PMCS) lowered its third quarter outlook below analyst expectations.

American Airlines (NYSE: AMR) forecast current quarter revenue growth below analyst expectations prompting J. P. Morgan to cut its earnings outlook for the airliner.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 654.


The markets opened mixed with the Dow adding a point to 10,762 while Nasdaq lost 12 points to 2336 after the Federal Reserve took no action yesterday to bolster the faltering economy.

On the upside

Origin Agritech (Nasdaq: SEED) announced a worldwide agreement for the exclusive rights to sell and develop products containing the Bt-gene, an insecticide.

CarMax (NYSE: KMX) reported higher second quarter earnings that topped analyst estimates as consumers purchased more used cars.

Rumors circulated that IBM (NYSE: IBM) may acquire Brocade Communications Systems (Nasdaq: BRCD).

On the downside

Third quarter earnings surged for Adobe Systems (Nasdaq: ADBE) but the software company warned that current quarter revenue would fall short of expectations.

eBay (Nasdaq: EBAY) announced that Lorrie Norrington, president of its largest division, will be leaving the online marketplace.

Vical's (Nasdaq: VICL) treatment for severe cardiovascular obstructions in limbs failed a Phase III clinical trial.

In the broad market, advancing issues edged out decliners by a margin of nearly 10 to 9 on the NYSE while decliners outpaced advancers by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 662.

While the Federal Reserve remained concerned about the slow pace of economic recovery, it took no action to jumpstart the economy. The markets closed mixed with the Dow rising 7 points to 10,761 while Nasdaq slipped 6 points to 2349.

On the upside

Morgan Stanley analyst David Lewis expects Edwards Lifesciences (NYSE: EW) to report positive trial results on Thursday for its Sapiens transcatheter heart valve.

The Environmental Protection Agency is expected to approve E15 fuel, a 15% mix of ethanol to 85% gasoline, for vehicles made from 2001 to the present lifting shares of BioFuel Energy (Nasdaq: BIOF).

QuickLogic (Nasdaq: QUIK) presented at the EE Times Executive Roundtable today in Boston.

On the downside

AMAG Pharmaceuticals (Nasdaq: AMAG) will meet with the Food and Drug Administration to discuss possible side effects from its treatment Feraheme for iron deficiency anemia in chronic kidney disease patients.

Bloomberg reported that iStar Financial (NYSE: SFI) is exploring a pre-packaged bankruptcy plan.

CommonWealth (NYSE: CWH) priced its offering of 7.5 million common shares at $26.75 per share.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 664.

The markets traded lower during the midday with the Dow slipping 8 points to 10,745 as the Federal Reserve met to discuss further assistance to bolster the sluggish economy. Nasdaq lost 5 points to 2350.

On the upside

Chinese mobile phone maker Zoom Technologies (Nasdaq: ZOOM) announced that client Beijing Tianyu increased its order by 500,000 units per month.

Borders Group (NYSE: BGP) will redesign its superstores with smaller shop sections to offer more non-book products.

TeleNav (Nasdaq: TNAV) extended its contract with major client Sprint (NYSE: S) to include a minimum revenue guarantee.

On the downside

Sterne Agee downgraded SanDisk (Nasdaq: SNDK) citing pricing pressure.

Genoptix (Nasdaq: GXDX) warned that third quarter revenue will be lower than revenue in the second quarter due to a slowdown in new customer acquisition.

ConAgra Foods (NYSE: CAG) disappointed with lower first quarter earnings that fell short of estimates.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 666.

The markets opened flat with the Dow adding 1 point to 10,754 as home construction posted a surprise gain but the increase was fueled by apartments and condominiums rather than single family homes. Nasdaq eased 2 points to 2353.

On the upside

Vivus (Nasdaq: VVUS) reported significant weight loss in patients from a two-year clinical trial of its obesity treatment Qnexa .

Third quarter earnings for Carnival (NYSE: CCL) rose to top estimates prompting the cruise line to lift its full year outlook.

Uranium Resources (NYSE: URRE) can now complete a feasibility study on its Church Crown Project after legal opponents failed to appeal a court decision allowing exploration on the land.

On the downside

Cypress Sharpridge (NYSE: CYS) priced its public offering of 13 million common shares at $12.95 per share.

Hatteras Financial (NYSE: HTS priced its offering of 6.5 million common shares at $28.75 per share.

Nokia (NYSE: NOK) announced another delay to the launch of its latest N8 smartphone.

In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 3 points to 666.

Investors welcomed news that the recession officially ended in June 2009 by lifting the markets to a sharply higher close with the Dow surging 145 points to 10,753. Nasdaq jumped 40 points to 2355.

On the upside

Rumors circulated last week that Yahoo (Nasdaq: YHOO) may acquire Local.com (Nasdaq: LOCM).

Office Depot (NYSE: ODP) remodeled some stores to occupy a smaller space to reduce costs.

McMoRan Exploration (NYSE: MMR) will pay approximately $818 million in cash and stock to acquire Plains Exploration & Production's (NYSE: PXP) shallow water shelf assets.

On the downside

Gammon Gold (NYSE: GRS) announced that first phase drilling its Ocampo mine revealed an initial 127,750 gold equivalent ounces in Proven and Probable Reserves.

General Atlantic paid approximately $163 million to acquire a 19% stake in SouFun Holdings (NYSE: SFUN).

Deutsche Bank analyst Mark Wilde lowered his 2011 earnings outlook for Rock-Tenn (NYSE: RKT) citing price concessions among packaging material producers.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 18 points to 669.


The National Bureau of Economic Research announced that the recession officially ended in June 2009 sending the markets higher during the midday with the Dow soaring 101 points to 10,709. Nasdaq advanced 23 points to 2339.

