Markets Trade Higher On Bargain Hunting
The markets retreated from early morning highs but continued to trade in positive territory with the Dow gaining 57
points to 10,875 as investors snapped up bargains. Nasdaq rose 3
points to
2345.
On the upside
LG Electronics' announcement that it will introduce an OLED-equipped smartphone in September lifted shares of OLED technology firm Universal Display (Nasdaq: PANL).Rising silver prices lifted shares of Endeavor Silver (NYSE: EXK), First Majestic Silver (NYSE: AG) and Hecla Mining (NYSE: HL).
The New York Post reported that Apollo Management may be interested in acquiring 99 Cents Only Stores (NYSE: NDN).
On the downside
Shares of Eastman Kodak (NYSE: EK) retreated after analysts said that Google's (Nasdaq: GOOG) $12.5 billion offer for Motorola Mobility (NYSE: MMI) leveled the playing field and popped the patent acquisition bubble.
Piper Jaffray downgraded New York & Co. (NYSE: NWY) to a Neutral rating.
The Arizona Department of Insurance placed two of PMI's (NYSE: PMI) units under regulatory supervision for failing to meet capital requirements.
In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 653.
