Higher Close On Corporate Consolidations
Merger and acquisition activity lifted the markets to a higher close with the Dow climbing 75 points 12,760. Nasdaq soared 28 points to 2871.
On the upside
Servicesource International (Nasdaq: SREV) reported first quarter earnings that topped analyst estimates.
Shares of OxiGene (Nasdaq: OXGN) climbed after research firm IMS Health projected global growth of 5% to 7% in 2011 for the biotech industry.
Mindray Medical International (NYSE: MR) reported higher first quarter earnings that beat expectations as revenue soared.
On the downside
SmartHeat (Nasdaq: HEAT) blamed lower sales along with increased expenses for an unexpected loss for the first quarter.
Shares of Molycorp (NYSE: MCP) tumbled ahead of its earnings release after market close.
Sotheby's (NYSE: BID) reversed year ago losses to post a profit for the first quarter but the results fell short of analyst expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 13 points to 855.
