Strong Regional Manufacturing Activity Lifts Markets To Higher Close
Strong manufacturing activity in the mid-Atlantic region lifted the markets to a higher close with the Dow gaining 29 points to 12,318. Nasdaq rose 6 points to 2831.
On the upside
Fourth quarter earnings more than doubled for Cliffs Natural Resources (NYSE: CLF) on higher prices and increased demand.
Cabela's (NYSE: CAB) reported sharply higher fourth quarter earnings that nearly quadrupled to surpass analyst expectations by a wide margin.
A Canadian court ruled in favor of Valence Technology (Nasdaq: VLNC) in its patent infringement lawsuit against Phostech Lithium.
On the downside
Starbucks' (Nasdaq: SBUX) announcement that it was developing bold plans for the single-serve coffee market sent shares of domestic market leader Green Mountain Coffee Roasters (Nasdaq: GMCR) tumbling.
Anadigics (Nasdaq: ANAD) reversed year ago losses to post a better than expected profit for the fourth quarter but warned of losses for the first quarter.Valassis Communications (NYSE: VCI) reported higher fourth quarter earnings but the results missed estimates.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 834.
