Higher Open As Home Prices Rise
An unexpected gain in home prices in the second quarter lifted the markets to a higher open with the Dow rising 14 points to 13,139. Nasdaq added 4 points to 3077.
On the upside
Molycorp (NYSE: MCP) began operations yesterday at its Project Phoenix mine in California.
SeaBright Holdings (NYSE: SBX) will be acquired by Enstar Group (NYSE: ESGR) for a premium of $11.11 per share in cash.
Lexmark International (NYSE: LXK) will eliminate its inkjet printer business which will cut 1,700 jobs.
On the downside
UBS downgraded AK Steel (NYSE: AKS) to a Sell rating. Catalyst Pharmaceutical Partners (Nasdaq: CPRX) announced a registered direct offering to raise approximately $6 million.
Investors locked in profits on Nokia (NYSE: NOK).
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 813.
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