August 29, 2012 at 15:11 PM EDT
GDP Revised Upward, Markets Advance
The nation's economy expanded in the second quarter at a greater rate than previously reported to lift the markets higher during the midday with the Dow rising 27 points to 13,130. Nasdaq gained 6 points to 3084.
On the upside
Sealed Air (NYSE: SEE) announced that Jerome Peribere will succeed chief executive William Hickey upon his retirement in March 2013.
The lockup period expired for Yelp (NYSE: YELP).
A British supplier completed its stocking orders to MAKO Surgical (Nasdaq: MAKO).
On the downside
ArQule's (Nasdaq: ARQL) Japanese development partner halted clinical trials of its lung cancer treatment citing safety concerns. Barclays Equity Research slashed its price target on Baidu (Nasdaq: BIDU) to $153 from $189.
Pacific Crest lowered its estimates for First Solar (Nasdaq: FSLR).
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 5 points to 819.
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