Record Low Mortgage Rates Lift Markets At Open
Mortgage rates dropped to another record low to lift the markets to a higher open with the Dow climbing 88 points to 13,583. Nasdaq rose 12 points to 3147.
On the upside
The Financial Times reported that coal exports to Europe was soaring sending shares of Arch Coal (NYSE: ACI) and Alpha Natural Resources (NYSE: ANR) higher.
StemCells (Nasdaq: STEM) transplanted neural stem cells into its first patient in a Phase I/II dry age-related macular degeneration clinical trial.
CollabRx (Nasdaq: CLRX) partnered with Life Technologies to develop and commercialize molecular diagnostics and analysis.
On the downside
NuVasive (Nasdaq: NUVA) cut its revenue guidance for the third quarter.
Informatica (Nasdaq: INFA) blamed economic challenges in Europe for warning that third quarter revenue would fall short of expectations.
Shares of Hewlett-Packard (NYSE: HPQ) continued falling after forecasting fiscal 2013 results far short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 842.
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