On the upside

Arrow Electronics (NYSE: ARW) will pay approximately $130 million in cash to acquire Nu Horizons Electronic (Nasdaq: NUHC).

Internet Brands (Nasdaq: INET) agreed to be acquired by private equity firm Hellman & Friedman Capital Partners in a deal valued at approximately $640 million.

Homebuilder Lennar (NYSE: LEN) reversed year ago losses to post a better than expected profit for the third quarter as orders fell less than expected.

On the downside

Goldman Sachs warned that earnings may drop for International Paper (NYSE: IP), Packaging Corp. of America (NYSE: PKG) and Temple-Inland (NYSE: TIN) after a trade publication said that containerboard prices will not increase.

Shares of Arena Pharmaceuticals (Nasdaq: ARNA) continued falling after a Food and Drug Administration advisory panel rejected the biopharmaceutical's obesity drug Iorcaserin last week.

EnergySolutions (NYSE: ES) named William Benz to the position of interim chief financial officer to replace Mark C. McBride.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 10 points to 661.

Higher Open Ahead Of Fed Meeting

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The markets opened higher with the Dow climbing 91 points to 10,699 ahead of the Federal Reserve meeting this week. Nasdaq soared 24 points to 2340.

On the upside

Chelsea Therapeutics (Nasdaq: CHTP) reported upbeat results from a Phase III clinical trial of its low blood pressure treatment Northera.

French aerospace company Safran will pay approximately $1.09 billion to acquire biometrics firm L-1 Identity Solutions (NYSE: ID) .

IBM (NYSE: IBM) offered approximately $1.7 billion to acquire data warehousing and analysis company Netezza (NYSE: NZ).

On the downside

Goldman Sachs downgraded U. S. Steel (NYSE: X) and lowered its price target on the company.

Owens Corning (NYSE: OC) blamed weakness in roofing shingle demand for warning that the high end of its full year outlook will not be achievable.

The Finanical Times reported that stress tests for Greek banks were postponed by the European Commission. Shares of National Bank of Greece (NYSE: NBG) slipped.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 5 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 651.


Despite a drop in consumer sentiment, the markets closed modestly higher with the Dow rising 13 points to 10,607. Nasdaq gained 12 points to 2315.

On the upside

TheStreet listed Mindspeed Technologies (Nasdaq: MSPD) as a technology stock with the greatest upside potential.

NetSuite (NYSE: N) chief executive Zach Nelson said that the company would review any bids to acquire the company.

Biodel (Nasdaq: BIOD) appointed retired Merrill Lynch International chairman and current ArcherGroup chairman Arthur Urciuoli to its board of directors.

On the downside

KeyBanc analyst Mark Parr lowered his 2010 earnings outlook for Cliffs Natural Resources (NYSE: CLF) citing weak demand.

Auriga USA cut its earnings estimate and lowered its price target for Micron Technology (Nasdaq: MU) over margin concerns amidst weak demand.

JPMorgan Chase (NYSE: JPM) scheduled its third quarter conference call for October 13, 2010 at 9:00 am Eastern Time.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 5 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 651.

The markets traded higher during the midday with the Dow rising 11 points to 10,606 as investors embraced Oracle's upbeat earnings report. Nasdaq climbed 12 points to 2315.

On the upside

Globe Specialty Metals (Nasdaq: GSM) reported higher fourth quarter earnings that beat analyst expectations.

Thor Industries (NYSE: THO) acquired towable recreational vehicle maker Heartland Vehicles in a cash and stock deal valued at approximately $209.4 million.

Citigroup (NYSE: C) will sell its 80% stake in Student Loan Corp. (NYSE: STU) to Discover Financial Services (NYSE: DFS) for approximately $600 million.

On the downside

Brinker International (NYSE: EAT) chief financial officer Charles Sonsteby resigned to accept the chief financial officer position with Michaels Stores.

The Department of Agriculture verified reports that Russia will no longer accept meat from two Smithfield Foods (NYSE: SFD) plants in North Carolina.

Shares of Allied Irish Banks (NYSE: AIB) tumbled as the cost to insure Irish debt surged to a new record.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 5 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 651.

Rising consumer prices weighed down the markets to a lower open with the Dow losing 25 points to 10,569. Nasdaq held steady at 2303.

On the upside

Johnson & Johnson (NYSE: JNJ) entered negotiations to acquire biopharmaceutical Crucell (Nasdaq: CRXL) for approximately $2.29 billion.

Oracle (Nasdaq: ORCL) impressed with higher first quarter earnings that beat analyst estimates as revenue soared.

Seeking Alpha contributor Jeremy Richards said that Aeterna Zentaris (Nasdaq: AEZS) was undervalued and had a healthy pipeline of products.

On the downside

Shares of Arena Pharmaceuticals (Nasdaq: ARNA) continued to plunge after a Food and Drug Administration advisory panel rejected the company's weight loss treatment Iorcaserin yesterday.

Massey Energy (Nasdaq: MEE) blamed strict enforcement fo federal regulations after a mine explosion in April for warning of a loss for the third quarter.

The Department of Labor filed a complaint against Tyson Foods (Nasdaq: TSN) for discriminating against women job applicants at an Illinois meat packing plant.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 646.

A drop in initial applications for unemployment benefits lifted the markets to a modestly higher close with the Dow rising 22 points to 10,594. Nasdaq edged up a point to 2303.

On the upside

Northland Securities initiated coverage of Quantum (NYSE: QTM) with an Outperform rating.

Education Management (Nasdaq: EDMC) reassured investors thatstudent enrollment triggered by proposed regulations.

