Major Indexes Close Higher as Investors Stayed on Sidelines
Ongoing budget talks to avert the "fiscal cliff" continued without an imminent resolution as traders closed out the month of November without making any big moves. The Dow rose 23 points to close at 13,044 while Nasdaq added a point to finish the session at 3013.
On the upside
Mitel Networks (Nasdaq: MITL) posted 3rd quarter revenues and profits that beat estimates.
Shares of Peregrin Pharmaceuticals (Nasdaq: PPHM) rebounded from a recent sell-off. There was no specific news on the wires to account for the rise.
Shares of Remark Media (Nasdaq: MARK) surged after investors weighed in on a recent $1.8 million convertible debt offering.
On the downside
Share of Richmont Mines (NYSE: RIC) sold off after the company announced the immediate closure of its Francoeur Mine.
Supernus Pharmaceuticals (Nasdaq: SUPN) priced 6 million shares at $8 each which promptly resulted in a sell-off to the $8 level.
Shares of Zumiez (Nasdaq: ZUMZ) lost ground after the sporting goods retailer posted higher revenues and earnings for the 3rd quarter, but lowered guidance for the 4th quarter.
In the broad market, declining issues outpaced advancers by a slim margin on the NYSE and by a margin of 6 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 820.