Markets Advance Modestly As Oil Prices Ease
Easing crude oil prices lifted the markets modestly higher during the midday with the Dow rising 22 points to 12,007. Nasdaq added 5 points to 2706.
On the upside
Valero (NYSE: VLO) announced that it will acquire Chevron's (NYSE: CVX) Wales refinery for approximately $730 million and will pay an additional $1 billion for all the plant's inventories.
AK Steel's (NYSE: AKS) coke plants in Kentucky and Ohio received awards from the American Coke and Cola Chemicals Institute for outstanding safety performance.
Clean Energy Fuels (Nasdaq: CLNE) reversed year ago losses to post a greater than expected profit for the fourth quarter as revenue nearly doubled.
On the downside
Medifast (NYSE: MED) delayed the release of its fourth quarter and full year results saying that additional time is needed to complete financial statements.
Smith & Wesson (Nasdaq: SWHC) disappointed by swinging to a loss for the third quarter as revenue slipped and the firearms company fourth quarter and full year results below estimates.Jamba (Nasdaq: JMBA) widened fourth quarter losses as revenue fell.In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE while decliners edged out advancers by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 799.
