Drop In Jobless Claims Lifts Markets To Higher Close
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.
