Markets Advance Over Mergers & Acquisitions
The markets advanced during the midday with the Dow gaining 54 points to 11,532 as investors welcomed merger and acquisition news. Nasdaq climbed 16 points to 2666.
On the upside
Ivanhoe Energy (Nasdaq: IVAN) announced a significant natural gas discovery at the Yixin-2 well on the Zitong Block in Southwest China.
Jackson Hewitt Tax Service (NYSE: JTX) announced that secured necessary funds to offer refund anticipation loans.
Molycorp (NYSE: MCP) partnered with Hitachi Metals to produce rare earth alloys and magnets in the United States.
On the downside
Darden Restaurants (NYSE: DRI) reported higher second quarter earnings but sales growth fell short of expectations.
Sterne Agee & Leach downgraded Skechers (NYSE: SKX) to a Sell rating citing decreasing margins.
CPI (NYSE: CPY) widened third quarter losses as revenue slipped.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 789.
