Second Bailout For Greece, Markets Open Higher


Investors welcomed the possibility of a second bailout package for Greece to avert a default. The markets opened higher with the Dow climbing 80 points to 12,522 while Nasdaq rose 12 points to 2809.

On the upside

Morgan Stanley Private Equity Asia will make a $50 million equity investment in Yongye International (Nasdaq: YONG).

FuelCell Energy (Nasdaq: FCEL) received a two-year order from POSCO Power valued at approximately $129 million for 70 megawatts of fuel cell kits.

BioSante Pharmaceuticals (Nasdaq: BPAX) completed enrollment for a Phase III safety study of it female sexual dysfunction treatment LibiGel.

On the downside

Nokia (NYSE: NOK) warned that second quarter results will fall far short of expectations as sales tumbled amidst a highly competitive market. 

The Bank of Ireland (NYSE: IRE) will repurchase subordinated debt at a sharply discounted price.

Caris & Co. downgraded Dreamworks Animation (Nasdaq: DWA) and William Blair lowered its full year earnings estimates for the company after Kung Fu Panda 2's opening weekend ticket sales fell short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 839.

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This page contains a single entry by published on May 31, 2011 6:37 AM.

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