Hopes For Lower Business Tax Lifts Markets Higher
President Barack Obama's declaration that corporate tax loopholes must be closed in order to lower the business tax rate lifted the markets higher during the midday with the Dow gaining 20 points to 11,997. Nasdaq rose 19 points to 2738.
On the upside
Fortinet (Nasdaq: FTNT) updated and expanded its services to offer real-time online training and simplified professional services packages.
United Continental (NYSE: UAL) reported a fourth quarter loss due to expenses related to the merger of United Airlines and Continental Airlines but the results beat expectations and revenue rose.
DeVry (NYSE: DV) impressed with higher second quarter earnings and revenue that beat analyst expectations.
On the downside
Third quarter earnings slipped for CA Technologies (Nasdaq: CA) but the results topped analyst estimates and the company lifted its full year guidance.
Sara Lee (NYSE: SLE) rejected an acquisition offer from a private equity consortium led by Apollo Management.Fourth quarter earnings plunged for Eastmant Kodak (NYSE: EK) as sales dropped.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 11 points to 791.
