Modestly Higher Close On Upbeat Earnings
Initial applications for unemployment benefits climbed but the markets closed modestly higher with the Dow rising 34 points to 12,943 on upbeat earnings news. Nasdaq gained 23 points to 2965.
On the upside reported that Seagate Technology (Nasdaq: STX) may be exploring a possible acquisition of rival OCZ Technology Group (Nasdaq: OCZ).
Panasonic will integrate Rovi's (Nasdaq: ROVI) DivX Plus Streaming technology into its UniPhier® series of digital television and Blu-ray Disc solutions.
Textron (NYSE: TXT) reported sharply higher second quarter earnings that surpassed analyst expectations by a wide margin as revenue climbed.
On the downside
Shares of U. S. Airways (NYSE: LCC) fell after AMR chief executive Tom Horton said that the bankrupt airliner was in no hurry to merge.
Investors locked in profits on Vivus (Nasdaq: VVUS) yesterday after the Food and Drug Administration approved the biopharmaceutical's obesity treatment Qsymia.
The Brazilian Agency of Telecommunications blocked the sale of new TIM Participacoes (NYSE: TSU) mobile lines in nineteen states.
In the broad market, advancing issues edged out decliners by a margin of more than 10 to 9 on the NYSE while decliners outpaced advancers by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 802.
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