Television advertising firm China MediaExpress (Nasdaq: CCME) signed a three year contract to operate television screens and provide programming along with paid advertising on Chongqing Jiangbei International Airport's express buses.

On the downside

William Lozito of Strategic Name Development questioned Comcast's (Nasdaq: CMCSA) rebranding to Xfinity saying that the cable company is attempting to distance itself from customer complaints by changing its name.

Shares of Oracle (Nasdaq: ORCL) fell ahead of its earnings release after market close.

Activision (Nasdaq: ATVI) stock fell over concerns that the company's upcoming release Call of Duty: Black Ops may not sell as well as previous titles in the franchise.

In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 647.

Soaring Poverty Rate Weighs Down Markets

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The markets traded lower during the midday with the Dow slipping 9 points to 10,563 as the nation's poverty rate soared to a record 14.3%. Nasdaq lost 9 points to 2291.

On the upside

Broadband access products company Occam Networks (Nasdaq: OCNW) will be acquired by rival Calix (NYSE: CALX) in a cash and stock deal valued at approximately $171 million.

Orexigen Therapeutics (Nasdaq: OREX) will present at the UBS Global Life Sciences Conference on September 21, 2010 in New York.

Barclays Capital analyst Brian Johnson upgraded Ford (NYSE: F) to an Outperform rating citing improving profits.

On the downside

American Equity Investment Life Holding (NYSE: AEL) will offer $150 million in convertible senior notes.

A 4% increase in home foreclosures weighed down shares of KB Home (NYSE: KBH), D. R. Horton (NYSE: DHI) and PulteGroup (NYSE: PHM).

Huntington Bancshares (Nasdaq: HBAN) unveiled its 24-Hour Grace feature to cover account overdrafts. The stock price fell over lost overdraft fees.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 645.

Rising mortgage rates weighed the markets down to a lower open with the Dow losing 11 points to 10,561. Nasdaq slipped 6 points to 2294.

On the upside

Cellu Tissue Holdings (NYSE: CLU) agreed to be acquired by Clearwater Paper in a deal valued at approximately $502 million.

Pier 1 Imports (NYSE: PIR) reversed year ago losses to post a second quarter profit that topped analyst estimates as revenue rose.

GameStop (NYSE: GME) will repurchase up to $300 million worth of common stock.

On the downside

First quarter earnings for FedEx (NYSE: FDX) more than doubled but the results fell short of estimates and the package delivery company trimmed its second quarter outlook.

Williams Companies (NYSE: WMB) blamed lower than expected natural gas prices for cutting its earnings guidance for 2010, 2011 and 2012.

NPS Pharmaceutical (Nasdaq: NPSP) priced its offering of 6.88 million common shares at $6.00 per share.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 649.

Industrial production rose modestly to lift the markets to a higher close with the Dow gaining 46 points to 10,572. Nasdaq climbed 11 points to 2301.

On the upside

The Interior Department will require gas and oil companies to plug 3,500 wells in the Gulf of Mexico that have been idle for five or more years. Shares of offshore oilfield services providers Global Industries (Nasdaq: GLBL), Cal Dive International (NYSE: DVR) and Tetra Technologies (NYSE: TTI) all climbed.

FormFactor (Nasdaq: FORM) shipped its 300th unit of TouchMatrix and SmartMatrix advanced wafer probe cards.

Union members at Harley-Davidson's (NYSE: HOG) Wisconsin factory approved a new labor contract that will save the motorcycle company $50 million annually beginning in 2013.

On the downside

German solar inverter maker SMA Solar warned that margins will drop in 2011 sending shares of rival Power-One (Nasdaq: PWER) tumbling.

ACCO Brands (NYSE: ABD) subsidiary ACCO Brands Canada extended the lease for its 200,000 square foot manufacturing plant, distribution center and administrative headquarters but the stock price fell.

Beazer Homes (NYSE: BZH) cut its full year outlook as home sales disappoint.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by a margin of more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 3 points to 652.

The markets advanced during the midday with the Dow rising 37 points to 10,563 despite a sharply lower than expected reading of the Empire Manufacturing Index. Nasdaq gained 9 points to 2299.

On the upside

FUQI International (Nasdaq: FUQI) expanded its jewelry showroom in Shenzhen, China and hosted a booth at the 2010 Shen Zhen International Jewelry Fair.

Fourth quarter earnings for Pall (NYSE: PLL) beat analyst expectations as revenue rose.

Kinross Gold (NYSE: KGC) shareholders approved plans to acquire Red Back Mining.

On the downside

The Food and Drug Administration raised safety issues concerning Arena Pharmaceuticals' (Nasdaq: ARNA) weight loss drug Iorcaserin and said that weight loss in patients was minimal prompting a downgrade.

Blogger John Hempton of Bronte Capital alleged that Universal Travel (NYSE: UTA) made fraudulent claims on their websites.

AK Steel (NYSE: AKS) warned of losses for the third quarter as operating costs rise and material prices climb.

In the broad market, declining issues were on par with advancers on the NYSE while advancers edged out decliners by a margin of more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 651.

The markets opened flat with the Dow adding 2 points to 10,529 as industrial production growth slowed in August. Nasdaq slipped 3 points to 2286.

On the upside

The Food and Drug Administration approved Savient Pharmaceuticals' (Nasdaq: SVNT) chronic gout treatment Kyrstexxa.

The New York Post reported that Novell (Nasdaq: NOVL) may sell its SUSE Linux unit to a strategic buyer and the rest of the company to a private equity firm.

Ramius increased its unsolicited offer for Cypress Bioscience (Nasdaq: CYPB) to approximately $164 million in cash.

On the downside

Bloomberg reported that Flagstar Bancorp (NYSE: FBC) may sell shares in order to raise $600 million.

