Markets Soar Over ECB's Bond Buying Plan
Investors embraced the European Central Bank's new bond purchasing plan to lower borrowing costs for struggling economies. The markets opened sharply higher with the Dow soaring 191 points to 13,238 while Nasdaq surged 47 points to 3116.
On the upside
DigiTimes reported that Micron Technology (Nasdaq: MU) was pursuing a partnership with TSMC to develop 3D IC technology.
Radian Group (NYSE: RDN) reported lower mortgage delinquencies and $3.75 billion in new insurance in August.
Men's Wearhouse (NYSE: MW) reported higher second quarter earnings that topped analyst estimates.
On the downside
Warner Chilcott (Nasdaq: WCRX) priced a secondary offering of more than 42.8 million common shares owned by Bain Capital, J. P. Morgan, and Thomas H. Lee. OCZ Technology Group (Nasdaq: OCZ) lowered its second quarter revenue guidance prompting downgrades.
Third quarter earnings rose for Verifone (NYSE: PAY) but fell short of estimates and the company forecast current quarter revenue that missed expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 830.
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