Markets Extend Rally As Oil Prices Retreat
The markets extended its rally at midday with the Dow surging 179 points to 12,246 as oil prices retreated and new jobless claims plunged. Nasdaq leaped 50 points to 2798.
On the upside
American Service Group (Nasdaq: ASGR) reversed year ago losses to post a profit for the fourth quarter. The company also agreed to be acquired by Valitas Health Services for approximately $250 million in cash.
Valero Energy (NYSE: VLO) forecast first quarter results well ahead of analyst estimates.
Fourth quarter earnings fell for CVR Energy (NYSE: CVI) but revenue rose.
On the downside
Investors locked in profits on Royale Energy (Nasdaq: ROYL).
Frontier Communications (NYSE: FTR) spent $14 million in Wisconsin last year to increase broadband availability and enhance network performance.Sigma Designs (Nasdaq: SIGM) reversed year ago losses to post a profit for the fourth quarter but warned of lower revenue in the first six month of fiscal year 2012.In the broad market, advancing issues outpaced decliners by a margin of 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 18 points to 829.
