December 23, 2013 at 09:47 AM EST
IMF Says Economy To Expand, Markets Rise

The markets opened higher with the Dow gaining 64 points to 16,285 after International Monetary Fund Managing Director Christine Lagarde said that the U.S. economy would expand at a quicker pace in 2014. Nasdaq climbed 30 points to 4134.

On the upside

Chardan Capital Markets upgraded Ariad Pharmaceuticals (Nasdaq: ARIA) from a Neutral rating to a Buy rating.

Seagate Technology (Nasdaq: STX) will pay a premium of approximately $374 million in cash to acquire Xyratex (Nasdaq: XRTX).

Rite Aid (NYSE: RAD) extended its partnership with GNC Holdings (NYSE: GNC) for five years.


On the downside


Bank of America Merrill Lynch downgraded Micron Technology (Nasdaq: MU) from a Neutral rating to an Underperform rating.

Michael Kors (NYSE: KORS) was designated as a "Water-Logged and Getting Wetter" stock by Trade-Ideas.

The Federal Aviation Administration certified Cessna's Citation Sovereign+ but shares of parent company Textron (NYSE: TXT) fell.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 gained 8 points to 1826. Bitcoin rose $22.20 or 3.40% to $675.00.

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