The markets closed modestly higher over news that the economy expanded more than expected in the third quarter. The Dow climbed 22 points to 13,312 while Nasdaq gained 5 points to 2668.
On the upside
TiVo (Nasdaq: TIVO) narrowed third quarter losses as revenue rose amidst lower expenses. Separately, the U. S. Patent and Trademark Office upheld the company's digital video recorder patent claims against EchoStar Communications.
MGI Pharma (Nasdaq: MOGN) retained the services of Lehman Brothers to explore strategic alternatives to increase shareholder value.
Fourth quarter earnings more than doubled for Atwood Oceanics (NYSE: ATW) to beat expectations as revenue surged.
On the downside
Bon-Ton Stores (Nasdaq: BONT) blamed unusually warm weather for widening third quarter losses and lowered its full year outlook.
Jo-Ann Stores (NYSE: JAS) reported higher third quarter earnings that surpassed expectations but the company lowered its guidance for fiscal 2008.
Principal Financial Group (NYSE: PFG) warned that fiscal 2008 results will fall short of expectations due to weak equity markets.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 766.