Markets Surge On Upbeat Economic Data
The markets extended its gains during the midday with the Dow leaping 231 points to 13,279 as jobless claims fell more than expected and the nation's service sector expanded at quicker pace than economists had forecast. Nasdaq jumped 62 points to 3131.
On the upside
Navistar International (NYSE: NAV) reported lower third quarter earnings and revenue but the results beat expectations and the company announced plans to reduce expenses.
Longbow Research upgraded AK Steel (NYSE: AKS) to a Buy rating.
Credit Suisse initiated coverage of Orexigen Therapeutics (Nasdaq: OREX) with an Outperform rating.
On the downside
FT Alphaville reported that Power-One (Nasdaq: PWER) may sell itself. Enbridge Energy (NYSE: EEP) priced its public offering of 14 million common units at the discounted price of $28.64 per unit.
A Seeking Alpha contributor wrote that Tangoe (Nasdaq: TNGO) misrepresented its organic growth.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks soared 17 points to 839.
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