LinkedIn Surges In Debut, Markets Advance
A surge in LinkedIn's stock price on its initial trading day lifted the markets during the midday with the Dow gaining 34 points 12,594. Nasdaq rose 9 points to 2824.
On the upside
Disclosure that billionaire investor David Tepper purchased shares of US Airways (NYSE: LCC) in the first quarter lifted shares of the airline.
Investing website Tickerspy added social networking site Renren (NYSE: RENN) to its Chinese Internet Stocks index.
Delta Air Line (NYSE: DAL) will cut costs by reducing capacity, aircraft count and trans-Atlantic flights.
On the downside
YRC Worldwide (Nasdaq: YRCW) warned that it may be delisted from Nasdaq as the transportation services company restructures.
Advance Auto Parts (NYSE: AAP) disappointed with flat first quarter earnings that fell short of analyst expectations.
Williams-Sonoma (NYSE: WSM) reported sharply higher first quarter earnings that topped estimates but the stock price fell.
In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while decliners outpaced advancers by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 833.