AngloGold Ashanti (NYSE: AU) priced its offering of more than 15 million common shares at $43.50 per share.

El Paso Pipeline (NYSE: EPB) priced its offering of 11.5 million common units at $31.95 per common unit.

In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 645.

The markets closed mixed with the Dow losing 17 points to 10,526 while Nasdaq added 4 points to 2289 as the number of repossessed homes surged to a record high in August

On the upside

Radware (Nasdaq: RDWR) signed Austrian Kapsch CarrierCom as a reseller partner to expand its global reach.

Zumiez (Nasdaq: ZUMZ) lifted its guidance for the third quarter above analyst estimates citing improving sales and product margins.

Rising gold prices lifted shares of Iamgold (NYSE: IAG) and AngloGold Ashanti (NYSE: AU).

On the downside

Volcano Corp. (Nasdaq: VOLC) will offer $100 million in convertible senior notes.

Wabash National (NYSE: WNC) priced its offering of more than 9 million common shares at $6.75 per share.

According to the Nikkei English News, the International Maritime Organization is considering regulations lowering carbon dioxide emissions from new container ships by 30% weighing down shares of DryShips (Nasdaq: DRYS).

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 649.

Retail sales rose more than expected in August to lift the markets higher during the midday with the Dow rising 16 points to 10,560. Nasdaq gained 11 points to 2297.

On the upside

A better than expected gain in August retail sales lifted shares of J. C. Penney (NYSE: JCP).

Delta Air Lines (NYSE: DAL) cited increasing travel demand for forecasting higher passenger revenue per available seat mile in the third quarter.

Shares of Opexa Therapeutics (Nasdaq: OPXA) soared as the biopharmaceutical presents an overview of its multiple sclerosis treatment Tovaxin at the Rodman & Renshaw Annual Healthcare Conference today.

On the downside

Catalyst Health Solutions (Nasdaq: CHSI) completed its $225 million cash acquisition of FutureScripts.

Urstadt Biddle Properties (NYSE: UBA) priced its offering of 2.5 million common shares to raise approximately $45 million before expenses.

H. B. Fuller (NYSE: FUL) disappointed with sharply lower third quarter earnings that fell short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 653.

A drop in European industrial production weighed down the markets to a lower open with the Dow losing 18 points to 10,525. Nasdaq slipped 4 points to 2280.

On the upside

Best Buy (NYSE: BBY) reported sharply higher second quarter earnings that beat analyst expectations by a wide margin and lifted its full year guidance.

Corning (NYSE: GLW) trimmed its glass demand outlook for the third quarter but the company reassured investors that all of its other business units will either meet or exceed guidance estimates.

China Direct Industries (Nasdaq: CDII) will provide reinforcing steel bars to Beijing Tianrun Construction for approximately $70 million over the next twelve months.

On the downside

The Food and Drug Administration will hold a public meeting to review Arena Pharmaceuticals' (Nasdaq: ARNA) diet drug Iorcaserin on Thursday and to discuss safety concerns.

Level 3 Communications (Nasdaq: LVLT) will offer convertible senior notes to raise approximately $175 million.

Cliffs Natural Resources (NYSE: CLF) lowered its coal production and revenue guidance.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 648.

Accelerating growth of China's economy boosted the markets to a higher close with the Dow climbing 81 points to 10,544. Nasdaq surged 43 points to 2285.

On the upside

Vista Partners initiated coverage of Opexa Therapeutics (Nasdaq: OPXA) with a price target of $4.40.

XenoPort (Nasdaq: XNPT) will begin Phase 3 development for its spasticity in multiple sclerosis treatment arbaclofen placarbil.

Jones New York (NYSE: JNY) launched its "The Little Black Book of Career Advice" campaign featuring inspirational quotes from 100 successful women.

On the downside

Edward Lifesciences (NYSE: EW) introduced its Carpentier-Edwards Perimount Magna Mitral Ease valve at the 24th Annual Meeting of the Eurpean Association for Cardio-Thoracic Surgery but the stock price fell.

Idenix Pharmaceuticals (Nasdaq: IDIX) hopes to resume a clinical trial of its hepatitis C treatments IDX184 and IDX320, which was suspended last week due to safety concerns, but the stock price continued falling.

Piper Jaffray downgraded water treatment equipment company Duoyuan Global Water (NYSE: DGW).

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 15 points to 652.

New global banking regulations renewed confidence in European banks to lift the markets during the midday with the Dow rising 52 points to 10,514. Nasdaq climbed 34 points to 2276.

On the upside

The Food and Drug Administration and Cyclacel Pharmaceuticals (Nasdaq: CYCC) agreed on the design of a late stage clinical trial for the biopharmaceutical's acute myeloid leukemia treatment sapacitabine oral capsules.

Entropic Communications (Nasdaq: ENTR) lifted its revenue guidance for the third quarter citing increased demand.

Otix Global (Nasdaq: OTIX) accepted a $50 million cash acquistion offer from rival hearing aid manufacturer William Demant.

On the downside

Barclays lowered its price target on Tenet Healthcare (NYSE: THC) to $6 from $8 citing lower hospital utilization rates.

Sanford Bernstein analyst Rod Bourgeois downgraded Visa (NYSE: V) and slashed his price target from $93 to $77 saying that debit card reform will negatively impact revenue.

Laboratory Corp. of America (NYSE: LH) will pay approximately $925 million in cash to acquire the genetics testing unit of Genzyme (Nasdaq: GENZ).

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 12 points to 649.

Strong growth of the Chinese economy boosted investor confidence to lift the markets to a higher open with the Dow climbing 94 points to 10,557. Nasdaq gained 33 points to 2276.

