Markets Advance On Strong Durable Goods Orders
The markets advanced during the midday with the Dow climbing 62 points to 13,119 as durable goods orders climbed more than expected. Nasdaq gained 12 points to 3065.
On the upside
Bloomberg reported that Supervalu (NYSE: SVU) was seeking to sell the company in its entirety rather than in parts.
QEP Resources (NYSE: QEP) will pay approximately $1.38 billion to purchase crude oil assets in the Williston Basin in North Dakota.
A Seeking Alpha contributor recommended Savient Pharmaceuticals (NYSE: SVNT).
On the downside
Best Buy (NYSE: BBY) will pay its new chief executive Hubert Joly a base salary of $1.175 million. ReneSola (NYSE: SOL) fell to a larger than expected loss for the second quarter as revenue dropped.
Callaway Golf (NYSE: ELY) announced exchange agreements for its convertible preferred stock.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 804.
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