Earnings News Lift Markets To Higher Close
Investors embraced upbeat corporate earnings to boost the markets to a higher close with the Dow gaining 80 points to 11,143. Nasdaq rose 11 points to 2480.
On the upside
Citigroup (NYSE: C) reversed year ago losses to post a better than expected profit for the third quarter as loan defaults dropped.
Molycorp (NYSE: MCP) arranged a debt facility through BNP Paribas Securities for up to $150 million.
Highway Holdings (Nasdaq: HIHO) received approximately $5.56 million in orders for mobile phone protective cases.
On the downside
Shares of Molecular Insight Pharmaceuticals (NYSE: MIPI) fell as investors locked in profits. Bond holders granted the biopharmaceutical an extension of its waiver agreement on Friday.
Sales of Somaxon Pharmaceuticals' (Nasdaq: SOMX) insomnia treatment Silenor may be hurt by a potential generic version of the drug.
The New York Post reported that EMC (NYSE: EMC) entered discussions to acquire Isilon Sytems (Nasdaq: ISLN).
In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 710.
