GDP Revised Upward, Markets Advance
The Commerce Department revised upward the nation's gross domestic product to an annualized rate of 2.6% to lift the markets higher during the midday with the Dow gaining 24 points to 11,557. Nasdaq added 3 points to 2670.
On the upside
BSD Medical (Nasdaq: BSDM) announced a dedicated distribution network for its MicroThermX Microwave Ablation line of products.
Oxford Industries (NYSE: OXM) acquired upscale apparel brand Lilly Pulitzer owner Sugartown Worldwide.
Regional banks BankAtlantic Bancorp (NYSE: BBX) and Regions Financial (NYSE: RF) rose on acquisition speculation.
On the downside
Corcept Therapeutics (Nasdaq: CORT) reported positive results from a late stage clinical trial of its Cushing's Syndrome treatment Corlux but the stock price fell.
Third quarter earning for The Finish Line (Nasdaq: FINL) tumbled.
Hovnanian Enterprises (NYSE: HOV) narrowed fourth quarter losses but new contracts tumbled.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 791.