On the upside

Hewlett-Packard (NYSE: HPQ) will pay approximately $1.5 billion to acquire security software firm Arc Sight (Nasdaq: ARST).

Dollar Thrifty Automotive (NYSE: DTG) agreed to be acquired by Hertz (NYSE: HTZ) for the increased offer of $1.43 billion in cash and stock.

A Barron's article suggested that Xerox's (NYSE: XRX) stock price has the potential to double as the company transforms into a data services provider.

On the downside

Duoyuan Printing (NYSE: DYP) fired Deloitte Touche Tohmatsu as its independent accounting firm prompting the resignations of chief executive Christopher Holbert and chief financial officer William Suh.

Shares of Patriot Coal (NYSE: PCX) continued falling after the company cut its third quarter sales guidance on Friday.

Shares of Crocs (NYSE: CROX) continued falling after plastic shoe maker affirmed its third quarter outlook, which is on the low end of analyst expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 11 points to 648.

A sharp surge in wholesale inventories lifted the markets to a higher close with the Dow rising 47 points to 10,462. Nasdaq gained 6 points to 2242.

On the upside

Piper Jaffray upgraded Moody's (NYSE: MCO) to an Outperform rating.

L-1 Identity Solutions (NYSE: ID) is finalizing a deal to sell its biometric and credential divisions to French firm Safran.

RPC (NYSE: RES) will present at the 2010 CEO Energy-Power Conference on September 15 in New York.

On the downside

Capstead Mortgage (NYSE: CMO) slashed its quarterly dividend from 36 cents to 26 cents per share payable on October 20 to shareholders of record September 30.

TRW Automotive Holdings (NYSE: TRW) announced a secondary offering of 7.5 million common shares.

The Federal Aviation Administration proposed new regulations increasing minimum rest periods for airline pilots sending shares of US Airways (NYSE: LCC) lower.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 636.

Wholesale inventories surged by a greater than expected 1.6% in July to lift the markets higher during the midday with the Dow gaining 28 points to 10,443. Nasdaq eased a fraction to 2235.

On the upside

Allos Therapeutics (Nasdaq: ALTH) will present data from a Phase 2b clinical trial of its lung cancer treatment Folotyn at the 35th European Society of Medical Oncology Congress in October.

The Food and Drug Administration completed its inspection of K-V Pharmaceutical's (NYSE: KV-A) facilities and approved the return of K-V's products to market after nearly two years.

Bank of America analyst Douglas Becker issued a note saying that Transocean (NYSE: RIG) may not be liable for any damages from the Deepwater Horizon explosion in the Gulf of Mexico.

On the downside

Lattice Semiconductor (Nasdaq: LSCC) affirmed its third quarter outlook but the stock price fell.

Neutral Tandem (Nasdaq: TNDM) will pay approximately $94.9 million in cash to acquire Italian IP Transit and Ethernet company Tinet SpA.

An explosion from a PG&E (NYSE: PCG) gas transmission line in the city of San Bruno killed at least four people and destroyed 53 homes.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE while deliners edged out advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fractin to 635.


The markets opened higher with the Dow rising 30 points to 10,445 ahead of the Commerce Department's wholesale inventory report. Nasdaq added 7 points to 2243.

On the upside

Second quarter earnings more than doubled for Lululemon Athletica (Nasdaq: LULU) as revenue surged to surpass analyst expectations.

Nokia (NYSE: NOK) will replace chief executive Olli-Pekka Kallasvuo with Microsoft (Nasdaq: MSFT) executive Stephen Elop on September 21.

American Eagle Outfitters (NYSE: AEO) chairman Jay L. Schottenstein purchased nearly $6.8 million worth of common stock.

On the downside

Smith & Wesson (Nasdaq: SWHC) reported sharply lower first quarter earnings as revenue fell to miss estimates and the gun maker forecast second quarter results below expectations.

Crocs (Nasdaq: CROX) affirmed its third quarter outlook but analysts were expecting slightly higher revenue.

First quarter earnings surged nearly threefold for National Semiconductor (NYSE: NSM) but the chipmaker forecast second quarter revenue below estimates.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 637.

Jobless claims dropped to a two-month low to lift the markets to a modestly higher close with the Dow rising 28 points to 10,415 while Nasdaq added 7 points to 2236.

On the upside

Community Health Systems (NYSE: CYH) submitted a proposal to manage Beaufort Regional Health System.

Credit Suisses upgraded Skilled Healthcare Group (NYSE: SKH).

Men's Wearhouse (NYSE: MW) reported higher second quarter earnings that topped analyst expectations and forecast third quarter results ahead of estimates.

On the downside

Susquehanna Financial Group downgraded Skechers USA (Nasdaq: SKX) to a Neutral rating.

United Air Lines (Nasdaq: UAUA) reported higher passenger revenue miles for August but the results missed estimates and analysts warned that the slowing economy may negatively impact future revenue.

Emmis Communications (Nasdaq: EMMS) founder and chief executive Jeffrey Smulyan withdrew his $2.40 per share offer to acquire the company.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 634.

Markets Rise As Jobless Claims Drop

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Investors welcomed news that  first time unemployment applications dropped more than expected. The markets rose during the midday with the Dow climbing 66 points to 10,453 while Nasdaq gained 18 points to 2247.

On the upside

BSD Medical's (Nasdaq: BSDM) distributor in China, Dalian Orientech, ordered two BSD-2000 Hyperthermia Systems for treating cancer.

Royal Caribbean Cruises (Nasdaq: RCL) named Gabriela Gonzalez Saul to the position of managing director of Mexican operations.

Jefferies initiated coverage of Exact Sciences (Nasdaq: EXAS) with a Buy rating.

