Markets Rise As Oil Prices Retreat

The markets traded higher during the midday with the Dow rising 26 points to 12,247 as oil prices retreated. Nasdaq added 2 points to 2745.

On the upside

eBay (Nasdaq: EBAY) will pay approximately $2.4 billion to acquire GSI Commerce (Nasdaq: GSIC).

Spectrum Control (Nasdaq: SPEC) reported higher first quarter earnings and announced that the company will be acquired by API Technologies for approximately $270 million.

Stifel Nicolaus initiated coverage of Aastrom Biosciences (Nasdaq: ASTM) with a Buy rating.

On the downside

The Rosen Law Firm filed a class action lawsuit against China Integrated Energy (Nasdaq: CBEH) for issuing materially false and misleading financial statements.

FUQI International's (Nasdaq: FUQI) independent auditor Marcum reported preliminary findings that certain cash transfers from company bank accounts to three other companies have been repaid in full.

A-Power Energy Generation (Nasdaq: APWR) delayed its 2010 earnings conference call to an unspecified date.

In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 825.

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