Small Business Sentiment Rises, Markets Advance
The markets advanced during the midday with the Dow climbing 81 points to 13,335 as sentiment among small business owners rose in August. Nasdaq gained 6 points to 3110.
On the upside
Bargain hunters lifted shares of Cliffs Natural Resources (NYSE: CLF) whose stock price fell yesterday after a downgrade.
MGIC Investment (NYSE: MTG) reported $2.5 billion worth of new insurance written and a drop in delinquent mortgages in August.
Advanced Micro Devices (Nasdaq: AMD) introduced a new generation, energy efficient server.
On the downside
Palo Alto Networks (NYSE: PANW) reported a loss for the fourth quarter. The Food and Drug Administration delayed its decision to grant New Chemical Entity status to Amarin's (Nasdaq: AMRN) Vascepa.
Robert W. Baird downgraded Coomplete Genomics (Nasdaq: GNOM) to a Neutral rating.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 843.
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