On the downside

Shanda Games (Nasdaq: GAME) disappointed with lower second quarter earnings as revenue dropped.

Iamgold (NYSE: IAG) appointed Stephen Letwin to the position of president and chief executive officer. Letwin will replace interim chief executive on November 1, 2010.

The Food and Drug Administration extended the review date for the second time for Questcor Pharmaceuticals' (Nasdaq: QCOR) gel treatment for infant seizures Acthar.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 638.

A drop in initial claims for unemployment applications lifted the markets to a higher open with the Dow gaining 60 points to 10,447. Nasdaq rose 15 points to 2244.

On the upside

Apple (Nasdaq: AAPL) announced that it will remove restrictions on the use of third party development tools which will now allow the use of Adobe's (Nasdaq: ADBE) Flash technology.

Santarus (Nasdaq: SNTS) secured exclusive manufacturing and distributing rights to the approved prescription diabetes treatment Cycloset.

AU Optronics (NYSE: AUO) was selected to join the 2010 Dow Jones Sustainability World Index.

On the downside

The Securities and Exchange Commission launched an investigation into Fuqi International (Nasdaq: FUQI) for noncompliance with Nasdaq listing requirements.

McDonald's (NYSE: MCD) reported higher same store sales for August of 4.9% but the increase lagged July's 7% growth.

Spartech (NYSE: SEH) disappointed with a third quarter loss.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 638.

The markets retreated from earlier highs but still closed in positive territory with the Dow rising 46 points to 10,387 after economists trimmed their growth outlook for the nation's economy. Nasdaq gained 19 points to 2228.

On the upside

Cerus (Nasdaq: CERS) reported that its Cerus Intercept Blood System successfully removed the XMRV virus and MLV-related viruses, which have been linked to prostate cancers and chronic fatigue syndrome, from donated blood.

Rumors that Netezza (NYSE: NZ) may the target of an acquisition lifted shares ot the data warehousing provider.

Qiao Xing Universal Resources (Nasdaq: XING) announced plans to acquire all outstanding shares of Qiao Xing Mobile Communication (NYSE: QXM) that it does not already own.

On the downside

BankAtlantic Bancorp (NYSE: BBX) announced plans for a third stock offering in 18 months to offer up to $125 million worth of stock.

Navistar International (NYSE: NAV) swung to a third quarter profit but revenue fell short of expectations and the company lowered its full year revenue outlook.

J.P. Morgan downgraded Tenneco (NYSE: TEN) saying that auto sales projections for the second half of the year have been lowered.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 634.

Job Openings Rise, Markets Advance

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An uptick in job openings in July lifted the markets higher during the midday with the Dow gaining 77 points to 10,418. Nasdaq climbed 25 points to 2234.

On the upside

EDAP TMS (Nasdaq: EDAP) reported upbeat results for a long term clinical trial of its prostate cancer treatment Ablatherm-HIFU.

Green Mountain Coffee Roasters (Nasdaq: GMCR) will increase the prices of its K-Cup portion packs for its Keurig Single Cup brewing system beginning on October 11, 2010.

Soleil Securities analyst Jake Fuller upgraded MGM Resorts (NYSE: MGM) to a Buy rating citing increased bookings for conferences in Las Vegas.

On the downside

Avian Securities analyst Andy Abrams cited weakening demand and higher inventories for downgrading LED lighting maker Veeco (Nasdaq: VECO).

Shares of Visa (NYSE: V) fell as the Federal Reserve began revising debit card regulations.

UDR (NYSE: UDR) priced its secondary offering of 16 million common shares at $20.35 per share.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 637.

Portugal's debt auction sparked strong demand to lift the markets to a higher open with the Dow climbing 73 points to 10,414. Nasdaq gained 16 points to 2225.

On the upside

Bristol-Myers Squibb (NYSE: BMY) will pay approximately $885 million to acquire biopharmaceutical ZymoGenetics (Nasdaq: ZGEN).

Digital solutions company Zoran (Nasdaq: ZRAN) will acquire cable set-top-box silicon tuner maker Microtune (Nasdaq: TUNE) in an all cash deal valued at approximately $166 million.

JA Solar Holdings (Nasdaq: JASO) announced that it will supply a total of 500MW of mono-crystalline and multi-crystalline solar cells to several clients in 2011.

On the downside

Silicon Laboratories (Nasdaq: SLAB) blamed weakening demand for lowering its outlook for the third quarter.

Talbots (NYSE: TLB) reversed year ago losses to post a second quarter profit but revenue slipped to miss estimates and the women's clothing retailer forecast third quarter results below expectations.

Chardan Capital Markets downgraded China Agritech (Nasdaq: CAGC) to a Sell rating.

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 635.

The markets closed lower with the Dow plummeting 107 points to 10,340 after revelations that European banks may be holding more risky debt than originally disclosed. Nasdaq plunged 24 points to 2208.

On the upside

Enterprise Products Partners (NYSE: EPD) will pay approximately $8.03 billion to acquire Enterprise GP Holdings (NYSE: EPE).

Auriga USA downgraded JinkoSolar Holding (NYSE: JKS) but the stock price rose.

Seeking Alpha noted that Molycorp (NYSE: MCP) was third best performing stock that went public since July.

On the downside

The Rosen Law Firm initiated an investigation into China-Biotics (Nasdaq: CHBT) for possible federal securities law violations.

Barclays Capital downgraded LTX-Credence (Nasdaq: LTXC).

Stifel Nicolaus downgraded Live Nation Entertainment (NYSE: LYV).

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 629.


European Debt Concerns Sink Stocks

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Renewed concerns about risky European bank debt sent the markets down during the midday with the Dow falling 80 points to 10,368. Nasdaq tumbled 19 points to 2214.

