Markets Advance As Productivity Rises
The nation's second quarter productivity increased more than expected to lift the markets higher during the midday with the Dow rising 34 points to 13,070. Nasdaq added 5 points to 3080.
On the upside
Pluristem's (Nasdaq: PSTI) Placental expanded cells successfully treated a third patient with Acute Myeloid Leukemia.
Orexigen Therapeutics (Nasdaq: OREX) enrolled patients in its Light Study at a faster pace than expected.
Office Depot (NYSE: ODP) affirmed its full year earnings guidance.
On the downside
NuStar Energy (NYSE: NS) priced its public offering of 6.2 million common units at the discounted price of $48.94 per unit. Pharmacyclics (Nasdaq: PCYC) widened fourth quarter losses.
Hi-Tech Pharmacal (Nasdaq: HITK) disappointed with sharply lower first quarter earnings that fell far short of analyst expectations as revenue dropped.
In the broad market, declining issues barely edged out advancers by a slim margin on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 822.
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