Greece To Survive, Markets Soar
The markets recovered early morning losses to close sharply higher with the Dow surging 140 points to 11,246 as France and Germany reassured world markets that the financial survival of Greece was of utmost importance. Nasdaq soared 40 points to 2572.
On the upside
China's Ministry of Industry and Information Technology approved Sequans Communications' (NYSE: SQNS) LTE semiconductor technology clearing the way for large scale trials of the technology in China.
STMicroelectronics (NYSE: STM) introduced its iNEMO Engine Sensor Fusion Suite solution for enhanced motion and accurate heading recognition. The company also announced that its Near Field Communication solution will support the Windows 8 operating system
Oxigene (Nasdaq: OXGN) reported increased survival time for anaplastic thyroid cancer patients treated with its Zybrestat along with chemotherapy.
On the downside
Molina Healthcare (NYSE: MOH) entered a $170 million revolving credit facility.
Origin Agritech (Nasdaq: SEED) disappointed with sharply lower third quarter earnings that fell far short of analyst expectations prompting the biotechnology company to cut its full year outlook. The company also announced the resignation of chief execute Liang Yuan.
Barclays Capital analyst Jeff Kvaal lifted his second quarter earnings and revenue estimate for Research in Motion (Nasdaq: RIMM) but the stock price fell.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 12 points to 704.