On the upside

Casey's General Stores (Nasdaq: CASY) rejected Alimentation Couche-Tard's $38.50 per share acquistion offer to pursue a $40 per share cash offer from an unnamed suitor.

Wonder Auto Technology (Nasdaq: WATG) completed its acquisition of Chinese airbag and seatbelt maker Jinheng Ltd.

Valeant Pharmaceuticals (NYSE: VRX) and Biovail (NYSE: BVF) will eliminate 25% of the merged company's employees.

On the downside

Beckman Coulter (NYSE: BEC) chairman, chief executive and president Scott Garrett resigned.

China Sky One Medical (Nasdaq: CSKI) cut its full year guidance on Friday after market close citing the termination of relationships with several major distributors.

Barclays Capital analyst C. J. Muse downgraded Brooks Automation (Nasdaq: BRKS) citing weak industry trends.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 11 points to 632.

Concerns that European banks may hold more risky debt than previously revealed sent the markets down to a lower open with the Dow dropping 89 points to 10,358. Nasdaq fell 17 points to 2216.

On the upside

Oracle (Nasdaq: ORCL) named former Hewlett-Packard (NYSE: HPQ) chief executive Mark Hurd to the position of co-president to replace Charles Phillips after his resignation.

Private equity firm Onex Corp. will pay approximately $390 million in cash to acquire ResCare (Nasdaq: RSCR) .

Morgan Stanley cited greater than expected orders for Nokia's (NYSE: NOK) latest smartphone N8 for upgrading the mobile device company.

On the downside

The Food and Drug Adminstration placed two of Idenix Pharmaceuticals' (Nasdaq: IDIX) hepatitis C drugs on hold citing safety concerns.

DryShips (Nasdaq: DRYS) filed for a mixed shelf offering for an undisclosed amount and received an extended waiver for its $230 million loan facilities.

GT Solar International (Nasdaq: SOLR) stockholder GT Solar Holdings will sell 10 million of its common shares.

In the broad market, declining issues outpaced advancers by a margin of nearly more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 8 points to 635.

U. S. Markets Closed

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U. S. markets are closed in observance of the Labor Day holiday.

More jobs than expected were created by private employers last month to lift the markets to a higher close with Dow soaring 127 points to 10,447. Nasdaq surged 33 points to 2233.

On the upside

Oclaro (Nasdaq: OCLR) will present at the Citi Technology Conference next Tuesday, September 7, 2010.

A Seeking Alpha article highlighted Beazer Homes' (NYSE: BZH) decreasing debt and increasing equity for affirming Beazer's bonds as a better value than rival homebuilder bonds.

Esterline Technologies (NYSE: ESL) reported higher third quarter earnings that beat analyst estimates as revenue rose prompting the aerospace and defense industry engineered products company to boost its full year guidance.

On the downside

Avanir Pharmaceuticals (Nasdaq: AVNR) filed for a mixed shelf offering for up to $75 million.

Cascade (Nasdaq: CASC) reversed year ago losses to post a better than expected profit for the second quarter as revenue climbed but the stock price fell.

According to Seeking Alpha, China Green Agriculture (NYSE: CGA) has yet to address concerns raised by the International Financial Research & Analysis Group.

In the broad market, advancing issues outpaced decliners by a margin of nearly more than 3 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 11 points to 643.


An upbeat jobs report lifted the markets higher during the midday with Dow gaining 85 points to 10,405. Nasdaq climbed 21 points to 2221.

On the upside

Ulta Salon (Nasdaq: ULTA) reported higher second quarter earnings and revenue that beat analyst expectations.

H&R Block (NYSE: HRB) narrowed first quarter losses more than expected.

An upbeat jobs report lifted shares of online job employment Monster Worldwide (NYSE: MWW).

On the downside

Falling gold prices weighed down shares of Goldcorp (NYSE: GG) and Eldorado Gold (NYSE: EGO).

SeaChange (Nasdaq: SEAC) reversed year ago losses but the results fell short of expectations and the company forecast disappointing current quarter results.

Campbell Soup (NYSE: CPB) reported higher fourth quarter earnings but soup sales fell.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 637.

Private employers added more jobs than expected in August to lift the markets to a higher open with Dow climbing 83 points to 10,404. Nasdaq gained 23 points to 2224.

On the upside

Take-Two Interactive (Nasdaq: TTWO) reversed year ago losses to post a better than expected profit for the third quarter as revenue surged and lifted its guidance for the fourth quarter.

First quarter earnings fell for Finisar (Nasdaq: FNSR) but revenue climbed and the results topped analyst estimates.

In its just released August operational summary, MGIC (NYSE: MTG) subsidiary Mortgage Guaranty Insurance announced $1.2 billion in new insurance written.

On the downside

A Seeking Alpha article reported that patients on anti-obesity drugs discontinue using the medications due to side effects at a rate of 40% to 50% sending shares of Vivus (NYSE: VVUS), which is working with the Food and Drug Administration to win approval for its diet drug Qnexa, tumbling.

Celldex (Nasdaq: CLDX) and Pfizer (NYSE: PFE) ended their development and marketing agreement for Celldex's cancer vaccine rindopepimut.

Quiksilver (NYSE: ZQK) reported higher third quarter earnings but revenue fell to miss expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 641.

A drop in initial applications for unemployment benefits lifted the markets to a higher close with Dow gaining 50 points to 10,320. Nasdaq climbed 23 points to 2200.

On the upside

Morgan Stanley upgraded Melco Crown Entertainment (Nasdaq: MPEL) on news that overall gaming revenue in Macau soared 40% in August.

