OPEC May Increase Oil Output, Markets Close Sharply Higher
Crude oil prices retreated after OPEC members indicated that oil output may be increased. The markets closed sharply higher with the Dow soaring 125 points to 12,214 while Nasdaq climbed 20 points to 2765.
On the upside
Broadsoft (Nasdaq: BSFT) reported sharply higher fourth quarter earnings that surpassed analyst expectations by a wide margin.
Lawson Software (Nasdaq: LWSN) retained the services of Barclays Capital to explore strategic options including the possible sale of the company.
K-V Pharmaceutical (NYSE: KVA) announced a patient assistance program for Makena, a treatment to reduce the risk of preterm birth.
On the downside
The Wall Street Journal reported that American Eagle Outfitters (NYSE: AEO) initiated a search for a new chief executive due to the impending retirement of current chief executive James O'Donnell.
Global Education & Technology Group (Nasdaq: GEDU) reversed year ago losses to post a profit for the fourth quarter but the stock price.China Information Technology (Nasdaq: CNIT) blamed higher taxes for a drop in fourth quarter income.In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 12 points to 824.
