Markets Close Higher As Deficit Increases Less Than Expected
A smaller than expected increase of the nation's trade deficit lifted the markets to a higher close with the Dow gaining 69 points to 13,323. Nasdaq held steady at 3104.
On the upside
Calix (Nasdaq: CALX) chief financial officer Michael Ashby will purchase 50,000 shares of company stock.
Deutsche Bank (NYSE: DB) will cut expenses by approximately $5.8 billion by 2015 and reform executive compensation practices.
STMicroelectronics (NYSE: STM) will begin volume production of its STM32 F3 microcontrollers.
On the downside
Investors locked in profits on Peregrine Pharmaceuticals (Nasdaq: PPHM) whose stock price soared after reporting upbeat cancer trial results on Friday. United Natural Foods (Nasdaq: UNFI) reported higher fourth quarter earnings but the organic and specialty foods distributor forecast 2013 income below analyst expectations.
K12 (NYSE: LRN) denied allegations of teacher certification issues made by Seminole County, Florida.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 2 points to 841.
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