Markets Soar As Manufacturing Activity Rises
Manufacturing activity expanded in June to send the markets soaring during the midday with the
Dow leaping 159 points to 12,573. Nasdaq surged 38
points to 2811.
On the upside
Quantum Fuel Systems Technologies (Nasdaq: QTWW) narrowed fourth quarter losses as revenue surged more than threefold.
Shares of InterDigital (Nasdaq: IDCC), which owns 8,800 patents, climbed after a consortium of technology companies including Apple (Nasdaq: AAPL), Microsoft (Nasdaq: MSFT) and Research in Motion (Nasdaq: RIMM) paid $4.5 billion to acquire patents from bankrupt Nortel Networks.
Brinker International's (NYSE: EAT) Chili's is revamping its menu, remodeling restaurants and offering Girls' Night Out parties to increase sales.
Cyclacel Pharmaceuticals (Nasdaq: CYCC) priced its public offering of more than 7.6 million units at $1.36 per unit.
Shares of AMC Networks (Nasdaq: AMCX) fell on its first day of trading as a separate entity from Cablevision (Nasdaq: CVC).
Retreating gold prices weighed down shares of US Gold (NYSE: UXG).
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 11 points to 838.
