Fed Expected To Buy Treasuries, Markets Open Higher
The markets opened sharply higher with the Dow climbing 91 points to 13,260 on expectations that the Federal Reserve will purchase $45 billion worth of Treasuries. Nasdaq soared 33 points to 3020. On the upside
Siris Capital Group will take TNS (NYSE: TNS) private in a deal valued at approximately $862 million. Oppenheimer analyst Brian Nagel wrote that J.C. Penney's (NYSE: JCP) new pricing strategy will be successful. BG Medicine (Nasdaq: BGMD) received the CE Mark allowing it to sell its CardioSCORE cardiovascular blood tests in the European Union. On the downside Hertz Global Holdings (NYSE: HTZ) announced a secondary offering of 50 million common shares at the discounted price of $15.80 per share. HCA Holdings (NYSE: HCA) announced a secondary offering of 32 million common shares. Dollar General (NYSE: DG) reported higher third quarter earnings that topped analyst estimates but the discount retailer maintained a cautious stance for the rest of the year. In the broad market, advancing issues outpaced decliners by a margin of 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 832.