Harry Winston Diamond (NYSE: HWD) reversed year ago losses to post profit for the second quarter as revenue surged prompting an upgrade.

White Deer Energy will invest $60 million in PostRock Energy (Nasdaq: PSTR) in exchange for 12% cumulative redeemable preferred stock.

In the broad market, advancing issues outpaced decliners by a margin Stifel Nicolaus initiated coverage of Alphatec Holdings (NYSE: ATEC) with a Buy rating.

On the downside

China Green Agriculture (NYSE: CGA) reported higher fourth quarter earnings but forecast disappointing first quarter results.

Movado Group (NYSE: MOV) widened second quarter losses more than expected.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 632.

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The markets traded near the flatline with Dow adding a point to 10,270 as factory orders rose less than expected in July. Nasdaq gained 10 points to 2187.

On the upside

Sycamore Networks (Nasdaq: SCMR) swung to a fourth quarter profit as revenue rose.

Compellent (NYSE: CML) created a cloud computing environment for Heineken Netherlands to increase performance and improve storage efficiency for IT applications.

Saks (NYSE: SKS) reported a 1% increase in same store sales.

On the downside

FuelCell Energy (Nasdaq: FCEL) narrowed third quarter losses but revenue dropped.

Methode Electronics (NYSE: MEI) reversed year ago losses to post a profit for the first quarter but the company remained cautious about performance in the next few quarters.

One of Mariner Energy's (NYSE: ME) oil platforms in the Gulf of Mexico exploded.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 626.

An increase in pending home sales lifted the markets to a higher open with the Dow edging up 3 points to 10,272. Nasdaq gained 11 points to 2188.

On the upside

Private equity firm 3G Capital will acquire Burger King (NYSE: BKC) in a deal valued at approximately $4 billion, including the assumption of debt.

Orexigen Therapeutics (Nasdaq: OREX) will receive $50 million upfront in a development and sales agreement with Takeda Pharmaceuticals for the obesity treatment Contrave.

Pier 1 Imports (Nasdaq: PIR) reported that second quarter same store sales climbed 11.2%.

On the downside

Aspen Technology (Nasdaq: AZPN) disappointed by swinging to a fourth quarter loss as revenue plunged.

Abercrombie & Fitch (NYSE: ANF) reported higher same store sales growth of 6% in August but sales at its children's stores dropped 9%.

Although second quarter earnings rose Collective Brands (NYSE: PSS), the results fell short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 627.

Investors embraced an unexpected gain in the Institute for Supply Management's manufacturing index to send the markets soaring to a sharply higher close with the Dow surging 254 points to 10,269. Nasdaq leaped 62 points to 2176.

On the upside

Local.com (Nasdaq: LOCM) entered an agreement with Yahoo Publisher Network to distribute paid search results.

Four Exelixis (Nasdaq: EXEL) officers purchased over $1 million worth of common shares in August.

Second quarter earnings for Jos. A. Bank Clothiers (Nasdaq: JOSB) climbed to beat expectations as revenue rose.

Apple (Nasdaq: AAPL) unveiled new iPod features and introduced a lower priced, redesigned Apple TV.

The Securities and Exchange Commission's investigation into KB Home (NYSE: KBH) for possible accounting violations ended with no enforcement action.

JMP Securities analyst Alex Gauna downgraded Research in Motion (Nasdaq: RIMM) and lowered second quarter as well as fiscal 2012 earnings estimates citing competition from Android smartphones and Apple's (Nasdaq: AAPL) iPhones but the stock price climbed.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 22 points to 624.


Manufacturing activity expanded more than expected in August to boost the markets during the midday with the Dow surging 238 points to 10,253. Nasdaq jumped 58 points to 2172.

On the upside

Human resources technology company Kenexa (Nasdaq: KNXA) offered $80 million in cash to acquire Salary.com (Nasdaq: SLRY).

Needham analyst Scott Zeller upgraded Blue Coat Systems (NYSE: BCSI) to a Buy rating citing the appointment of Mike Borman to the position of chief executive.

G-III Apparel Group (Nasdaq: GIII) reveresed year ago losses to post an unexpected profit for the second quarter and the company lifted its full year guidance.

Fiber optic network operator 360networks augmented its network with Sonus Networks' (Nasdaq: SONS) Sonus NBS-9000 Network Border Switch to increase capacity and functionality.

On the downside

Shares of beauty products retailer Ulta Salon (Nasdaq: ULTA) dropped ahead of its earnings release tomorrow.

LTX-Credence (Nasdaq: LTXC) reversed year ago losses to post a better than expected profit for the fourth quarter but the company forecast current quarter earnings on the low end of expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 17 points to 619.

A surprising gain in manufacturing activity lifted the markets to a sharply higher open with the Dow leaping 228 points to 10,242. Nasdaq soared 54 points to 2168.

On the upside

The Wall Street Journal reported that Burger King (NYSE: BKC) entered discussions with private equity firms for a possible sale of the fast food chain.

H. J. Heinz (NYSE: HNZ) reported higher first quarter earnings that topped analyst estimates as sales in Asia surged.

Sunrise Senior Living (NYSE: SRZ) will receive $50 million from HCP in a settlement and restructuring agreement.

On the downside

J.P. Morgan analyst Charles Grom downgraded Saks (Nasdaq: SKS) saying that luxury spending is poised to weaken.

Charming Shoppes (Nasdaq: CHRS) disappointed by swinging to a second quarter loss as sales dropped.

Accuray (Nasdaq: ARAY) reported higher fourth quarter earnings and revenue but the stock price fell.

In the broad market, advancing issues outpaced decliners by a margin of nearly 8 to 1 on the NYSE and by more than 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 15 points to 617.

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